Depa has already begun handing over Red Line stations – On time
Dubai, 16 December 2009 – Depa Limited (‘Depa’, ticker DEPA), one of the world’s leading interior contracting companies, today announces that its joint venture, Lindner Depa Interiors (‘Lindner Depa’), has been awarded a second Dubai Metro contract worth AED245m for the fit-out of 11 Green Line stations. The project has an expected completion date in the fourth quarter of 2010. This is the joint venture’s second Metro contract win having been awarded the works for the complete fit-out of 13 of the Red Line stations in April 2008.
Mr. Mohannad Sweid, Chief Executive Officer of Depa commented:
“It is an honour to be involved with the Green Line project and to continue our association with Dubai Metro, which is such a landmark infrastructure project. It is a testament to the work we have already undertaken on the Red Line, which we are in the process of delivering on time and to the highest level of quality.”
Lindner Depa’s scope of work involves the fit out of ceilings, wall claddings and glass works using materials and images to simulate three of the themes of the Green Line stations; which are Fire, Water and Heritage. The Green Line will have 23 stations in total and will be 22.5km long. Twenty five driverless trains travelling at a maximum speed of 90 km per hour will serve the Bur Dubai and Deira areas.
Mr. Sweid continued by discussing Depa’s strategy:
“Depa is known for its association with prestigious projects such as Burj Al Arab, Emirates Palace, Burj Dubai and now Dubai Metro. However, Dubai Metro is part of our strategy to diversify revenues, reducing our exposure to the hospitality industry, and focus on counter-cyclical sectors, such as infrastructure.”
Lindner Depa was appointed by JT Metro Joint Venture, a consortium comprising of Obayashi Corporation, Kajima Corporation and Yapi Merkezi Insaat ve Sanayi A.S. Lindner Depa also has a long-standing working relationship with the designers of the Dubai Metro stations, KCA International, a UK-headquartered design firm and designers of the iconic Burj Al-Arab.
Lindner Depa was formed between Depa and Lindner Group, a leading interior contractor in Europe, in December 2007. The joint venture served to consolidate Depa’s leading position in the Middle East and North Africa and broaden its services to include airports, infrastructure projects and hospitals.
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For further inquiries, please contact:
Depa Limited
Noor Sweid
Managing Director, Strategy
Tel: +971 4 224 3800
noor.sweid@depa.com
Brunswick Gulf Ltd
Azadeh Varzi
avarzi@brunswickgroup.com
Tel: + 971 4 365 8260
About Depa Limited
Depa Limited is a leading interior contracting company in the Middle East, North Africa and Southeast Asia regions. Operating principally in the luxury fit-out industry, its main areas of business cover 5 star hotels, high-end residential properties, retail outlets, yachts, as well as public sector amenities such as hospitals and airports. Depa is listed on the NASDAQ Dubai (ticker DEPA) and has Global Depositary Receipts on the regulated market for listed securities of the London Stock Exchange plc (ticker DEPA and DEPS).
The range of business activities performed by Depa comprises:
• Interior contracting: which focuses on luxury interior fit-out services, which include installation and finishing of floors, walls, ceilings, fixed joinery, panelling, wood-works, doors and frames;
• Manufacturing: which comprises a network of factories and joineries which produce customized furniture, fixtures and equipment (FF&E);
• Procurement: which involves the procurement of supplies and materials from third parties to support and complement Depa's interior contracting and manufacturing operations as well as third party procurement contracts for specific FF&E projects.
By integrating these services into a single package, Depa provides clients with comprehensive and customized interior contracting solutions.
With more than 8,000 employees worldwide, the company operates through an integrated network of subsidiaries, affiliates and representative offices located in the UAE, Saudi Arabia, Qatar, Egypt, Jordan, Syria, Libya, Morocco, India, Malaysia, Thailand, China, Singapore, UK, the Netherlands, and the United States. Through this network, Depa has successfully executed large and complex projects in over 16 countries including the Burj Al Arab Hotel (Dubai), Emirates Palace (Abu Dhabi), the Museum of Islamic Art (Doha), Four Seasons Hotels (Sharm El Sheikh & Mumbai) and Mazagan Resort (Casablanca).
For more information, please refer to the corporate website: www.depa.com
About Lindner AG:
Lindner AG is the leading interior fit-out company in Europe and with over 40 years experience in the development and implementation of project-specific, individual, high-quality interior fit-out solutions. With 12 productions sites in 6 countries, Lindner is totally vertically integrated and has the capacity and ability to deliver our customers with high-quality products.
Over the last several years Lindner AG has completed major projects worldwide such as the New Hong Kong Airport; Dubai International Airport; Pudong International Airport, Shanghai; the HSBC Headquarters, London; and the Morgan Stanley Headquarters, London. At the moment Linder AG has just successfully completed another two large-scale projects: the reconstruction of the Wembley Stadium and the new Terminal 5 at London Heathrow.
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