Depa wins AED200 million Ferrari Theme Park contract in Abu DhabiAug 17 ,2009
Dubai, 17 Aug 2009 – Depa Limited (ticker DEPA) (‘Depa’ or ‘the Company’), one of the world’s leading interior contracting companies, today announces that its subsidiary, Depa Abu Dhabi, and its joint venture, Mivan Depa, have together won a AED 200 million contract for the complete fit out works for Abu Dhabi’s Ferrari World on Yas Island.
Opening in 2010, Ferrari World Abu Dhabi is set to be the world’s largest indoor theme park, sitting under a roof designed in the style of a classic double-curve body shell of a Ferrari GT car. With over 20 rides and attractions, including the world’s fastest rollercoaster, a full sized racetrack and the region’s first Ferrari store, Ferrari World will attract people from all over the world to Abu Dhabi.
Depa’s scope of work involves the fitting out of all components of the theme park’s interior design, including flooring, walls, doors and ceilings. Having been appointed by Aldar BeSix, Depa has a completion date of March 31, 2010.
Mohannad Sweid, Chief Executive Officer, Depa Limited commented:
""We continue to win prestigious contracts in our target geographies such as Abu Dhabi and diversify our revenue streams with the award of complex, specialist mandates in the entertainment sector. Our market leadership and unrivalled track record ensures we are able to successfully win these kinds of high profile contracts and maintain our strong project backlog.""
Walid Zakaria, Managing Director of Operations for Depa Abu Dhabi said:
“Abu Dhabi is a major growth market for Depa and this contract continues the strong revenue growth we have seen from projects in the Capital. It is a truly unique opportunity to work with one of the world's most iconic brands and further enhances our reputation as the industry leader in the fit-out of specialist theming.""
Paul Austin, General Manager of Mivan Depa said:
“Mivan Depa is a highly experienced, specialist, fit-out contractor providing solutions for entertainment venues including museums and theme parks across the Middle East and Gulf region. Ferrari World is a perfect match for Mivan Depa, and we are sure it will be a success for all parties involved.”
Mivan Depa was established in 2005 as a joint venture between Depa Limited and Mivan Limited of Northern Ireland to cater for specialist interior and exterior theme requirements in the Middle East and Gulf region. Mivan Depa’s previous projects include The Atlantis Hotel and Museum of Islamic Arts in Doha, Qatar.
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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 luxury hotels, infrastructure and public sector amenities such as hospitals and airports, high-end residential properties, retail outlets, as well as yachts. 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
About Mivan Depa Contracting LLC
Mivan Depa was launched on February 8th 2005 in Dubai by Depa, the leading provider of interior contracting services in the Middle East and North Africa and Middle East’s leading Hotel Interiors contracting company and Mivan Limited of Northern Ireland, a specialist Theming contractor.
Mivan Depa is a modern proactive company and a pioneer in specialist construction, with a will to move mountains to get the job done. By developing co-operation, cultural awareness and technical expertise, Mivan Depa has created a corporate philosophy of hard work, versatility and unending pursuit of excellence.
The company’s project management and interiors fit-out capabilities have made a natural transition into the event, exhibition, museum and visitor attraction market.
Mivan Depa allows clients access to its in-house design development, project management, manufacturing and costing skills. It assembles a dedicated team of professionals to be responsible for graphics, audio-visual software and hardware, scenery props, display cases and interactive exhibits.