Depa appoints new Finance DirectorOct 21 ,2010
Dubai; 21st October 2010 – Depa Limited (ticker DEPA) (‘Depa’ or ‘the Company’), one of the world’s leading interior contracting companies, today announces the appointment of Umar Saleem as Managing Director, Finance, effective as of 24 November 2010. Umar will replace Eyad Abdelrahim, who has resigned to pursue other interests after being with the Company for eight years.
Mr Mohannad Sweid, CEO, Depa Ltd commented: “I am delighted that Umar is able to join Depa as our new Managing Director of Finance. He has vast regional and international experience with major global organisations in a career spanning over 20 years. He will play an important role as we continue to develop and diversify our business and I welcome him to the Company. I am very grateful for the many years of service that Eyad has dedicated to Depa and wish him all the best for the future.”
A Chartered Accountant, Umar brings to Depa a valuable range of skills and experiences from his past leadership roles in finance, restructuring, ERP, as well as hands-on operations. Umar joins Depa from Alvarez & Marsal (‘A&M’), a leading independent global professional services firm specialising in restructuring and turnaround advisory, where he co-led the Middle East practice covering nine countries across the region whilst also setting up the Saudi operation.
Umar’s career also includes six years at Oracle in Dubai, where he was responsible for their projects turnaround team as well as managing the in-house Finance function of Oracle Consulting Middle East. Prior to this, Umar spent two years with Majid al Futtaim as a financial controller and senior investment analyst. He was tasked with streamlining and managing the Finance operation of multiple subsidiaries.
He went on to IBM to be the Oracle Solution Architect in Canada, before returning to the Gulf as Senior Vice President and Chief Financial Officer for Tech Access, one of the largest IT distributors in the MENA region. Furthermore, Umar was a senior consulting manager with PricewaterhouseCoopers (PwC), leading due diligence and valuations for various publicly-listed companies.
Umar is a qualified chartered accountant (ICAEW) as well as Certified Information Systems Auditor (CISA).
For further inquiries, please contact:
Managing Director, Strategy
Tel: +971 4 224 3800
Brunswick Gulf Ltd
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 9,000 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).