Dubai, UAE; 18 March 2015: Depa Limited (Nasdaq Dubai: DEPA), one of the world’s leading interior contracting companies, has secured a super-lush residential and two mega yacht fit-out projects worth a combined AED 95.4 million through their German luxury interior and yacht specialist, Vedder.
The residential fit-out contract, worth AED 16.4 million, is for a turn-key 600 sq. m apartment project at the luxury resort community of Albany, Bahamas. Vedder’s scope of work covers wall panelling, doors, built-in furniture, marble and paint works.
The yacht contracts, totalling AED 79.0 million, will firstly see Vedder engineer and build a customised interior space of 600 sq. m, designed by Wayne Parker, that includes cabins for a capacity of 14 guests, adjacent corridors and staircases. Secondly, the company secured the fit-out of the fixed exterior furniture such as bars, sideboards, tables and sofas on an Espen Oeino-designed yacht.
Both yacht projects signed will be undertaken at the Lürssen shipyard in Bremen, Germany.
Over the last few years, Vedder has heavily invested in R&D to become a preferred supplier and contractor for external areas in order to expand its offerings and hence the share of packages the company can bid for with each individual yacht project.
Ludger Dohm, MD of Vedder, commented: “Currently, the order books of the Northern-European shipyards such as Lürssen, Oceanco and Amels boast many attractive projects. At Vedder, we welcome these new business wins and are excited to be playing a part in shaping the mid and long-term future of the sector. We aim to bring our specialist knowledge and skills to ensure the successful execution and delivery of projects.”
Winning the apartment contract at Albany in the Bahamas is of strategic importance as the typical client base of the resort includes high-level golf and entertainment stars, who demand creative designs and absolute perfection in interior implementation; a challenge Vedder is very capable and eager to take on.
Nadim Akhras, Interim Group CEO of Depa, said: “Once again, we are very pleased with the continuous success of Vedder. The management team and its highly skilled employees demonstrate that they master the craft of mega yacht and residential interiors at an unparalleled level and at the same time showcase the commercial sense to be an attractive supplier and contractor. We remain confident with our approach to gain further contracts in Europe and internationally.”
In 2014, Vedder signed four new contracts for a collective sum of AED 218.9 million. These include projects secured with Amels in the Netherlands along with a full turn-key project and other fit-out works of specific areas including the guest areas, cabins, lounges and a library.
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