Depa wins AED 28.7m contract in Saudi ArabiaJan 5 ,2009
Depa to renovate the Office of the Minister of Defence and Aviation in Jeddah
Dubai, 5 January: Depa Limited (“Depa”, ticker DEPA), the world’s largest provider of interior contracting services, today announces that its subsidiary, Depa Saudi Arabia (”Depa SA”), has been awarded a contract to renovate the Office of the Minister of Defense and Aviation in Jeddah. The AED 28.7 million contract, which is for renovation and the fit-out works of offices and public areas, is due for completion in April 2009.
Depa sees significant opportunities for renovation work across the region during the expected slowdown of the real estate market. For example, hotels typically take advantage of lower occupancy rates to renovate properties and the Company is in talks with a number of hotel operators to carry out this work.
Mr. Mohannad Sweid, CEO of Depa commented: “This contract win is particularly pleasing as Saudi is a very important market for us and it adds a new dimension of work to the new-build projects we have already undertaken there. This is part of a wider strategy to focus on expanding in the renovation sector across all our target markets and we are well-positioned to benefit due to our strong regional relationships and brand awareness, especially among hotel operators.”
Depa SA will renovate all four floors of the MODA building. This five-month contract, awarded by Al Yamama Company for Trading & Contracting, is the fifth win for Depa SA, following a AED 41.4 million contract earlier this year, strengthening the Company’s presence in the largest Arab economy.
Depa has experienced significant growth over recent years and continues to grow its existing portfolio of prestigious projects. The Company has established operations in a number of new geographies including Qatar, Morocco, India, Libya and Singapore. 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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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 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 customised 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).