Investor and Media Centre

Depa awarded first contract in Syria

Dec 29 ,2010

 

•AED 72 million contract awarded

•Fit out work on Yasmeen Rotana Hotel in Damascus

Depa Limited (ticker DEPA) (‘Depa’ or ‘the Company’) today announced it has signed a AED 72 million (USD$ 19.8 million) contract for the complete fit-out and loose furnishings works on the five-star Yasmeen Rotana Hotel in Damascus, Syria. Depa was appointed by Bena Properties, the real estate development and investment arm of Cham Holding.

As the project manager, Depa will oversee the full scope of work and will be responsible for the entire fit-out of the project. This includes fit-out of all the 338 rooms and suites; and public areas including the main lobby and lounge, restaurants, banquet hall and the health club. Furthermore, Depa will be supplying all soft furnishings for the hotel. The work is due to start in January 2011 and be completed by Q1 2012.

Mohannad Sweid, Chief Executive Officer, Depa Limited commented:

“We are very pleased to have won our first ever contract in Syria. The past few years has witnessed the country’s tourism industry accelerating at a greater pace in light of the infrastructural developments taking place and the recent measures allowing international companies to enter the Syrian market. Thus, we hope this contract win will be the first of many in Syria as we continue to build on our strategic ambition of expanding our income stream to new geographical regions and diversifying the sectors we represent.”

The Yasmeen Rotana is situated in a strategic location on the Damascus-to-Beirut highway, approximately 15 minutes from the city centre. The hotel will occupy roughly 4,000 sq/m of land and 53,700 sq/m of total built up area and will encompass 338 rooms and suites, 600-seat banquet hall, 6 meeting rooms, a spa and fitness centre with pool and a sky bar and cigar lounge.

Depa recently announced its first contract win in Yemen through its JV partnership Mivan Depa. It was awarded the refurbishment contract for the Aden Hotel in Sana’a to upgrade all the public areas for scheduled completion in time for the 20th Gulf Cup football championship. The hotel boasted one of the largest ballrooms in the city, over 3 restaurants and bars and approximately 200 rooms and suites.

 

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For further inquiries, please contact:

 

Depa Limited

Noor Sweid

Managing Director, Strategy

strategy@depa.com

Tel: +971 4 224 3800

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info@depa.com

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