Depa’s subsidiary wins Saks Fifth Avenue contract in BahrainJun 17 ,2008
Dubai, June 17 2008: Depa Limited (“Depa”), the world’s largest provider of interior contracting services , today announced that its subsidiary, Deco Emirates Co LLC (“Deco”), has been awarded the contract for the complete fit out of the luxury store, Saks Fifth Avenue, in Bahrain City Centre, a landmark development for Bahrain expected to open during September this year. The project has a contract value of USD 6 million, a size of 5,500 square meters, and is expected to be completed by September 2008. This remarkable project win marks Deco’s entry into the Bahraini market.
Deco was appointed by Style Avenue Middle East FZCO, the operator of Saks Fifth Avenue in the GCC and owned among others, by well known names like Damas Jewellery, KAPICO Group, Chalhoub Group Ltd., and the Al Mana Group.
Saks Fifth Avenue is known for its superlative American and international designer collections, its expertly chosen assortment of handbags, shoes, jewelry, cosmetics, and home furnishings and impeccable customer service. The 5,500 square meter store in Bahrain City Centre is spread across two levels. Saks Fifth Avenue has outlets in Dubai and Riyadh.
Mr. Hugh Bigley, General Manager of Deco, commented, “We are delighted to win this prestigious contract, which is an indication of our excellent track record and our proven ability to deliver high quality standards, fit out accuracy and excellent project management skills. As part of Depa, we are expanding our geographical reach in order to capture the strong growth in the retail fit out market in the region and beyond.”
Fit out of retail outlets often involves short timeframes, from engagement to completion as well as the comprehensive implementation of specified designs that reflect a client’s brand identity.
Deco has made a solid mark in the middle to upper end of the retail industry, collaborating with many luxury brands such as Louis Vuitton, Burberry, Dior, Lacoste, Mexx, Liz Claiborne and Fendi. In 2007, Deco successfully completed fit out works for the largest Marks & Spencer store in the world outside the United Kingdom, located in Dubai Festival City along with the largest Toys r Us store in the region.
Depa has experienced significant growth over recent years. This growth has been achieved, in part, through the establishment of operations in a number of jurisdictions and through acquisitions and entering into new joint ventures. Depa has established new operations in a number of new geographic markets including Saudi Arabia, Qatar, Morocco, India and Libya. It has also acquired stakes in joinery and manufacturing businesses, a procurement company and specialised interior fit-out businesses; which has facilitated the continuing backward integration of the supply chain.
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Depa 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 Dubai International Financial Exchange (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 customised interior contracting solutions.
With more than 7,000 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 15 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).
Since commencing operations in the United Arab Emirates in 1976, Deco has evolved into one of the country’s leading interior contractors and furniture manufacturers, establishing a solid track record for successfully completing construction projects on-time, on budget and to the quality standards required by its clients.
Deco is firmly established at the leading edge of the interior fit-out industry, pursuing excellence, innovation and professionalism in every project undertaken. Deco focuses on quality and its primary objective is to provide a quality product delivered in a quality way.
The company has an extensive client list, which includes international fashion brands, major local business enterprises, government departments, petrochemical companies, multinational organizations, national and multinational banks.
Deco Emirates’ “One-Stop” service includes shop-fitting, office fit-out, specialist contracts, space planning, interior design, joinery works, contract furnishing and refurbishment works.