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DEPA CONTINUES ITS STRONG GROWTH IN SAUDI ARABIA

Jun 18 ,2013

 

DEPA CONTINUES ITS STRONG GROWTH INSAUDI ARABIA

�         $50 million contractvariation on KAPSARC project

�         New projects awarded inMecca and Jeddah

�         Saudi Arabia backlog topsAED 1 billion [$272 million] for the first time

18 June; Dubai, UAE:Depa Limited [ticker: DEPA], one of the world’s leading interior contractingcompanies, has announced the signing of two new projects and one contractvariation in Saudi Arabia for a total value of over AED 250 million [US$ 70million].

Depa has agreed over AED 185 million [US$50 million]contract variation orders on its Riyadh-based King Abdullah Petroleum Studies& Research Centre (KAPSARC) project, first awarded in late 2011. Theinitial AED 222 million [US$60 million] contract was for interior contractingwork on all architectural finishes of the project and the additional variationorder will upgrade the original specifications.

NESMA & Partners has awarded a AED 48 million [US$ 13million] contract to Depa to complete the fit-out works of public areas for itsHyatt Regency and Conrad hotels in Jabal Omar, Mecca. The contract will cover acombined 11,200m2 of public areas. NESMA is the lead contractor anddeveloper of the Jabal Omar Development Project, an urban regeneration schemeaimed at providing hotel, commercial and public amenities to support religious,social and commercial activities to pilgrims throughout the year.

Jeddah-based King Abdulaziz University and one of the oldestuniversities in Saudi Arabia will also be undergoing a fit-out by Depa as partof a 6 month, AED 13.7 million [$1.9 million] contract signed with Rabya forGeneral Contracting.

Mohannad Sweid, CEO of Depa, said: 

“Saudi Arabiacontinues to represent a major portion of our revenue and backlog, with thetotal value from the country topping the AED 1 billion mark for the first timein our history. We are aggressively bidding for more work now across the threekey cities of Riyadh, Jeddah and Mecca. We believe the combination of ourlong-term track record and breadth of services we offer will give us anadvantage in securing high-value projects going forward. We remain bullish onthe country’s construction industry, with a recent report claiming projectsworth up to $613 billion are expected to be completed in the next 5 years. Ianticipate making further announcements on new contract wins, similar to theJabal Omar and King Adulaziz University, in the second half of the year.”

As of 31 May 2013, Saudi Arabia dominates the backlog withover a third of total value of projects being embarked on originating fromthere, totalling over AED 1 billion [US$ 272 million]. The top three projectsinclude Mekkah Mosque Shamiya expansion King AbdullahPetroleum Studies and Research Centre and King Saud University. 

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