Depa signs AED129m contract for prestigious Palazzo Versace Hotel, DubaiFeb 11 ,2009
Dubai, 11 February 2009 - Depa Limited (“Depa”, ticker DEPA), one of the world’s largest providers of interior contracting services, announced today that it has won a AED129m (US$32.7m) contract for the fit-out works of hotel rooms and furnished apartments in the prestigious Palazzo Versace Hotel in Dubai. The project is due for completion on 30 April 2010.
The luxury $395 million Palazzo Versace Resort, designed by one of the world’s leading international design fashion houses, will be located in Culture Village, a AED50bn (US$13.6bn) leisure and tourist project being developed by Dubai Properties on the edge of the Dubai Creek. The hotel will span 37,224 square metres and will feature the world's first refrigerated beach so that guests can walk comfortably across the sand on hot days.
Depa’s scope of work includes the complete fit-out works for 197 out of 213 hotel guest rooms and all of the 169 luxurious furnished apartments. Depa was appointed by Emirates Sunland Group (ESG), a Dubai-based joint venture between Enshaa PJSC, a regional real estate developer and Australia-based property developer, Sunland Group Limited.
Mohannad Sweid, Chief Executive Officer, Depa Limited commented: “We are extremely proud to have been selected for this unique project and are very much looking forward to establishing a solid relationship with the Emirates Sunland Group. Our work on Burj Al-Arab, Emirates Palace, Atlantis the Palm and other iconic hotels has positioned us well to win this prestigious contract. This project fits well with our strategy for 2010 and as always, we are committed to delivering the highest quality service within the client’s budget and timeframe.’
The Palazzo Versace Hotel in Dubai is the second of its kind in the world, the first one being Palazzo Versace Australia, which opened in the year 2000 in Queensland. It is considered the most luxurious hotel in Australia and is a member of ‘Leading Hotels of the World’, a unique luxury hospitality organization.
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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