DEPA's JV wins AED 82m of contracts and beats Atlantis deadlineOct 16 ,2008
DEPA's JV Wins AED 82m of Contracts and Beats Atlantis Deadline
Dubai, 15 October 2008 - Depa Limited (“Depa”, ticker DEPA), the world’s largest provider of interior contracting services, announces that its Joint Venture, Mivan Depa, has recently won three contracts totalling AED 82 million. These include fit-out works on the Jumeirah Beach Residence beach club and DAMAC Executive Heights in Dubai, as well as mock-ups for the Financial Centre at Al Suwwa Island, Abu Dhabi. In addition, Mivan Depa played a key role in ensuring the Atlantis hotel achieved its opening day deadline following the fire on 2 September 2008.
Commenting on the wins Mohannad Sweid, Chief Executive Officer of Depa said
“These prestigious wins further evidence the continued growth and success of our joint venture with Mivan, which has gone from strength to strength since we came together three years ago. These are fantastic projects to be involved with and we are very proud of our achievements to date.”
Mivan Depa has been appointed as the main contractor for build and fit-out of a beach club at Jumeirah Beach Residence and includes the swimming pools and club house at the Hilton Jumeirah Hotel in the same complex. The contract, worth over AED 57 million, is due to commence in November and expected to complete in September 2009.
For the Financial Centre at Al Suwwa Island, Abu Dhabi, Mubadala Development has contracted Mivan Depa to construct 12 full mock-ups for offices and the stock exchange. The contract has a value in excess of AED 18 million and a completion date of February 2009.
DAMAC Executive Heights is the first freehold office tower to be located in the Dubai Technology and Media Free Zone (TECOM). Mivan Depa is the main contractor for interior fit-out of the office lobby in the 25-story building which will house luxurious freehold offices and leisure facilities.The contract has a value of AED 6 million and is due to complete at the end of November 2008.
Mivan Depa was also instrumental in ensuring the Atlantis Hotel was able to meet its original opening date of 24 September, following damage to much of the Grand lobby and the public corridors caused by the recent fire. Mivan Depa deployed a team of 400 workers who worked around the clock, deep cleaning every surface involved with the fire damage, replacing murals and furnishings, repainting the dome and repairing cracked marble. The Grand Lobby was completed on schedule on 24th September. In addition, smoke and water damage required massive scale cleaning and repair on the East and West Corridors, and the Aqua Bar and Tea Lounge.
Paul Austin, Mivan Depa’s General Manager said,
“By taking a highly proactive stance and working around the clock, Mivan Depa has been able to complete the works a second time, allowing the hotel to open on their original deadline which is an outstanding achievement given the time available and the extent of the damage.”
Mivan Depa is a joint venture between Depa Limited, the leading provider of interior contracting services in the Middle East and North Africa and Mivan Limited of Northern Ireland, a specialist theming contractor. Mivan Depa provides a dedicated service to cater for specialist interior and exterior theme requirements in the Middle East and Gulf region. The Company’s previous projects include the gallery fit-out works at the iconic Museum of Islamic Arts in Doha, Qatar. This prestigious project was designed by one of the world’s top architects, I.M. PEI.
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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 Dubai International Financial Exchange (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).
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.