Depa Group CEO Hamish Tyrwhitt to take on additional role of CEO of Arabtec Holding

28 November 2016; Dubai, UAE: Depa Limited (""Depa""), the leading global interior solutions group, today announces that its Group CEO, Mr Hamish Tyrwhitt, has been appointed as the CEO of Arabtec Holding, effective immediately.

Mr Tyrwhitt’s appointment at Arabtec will not impact his current role and he will remain Group CEO of Depa.

Depa Chairman, Mr Ibrahim Belselah, said Mr Tyrwhitt’s appointment to the Arabtec role was unanimously approved by the Depa Board of Directors.

“The Board unanimously approved Hamish’s appointment,” Mr Belselah said.

“Hamish has made a significant, positive impact in the time that he has been with us. I am sure that he will have a similar impact at Arabtec in his dual role, and they are fortunate to be able to benefit from his experience.

“Hamish is capable of running both companies concurrently without compromising either role.

“Hamish remains committed to the continued success of Depa and we wish him well in his additional role with Arabtec,” he said.

Mr Tyrwhitt said he was delighted to have been offered the opportunity to join one of the leading engineering and construction groups in the Middle East.

""Fundamentally, Arabtec is a strong company with a great track record of achievements stretching back over the past 40 years. I am looking forward to taking the company forward and capitalising on the many opportunities available to the group.

“Arabtec is delivering and pursuing large volumes of work throughout the region, and they will inevitably require many of the services that Depa’s operating entities provide.

“My role with Arabtec complements my current role with Depa, and a closer working relationship between the two companies can only benefit both.”

The two companies have also signed a settlement and co-operation agreement, which addresses the companies’ existing relationship, and positions Depa as one of Arabtec’s preferred partners.

Notes to editors:

Depa is a strategic management company specialising in global interior solutions. Many of Depa’s operating companies hold market leading positions in their respective regions, including Design Studio, Vedder, Depa Interiors, Eldiar, Carrara Mid-East, Deco and The Parker Company. Employing thousands of people worldwide, the group’s operations are centred through three operating hubs: the UAE, Germany and Singapore.

Depa’s mission, shared by each of its operating companies, is to deliver sustainability, profitability and performance for our clients, shareholders and employees. The group’s five core values are transparency, integrity, accountability, professionalism and exceptional service.

Depa Limited is listed on the Nasdaq Dubai and headquartered in the United Arab Emirates.

Cautionary statement:

This document contains certain 'forward looking statements' with respect to Depa's financial condition, results of operations and business and certain of Depa's plans and objectives with respect to these items. By their very nature forward looking statements are inherently unpredictable, speculative and involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and there are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward looking statements. All written or verbal forward looking statements, made in this document or made subsequently, which are attributable to Depa or any other member of the group or persons acting on their behalf are expressly qualified on this basis. Depa does not intend to update these forward looking statements.

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