Depa secures 8 new hotels and a private palace in the UAEJul 09, 2008
Value of orders total over AED 800m
Dubai, 9 July 2008 – Depa Limited (ticker DEPA) (“DEPA” or “the Company”), the world’s largest interior contractor, today announces that it has secured orders for the complete fit out works for eight prestigious new five and four star hotels across the UAE as well as a private palace located in Dubai. The value of these orders amount to over AED 800 million and are all due to be completed by December 2009.
These orders include the complete fit-out works for five of the seven hotels located on Yas Island, Abu Dhabi. The island is the site of a $40 billion development project by Aldar Properties. Aldar Properties awarded earlier this year Parker International the consultancy contract for the complete supply of the Furniture, Fixtures & Equipment (FF&E) for the 7 hotels. Depa owns a 51% stake in Parker International.
Depa will also be carrying out the fit out works for the Millennium Hotel in Abu Dhabi which is owned by Al Wehdah Club. Depa has also been awarded the complete fit-out works for the new hotel in the Mall of the Emirates by Majid Al Futtaim and the Centro Rotana hotel in Sharjah Airport owned by Air Arabia.
Mr. Mohannad Sweid, CEO of Depa, commented, “These orders which we have been awarded by some of the region’s leading developers are testament to our market leading position and to the ability and strengths of the Company. We continue to succeed in our strategy of working with the most reputable partners on projects where we deliver our work to the highest standard.”
Whilst Depa won several of these orders through a bidding process, the other part of these orders were won through negotiations which further evidence the quality of work the Company delivers.
Depa has experienced significant growth over recent years. This growth has been achieved, in part, through the establishment of operations in a number of jurisdictions and through acquisitions and entering into new joint ventures. As Depa continues to grow the existing portfolio of iconic projects, the Yas Island order further strengthens the Company’s position in Abu Dhabi, which is poised for significant growth. Depa has established new operations in a number of new geographic markets including Saudi Arabia, Qatar, Morocco, India and Libya. 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.
Depa has recently won “Best Interior Contracting Company” by Arabian Property, part of the ITP Publication Group
Depa listed their shares on the Dubai International Financial Exchange on 23 April 2008.
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