11 September 2013
A Turkish firm has been awarded a contract worth around $288m to build four luxury hotel and apartment towers in Dubai.
Dubai-based developer, Damac Properties, awarded the 33-month contract to the Dubai branch of TAV Tepe Afken Investment construction and operations (TAV Construction).
It’s the largest single contract Damac has ever awarded.
TAV Construction will be responsible for the main construction of "Damac Towers by Paramount", a Hollywood-themed luxury hotel and serviced residence development.
Damac Towers by Paramount will be built by Turkey’s TAV Construction and will be a luxury hotel and residence (Damac Properties)
Damac Towers is the first development from the Paramount Hotels and Resorts group in the region.
Four towers, each over 250 metres tall, will make up the development.
TAV Construction Middle East director, Yusuf Akcayoglu, said: "With the level of quality of our work as well as our expertise in building towers, TAV Construction is the right fit for realising such a demanding project."
According to a statement by Damac, enabling work has been completed onsite and it is ready for the main contractor to start the construction work.
The project is due for completion and opening in 2016.