Dubai's DAMAC Properties said on Sunday that it has awarded a 181,000,000 million UAE dirhams ($49 million) construction contract for its 26-storey Zada residential project in Business Bay.

The company said in a statement on its website that the contract was awarded to local firm Trans Emirates Contracting.

Niall McLoughlin, DAMAC Properties' Senior Vice President, said: "The new contract with Trans Emirates Contracting confirms the extent of our focus on cooperating with only the best contractors to develop our projects while adhering to the highest quality standards, and our Zada project is a reaffirmation of our success in the luxury real estate development sector."

(Writing by Saket S; editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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