Private UAE developer DAMAC Properties has awarded the Dubai branch of Turkey's TAV Construction a one-billion-dirham ($272.3 million) contract to build a luxury hotel complex near the world's tallest building, the company said.
The deal with TAV Tepe Afken Investment Construction and Operations, described as the largest single contract to be awarded by DAMAC, is expected to run for 33 months, it said in a statement on Saturday.
Each of the four towers which make up 'DAMAC Towers by Paramount' will rise over 250 meters and will feature 540 hotel rooms and over 1,400 service apartments. The development is in the Burj area of Dubai, close to the Burj Khalifa.
Developers in Dubai are reviving stalled projects and announcing new ones as the emirate's property market recovers gradually after prices tumbled by 50 percent in 2008.
DAMAC has announced a series of projects over the last few months including a new golf course along with American real-estate mogul Donald Trump.
Sources told Reuters in April that the developer had submitted requests to leading international banks for a possible listing of its shares. ($1 = 3.6730 UAE dirhams)