Depa wins Saudi ministry contract
Jeddah, January 5, 2009
Depa Limited, a leading provider of interior contracting services, said its subsidiary, Depa Saudi Arabia has been awarded a $7.84 million contract to renovate the office of the minister of defence and aviation (Moda) in Jeddah.
The five-month contract was awarded by Al Yamama Company for Trading and Contracting. Under the agreement, Depa SA will renovate all four floors of the Moda building.
The renovation and the fit-out works of offices and public areas is due to be completed in April this year.
This is the fifth win for Depa SA, following a $11.2 million contract earlier this year, strengthening the company’s presence in the largest Arab economy.
Depa sees significant opportunities for renovation work across the region during the expected slowdown of the real estate market, said a company official.
"For example, hotels typically take advantage of lower occupancy rates to renovate properties and the company is in talks with a number of hotel operators to carry out this work," Mohannad Sweid, CEO of Depa explained.
"This contract win is particularly pleasing as Saudi is a very important market for us and it adds a new dimension of work to the new-build projects we have already undertaken there," he pointed out.
"This is part of a wider strategy to focus on expanding in the renovation sector across all our target markets and we are well-positioned to benefit due to our strong regional relationships and brand awareness, especially among hotel operators,” Sweid added.
According to him, Depa has experienced significant growth over recent years and continues to grow its existing portfolio of prestigious projects.
The company has established operations in a number of new geographies including Qatar, Morocco, India, Libya and Singapore.
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.-TradeArabia News Service