Damac Properties (Damac) had awarded 25 construction and consultancy contracts worth cAED3bn over the past six months, according to Ziad El Chaar, Managing Director. El Chaar said the contracts awarded include the construction of 2,678 villas in its Akoya Oxygen development. El Chaar added that the golf course design is completed and the company is in the process of selecting a main contractor for the golf course. In Akoya by Damac, the golf course is completed and the handover of approximately 766 villas is planned before year-end. Our assumptions incorporate AED3.5bn in outflows for the year, of which c45% is directed to Damac Oxygen and 33% to Akoya by Damac. (The National)   DAMAC Properties: AED2.33 as of 26 June, Rating: Neutral, FV: AED2.35/share, MCap: USD3,841mn, DAMAC UH / DAMAC.DU