Depa Subsidiary wins $50 m Resort Project in MoroccoFeb 24 ,2009
Dubai, 24 February 2009 - Depa Limited (“Depa”, ticker DEPA), one of the world’s largest providers of interior contracting services, announced today that its Moroccan subsidiary, DepaMar, has been awarded a USD50 million (AED 183 million) order by Kerzner International Developments, at the Mazagan Resort villas in El Jadida, on the Atlantic coast of Morocco.
This is the second win for DepaMar for the Mazagan Resort, having been previously awarded the fit-out works for the resort’s five-star hotel, Golf club house, Entertainment Center, Health Club and Spa in July 2007. This is now DepaMar’s largest project to date in Morocco totaling USD 93 m (AED 341m). The project is due for completion by June 2010.
Mohannad Sweid, CEO Depa commented: “This is our second order for the Mazagan Resort and further strengthens our position in Morocco, which is a key market for us and fits with our wider strategy of geographical diversification that we have undertaken over the last few years. We are delighted to be awarded this by Kerzner International Developments, with whom we have an excellent working relationship, following the successful completion of Atlantis The Palm in September last year. This is yet another example of how our track record of delivering high quality work to clients on time and on budget continues to win us prestigious projects.”
Depa was appointed by Kerzner International Developments, one of the world’s leading developers of integrated destination resorts and luxury resort hotels. This is the first phase of the Mazagan Resort, which will include a five-star hotel with a capacity of 1,000 beds, as well as an entertainment center, numerous fine dining restaurants, retail shops, a health spa and an 18 hole golf course and club house which, combined, will cover more than 500 hectares.
Bassil El Khayri, General Manager, DepaMar said:
“Having recently completed three major fit out projects in Morocco: Farah Golden Tulip Hotel, Kenzi Tower Palace in Casablanca and Ksar Menara Hotel in Marrakesh, we feel that this is a fantastic win for Depa and we are extremely proud to be working on this unique project which is the first integrated resort destination in Morocco. It is a great testament to the team we have built on the ground and our ability to deliver the highest quality work within our clients’ expectations.’
DepaMar was established in 2006 to maximize the extensive opportunities for interior works in Morocco as part of Depa’s geographical expansion strategy.
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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