DEPA SECURES AED 300 MILLION OF NEW CONTRACTS

Dubai, UAE; 05 August 2014: Depa Ltd, one of the world’s leading interior contracting companies, has secured AED 304 million of new contracts in Asia and Europe.

Design Studio Group, Depa’s Asian-based subsidiary and Singapore’s leading premier furniture manufacturer, product and interior fitting-out specialist signed a AED 220 million contract with OUE Limited, a Singaporean real estate owner, developer and operator. The contract, signed in July, is for the retrofit of the lower and middle level floors OUE Downtown 1 from existing offices to serviced apartments. The 50-storey tower is part of OUE Downtown, a 116,000 sq. m property located between Raffles Place and Tanjong Pagar. The project is to be completed by Q4 2015.

Vedder, the company’s Europe-based yacht interior contracting specialist agreed a contract worth AED 84 million with Amels shipyard in the Netherlands. Vedder will undertake the fit-out of the guest-areas and owners cabin of a luxurious yacht. The overall interior size is 970 sq. m and has seven guest cabins with bathrooms, two lounges, a beach club with spa and a library. The project is due to be completed by August 2016.

Nadim Akhras, Interim Group CEO, Depa, said:

“The OUE Downtown project is one of Design Studio Group’s largest contracts ever won and reflects the hard work the group has done in positioning itself as the premium interior fit-out specialist in Asia. In turn, the work that Vedder is undertaking for Amels shipyard is important as it has the potential to provide a new source of long-term revenue as the super-yacht market continues to have its best year since 2008. These contracts are also an excellent example of our ability to deliver on highly specialised assignments around the world and we look forward to executing on these projects over the next twelve months.”

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