Construction spend on Damac’s Dubai residential megaproject, Akoya Oxygen, hits $1.5bn
Middle East construction giant Damac Properties has awarded the latest building contract in its flagship Akoya Oxygen project to China State Construction Engineering Corporation (CSCEC).
The work, valued at $19.6mn, will see the Chinese state-backed firm carry out major work at Victoria, Avencia and Amargo clusters which consist of 1,623 villas.
Total contracted work on the complex, situated near the Trump International Golf Course in Dubai, has now passed the $1.5bn mark, with the first residents expected to move in by the end of this year.
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Ali Sajwani, General Manager of Operations at DAMAC Properties, said: “This latest contract award to CSCEC will see major road and infrastructure work being carried out at three clusters within AKOYA Oxygen, providing access and services to support 1,623 villas.
“We are pleased to further strengthen our relationship with CSCEC, as we accelerate development in almost every part of our largest master community which will start to welcome its first residents at the end of 2018.”
Much of the building work is being carried out by Arabtec, which in March this year won a contract to build 916 villas, adding to the 1,296-villa contract it won in August 2017.
As well as accommodation, AKOYA Oxygen will offer residents with amenities such as luxury shopping arcades, five-star hotel and suites, and an organic market. The community will also include conveniences such as mosques, clinics, schools, nurseries, and restaurants.
Webuild and Lane to build railway in Texas
Webuild, formerly known as Salini Impregilo, has announced a US$16bn agreement to build a high-speed railway between Dallas and Houston in Texas. The project has been described as the “final step” before financial closure for the company, which Webuild said was“foreseen in the coming months”.
Passengers using the 236-mile long railway, which was developed by Texas LLC, will travel in Japanese Tokaido Shinkansen bullet trains at 200mph, making one scheduled stop at Brazos Valley near Texas A&M University. This aims to shorten the total journey time between the two terminals from almost four hours to around 90 minutes, Texas LLC claims. The company hopes commercial operations will begin in 2026.
According to Webuild, the new line will aim to target an estimated 100,000 “super commuters” who travel between the two cities by car and plane every week. Webuild said it would cut greenhouse gas emissions by up to 101,000 tonnes per year.
This contract is an update on a preliminary design-build agreement signed with Texas Central LLC in 2019, valued at $14bn. The deal confirms the US as Webuild's single biggest market, comprising some 35% of the group’s total order backlog.
Around 17,000 new direct jobs will be created as a result of the project, as well as 20,000 indirect ones. U.S. suppliers from states aim to provide an estimated US$7.3bn of materials to construct the railway in conjunction with services provided by Italian suppliers.
Webuild and Lane will oversee the civil engineering works of the project. This includes the tracks themselves, the viaducts, and depot buildings.
Three facts about bullet trains
- The fastest commercially operated bullet train is not in Japan, but China. It is capable of reaching speeds of up to 268mph… with passengers onboard.
- Bullet trains are one of the safest ways to travel. Over 10bn passengers have been on board a bullet train and no-one has ever been killed on one.
- The “tunnel boom effect” is powerful enough to blow a freight train over. When a bullet train exits a tunnel at over 200mph, the resulting sonic boom effect is so strong, it could blow a normal freight train off its tracks.
Image: Texas Central LLC.