Property developer, Damac Properties, announced that it has awarded contracts worth AED 1.26 bn over the past four months, reported The National on Tuesday.

Between August and November, the company awarded contracts for its flagship Akoya golf development, including several main work contracts for residential and infrastructure developments within the project. Contractors include Ghantoot Gulf Contracting, Al Arif Contracting and National Piling.

Furthermore, it has granted enabling works contracts for its 4 mn- square- foot Aykon City development at the Dubai Canal. According to Damac, it has contracted further projects worth AED 6.51 bn in London and Dubai in 2016 so far.

Damac is one of the developers under pressure due to the difficult market situation, especially, the luxury segment of the market as it suffers from low demand leading to Damac recording a 23% drop in nine-month net profit in the first nine months of 2016.