Depa Wins Dhs574m Fit-Out Contract In Abu Dhabi Project

Depa Limited, a MENA-based interior contracting company, announced that it has secured a Dhs574 million fit-out contract for a major development project in Abu Dhabi.

The company said that the full scope of work will include installation of structural steel and architectural woodwork, flooring and carpeting through to decorative supplements, wall coverings and interior lighting fixtures covering a 28,000sq/m area.

The project is due to be completed by 2015. However Depa did not reveal the name of the project that the company has been authorised to fit out.

The Nasdaq-listed company, which fits luxury yachts and hotels, is currently working on Abu Dhabi contracts like Cleveland Clinic, Al Forsan Sport hotel and the Regent Emirates Pearl hotel.

Depa also has major expansion plans in Saudi Arabia. Earlier this year, the company won two new projects and a contract variation in the Kingdom for a combined value of over Dhs250 million. This brought the total value of contracts from Saudi alone to the Dhs1 billion mark, the company said.

The firm also reported a net profit of Dhs33 million for the first half of the year, up from a loss of Dhs110 million in the same period for 2012.

At the end of the first half of this year, Depa’s wholly-owned subsidiary Vedder acquired the assets of German-based Loher, a yacht and aircraft fit-out business.

“We are delighted to have been selected to work on such a significant project, set to become one of Abu Dhabi’s most iconic landmarks,” said Hasan Abdullah Ismaik, chairman of Depa Limited.

“Our experience of working on some of the largest and most prestigious buildings in the MENA region and beyond will help us deliver a world-class finish for this important building.”

Last year, Dubai’s largest listed builder Arabtec had acquired a 24 per cent stake in Depa, which was valued at $65.8 million.