Depa appoints Hasan Abdullah Ismaik as Chairman

Dubai, UAE; 2 June 2013: The Board of Directors of Depa Limited (‘Depa’ or ‘the Company) one of the world’s leading interior contracting companies, today announced the appointment of Hasan Abdullah Ismaik as Chairman.

Mr Ismaik, who is the Managing Director and CEO of Arabtec Holding, was appointed to Depa’s Board at its AGM last month.  He will take over as Depa’s Chairman from Abdullah Al Mazrui with immediate effect.  Mr Al Mazrui will continue on the Board as a Non-Executive Director.

Mohannad Sweid, CEO of Depa Limited, said:  “I would like to thank Mr Al Mazrui for his strong management of the Board since becoming Chairman at the inception of the Company and I am delighted that he has agreed to stay on as a Non-Executive Director.  We have long had a strong working relationship with Arabtec and we welcome Mr Ismaik’s appointment as Chairman.  The two companies have worked on many projects together and this appointment strengthens the ties further.”

Hasan Abdullah Ismaik said, “It is an honour to be elected to the position of Chairman of Depa Ltd. The Company is already acknowledged as a world leader in its field and it has strong potential for future growth.  There is a strong synergy between the two companies and I look forward to working closely with the Depa Board as it implements its growth plans. I firmly believe that Depa will benefit from its relationship with Arabtec as a major shareholder and as a business partner.” 

Depa has collaborated with Arabtec on a broad range of projects including; Burj Khalifa, Emirates Palace and Burj Al Arab amongst others.

In the first three months of the year, Depa saw an 18% rise in revenues to AED 446 million from a diverse and solid backlog of projects.  Net profit before non-controlling interests was AED 12 million, a significant improvement on the previous year.  As of 31 March 2013, Depa’s backlog stood at AED 3 billion.

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