Finance for Burj interiors agreed

The Burj Dubai is on track to be the tallest building in the world.

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Depa Interiors signing a financing agreement with Mashreqbank and HSBC banks.

Depa Interiors has signed a $117 million deal with Mashreqbank and HSBC to partly finance its $162.7 million contract work at Burj Dubai.

The Middle East interior contracting company, and a subsidiary of Depa United Group (DUG), is to carry out the interiors work for 899 serviced and residential apartments in the building.

The announcement was made at a press conference held on Tuesday and attended by Mohannad Sweid, CEO of DUG, Mohamed Al-Mulla, CEO of HSBC Abu Dhabi and Omar Bouhadiba, Head of Corporate and Investment Banking at Mashreqbank.

"Depa's strong growth over the past years has always been fueled by our ability to work with top tier partners across different sectors and business spheres," said Mr. Sweid.

"We are very happy to now be associated with two of the top banks operating in the region and on such a prestigious project."

DUG earned AED1.1 billion (about $300 million) in revenues in 2006 - driven by the region's huge demand for interior work - placing it in the top 20 global specialist contractors.

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