Abu Dhabi, UAE; 5 November 2012: Depa Limited (ticker: DEPA) announced a AED 93.5 million contract to undertake the supply and installation of interior decoration works for the Hilton Hotel in Abu Dhabi, UAE.
The Hotel is the second phase of the Al Forsan International Sports Resorts development, one of the Middle East’s largest sports, leisure and dining resorts. Depa will undertake the complete interior decoration works for 400 rooms covering a total area of 34,000 square metres and the installation of all the furniture, furnishings and equipment (FF&E). The Hotel is set to open in mid- 2013.
Walid Zakaria, CEO of Depa’s Abu Dhabi Regional Office, said: “This contract reflects Depa’s standing as a trusted partner for global brands like Hilton. Our industry expertise has led our Abu Dhabi office alone to sign approximately AED 450 million of contracts in the hospitality sector so far this year, including two sets of internal decoration works for Hilton Hotels; one in Abu Dhabi and the other in Riyadh. The hospitality sector in the GCC is seeing strong performance with new hotels being announced and others needing renovation. This should fuel growth for Depa in 2013.”
Depa has had a long relationship with Hilton and this latest contract adds to the work it is currently doing on the Hilton Hotel in Riyadh, part of the King Saud University, for a contract value of AED 183 million and the new Conrad Hotel in Dubai, Hilton’s luxury brand. The Conrad Hotel contract, which had a value of AED 250m, is due to be completed in the coming months.
In the year to date, the Abu Dhabi team has signed AED 450 million of contracts in the hospitality sector. Contracts include the Hilton Hotels in Abu Dhabi and Riyadh, as well as the; AED 73 million project for the Regent Emirates Pearl in Abu Dhabi, a mixed-use 47 storey hotel and residential tower; a AED 92 million project for the fit-out of Accommodation Towers in Luanda, Angola and the Ramada Hotel in Doha.
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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 20 countries including the Emirates Palace Hotel (Abu Dhabi), Four Seasons Hotel (India), Grand Hyatt (Malaysia), Trump International Hotel (Las Vegas), Tokyo Midtown (Japan), Museum of Islamic Arts (Qatar), Baku Flame (Azerbaijan) and Marina Bay Sands (Singapore).
For more information, please refer to the corporate website: www.depa.com