Damac Properties (Damac) announced that it has awarded China State Construction Engineering Corporation (Middle East) a AED554mn (USD148mn) contract to build the Paramount Residences at the Paramount Tower Hotel and Residences in Dubai. Paramount Tower Hotel & Residences is a 64-storey project comprising an 867-key luxury hotel and hotel residences tower on Sheikh Zayed Road. The project is scheduled for completion in the 1Q20. It is one of the four landmark hospitality projects Damac is developing in collaboration with Paramount Hotels & Resorts, featuring Hollywood-themed hotel rooms, hotel apartments, and residential units in Dubai and Riyadh. The Chinese contractor was also appointed earlier this year for the infrastructure works at Damac's Akoya Oxygen project. (Arabian Business)   DAMAC (DU): AED2.20 as of 2 November, Rating: Neutral, FV: AED2.30/share, MCap: USD3,627mn, DAMAC UH / DAMAC.DU