(Revised paragraph 4) Depa appoints Hasan Abdullah Ismaik as Chairman

Revisions in paragraph 4

Depa appoints Hasan Abdullah Ismaik as Chairman

Dubai, UAE; 2 June 2013: The Board of Directors of Depa Limited (‘Depa’ or ‘the Company) one of the world’s leading interior contracting companies, today announced the appointment of Hasan Abdullah Ismaik as Chairman.

Mr Ismaik, who is the Managing Director and CEO of Arabtec Holding, was appointed to Depa’s Board at its AGM last month.  He will take over as Depa’s Chairman from Abdullah Al Mazrui with immediate effect.  Mr Al Mazrui will continue on the Board as a Non-Executive Director.

Mohannad Sweid, CEO of Depa Limited, said:  “I would like to thank Mr Al Mazrui for his strong management of the Board since becoming Chairman at the inception of the Company and I am delighted that he has agreed to stay on as a Non-Executive Director.  We have long had a strong working relationship with Arabtec and we welcome Mr Ismaik’s appointment as Chairman.  The two companies have worked on many projects together and this appointment strengthens the ties further.”

Hasan Abdullah Ismaik said, “It is an honour to be elected to the position of Chairman of Depa Limited. The Company is already acknowledged as a world leader in its field and it has strong potential for future growth.  There is a strong synergy between the two companies and I look forward to working on the Depa Board as Depa implements its growth plans.” 

Depa has collaborated with Arabtec on a broad range of projects including; Burj Khalifa, Emirates Palace and Burj Al Arab amongst others.

In the first three months of the year, Depa saw an 18% rise in revenues to AED 446 million from a diverse and solid backlog of projects.  Net profit before non-controlling interests was AED 12 million, a significant improvement on the previous year.  As of 31 March 2013, Depa’s backlog stood at AED 3 billion.

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ABOUT DEPA LIMITED

Depa Limited is a leading interior contracting company in the Middle East, North Africa and Southeast Asia regions. Operating principally in the luxury fit-out industry, its main areas of business cover luxury hotels, infrastructure and public sector amenities such as hospitals and airports, high-end residential properties, retail outlets, as well as yachts. Depa is listed on the NASDAQ Dubai (ticker DEPA) and has Global Depositary Receipts on the regulated market for listed securities of the London Stock Exchange plc (ticker DEPA and DEPS).

The range of business activities performed by Depa comprises:

�         Interior contracting: which focuses on luxury interior fit-out services, which include installation and finishing of floors, walls, ceilings, fixed joinery, panelling, wood-works, doors and frames;

�         Manufacturing: which comprises a network of factories and joineries which produce customized furniture, fixtures and equipment (FF&E);

�         Procurement: which involves the procurement of supplies and materials from third parties to support and complement Depa's interior contracting and manufacturing operations as well as third party procurement contracts for specific FF&E projects.

By integrating these services into a single package, Depa provides clients with comprehensive and customized interior contracting solutions.

With more than 8,000 employees worldwide, the company operates through an integrated network of subsidiaries, affiliates and representative offices located in the UAE, Saudi Arabia, Qatar, Egypt, Jordan, Syria, Libya, Morocco, India, Malaysia, Thailand, China, Singapore, UK, the Netherlands, and the United States. Through this network, Depa has successfully executed large and complex projects in over 20 countries including the Emirates Palace Hotel (Abu Dhabi), Four Seasons Hotel (India), Grand Hyatt (Malaysia), Trump International Hotel (Las Vegas), Tokyo Midtown (Japan), Museum of Islamic Arts (Qatar), Baku Flame (Azerbaijan) and Marina Bay Sands (Singapore).