DEPA SIGNS NEW CONTRACTS WORTH AED 719 MILLIONJul 27 ,2015
Dubai, UAE: 27 July 2015: Depa Limited [Nasdaq Dubai: DEPA; “the Company”/“the Group”], one of the world’s leading interior contracting companies, signed new contracts worth over AED 719 million* in the first half of 2015 as the Company cemented its position in core markets by winning the Madinat Jumeirah Extension and Dubai Opera, while expanding into new international territories.
A major milestone was reached this year when Depa once again secured a high-profile contract in the United States. The agreement will see its Asian-based subsidiary Design Studio Group [“Design Studio”] supply kitchen and vanity cabinets to 626 First Avenue, a 756-unit luxury residential development along New York City’s East River.
Design Studio was also awarded three significant projects in Asia: The first is a contract for the alteration and addition of works at the 476-room Swissôtel Merchant Court Singapore; the second for interior design and fit-out work at the 150-room W Hotel Kuala Lumpur; and the third for interior design work for 220-rooms at the Ascott by Cairnhill hotel. In total, Design Studio signed projects worth AED 126 million in the first few months of 2015.
After securing AED 95 million worth of contracts earlier this year, Vedder, the company’s German yacht interior contracting specialist, in Q2-2015 agreed two contracts of close to AED 190 million for the interiors and exterior packages of two yachts, currently built at the Lürssen ship yard in Bremen.
Meanwhile, Depa Interiors secured the company’s first ever contract in Bangladesh. The AED 81 million order covers the refurbishment of the public areas and 226 rooms of the famous InterContinental Hotel, Dhaka, the first international five star hotel in the country, opened in 1966. This project is also a testimony of Depa’s continued strong relationship with IHG, currently completing the last stages of the fit-out of the InterContinental ‘Blue Diamond’ in Luanda, Angola.
Nadim Akhras, Group CEO, Depa, said: “Depa has started 2015 with confidence, securing more than AED 700 million of new work across an array of prestigious new projects. Significantly, Depa Interiors secured its first ever contract in Bangladesh and Design Studio tapped into the US market once again, as our international expansion strategy continues to gain traction.
“The strength of our order book, in what continues to be a challenging market, is testament to Depa’s reputation for delivering high quality results within required time frames and budgets.”
In Dubai, Depa Interiors won contracts worth AED 87 million, including landmark projects such as Emaar’s Dubai Opera in Downtown, the Madinat Jumeirah Extension and FF&E packages for the new Nikki Beach Resort, developed by Meraas.
Depa Albarakah agreed a AED 16 million contract for the supply and installation of dry wall partition works at IMG’s Theme Park site. Deco Emirates won AED 77 million worth of contracts during the period with companies including Christian Dior, Louis Vuitton, Hermes, D&G, Michael Kors and a confidential blue-chip client for their office and a state of the art retail space in Mall of the Emirates.
Mr Akhras added: “These new deals, especially the Dubai Opera and the Madinat Jumeirah, have given us a solid platform on which we will continue our strategy to build a balanced portfolio through geographical diversification whilst maintaining the highest standards of quality within the industry in our core home markets.”
Depa specialises in the turnkey fit-out and furnishing of five star hotels and resorts, high-end retail stores and malls, luxurious offices, large scale infrastructure projects such as airports, villas, palaces, private jets and yachts around the world.
* Out of the AED 719m new projects signed in H1, AED 275m contributed to the Backlog reported in the Q1 2015 trading statement
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