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TOWER CONTRACT IN DUBAI REFLECTS MARKET RESILIENCY

DAMAC Properties awarded a US$49.2-million construction contract to Trans Emirates Contracting for the 26-story Zada residential tower in Dubai's Business Bay, Construction Week reports. DAMAC said the award is a testament to a strong business model that has been able to withstand the effects of COVID-19. Units within Zada are priced at US$190,582 and include certain fees being waived. Sales are strong throughout Dubai, with the Dubai Land Department (DLD) reporting an 11.3% increase in sales in August 2020 compared to August 2019. According to DLD, attractive pricing and travel restrictions have been key in market resiliency.

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