Depa tea boys, cleaners in shares windfall

SHARES WINDFALL: Two thousand Depa staff are to be awarded share options in the company next month. (Getty Images)

Two thousand Depa staff, including tea boys and cleaners, are to be awarded share options in the company next month, Arabian Business can reveal.

The world’s largest interior contracting company, which in April completed a $400 million listing on the Dubai International Financial Exchange (DIFX), has decided to reward “every single one of its staff” for its growth in the past 12 years, according to Chief Executive Officer Mohannad Izzat Sweid.

“We secured the finance for the share options before we went public. The founders and partners kindly donated a percentage of their share to this scheme before the company floated. Most of our staff already know about this and they are naturally very excited,” he said on Sunday.

The size of share options will depend on seniority and length of service, but it is believed that many very junior “household” staff, who have been with the company for a decade, will benefit to the tune of several thousand dollars.

“If you join today you will get share options which can be exercised in two years. I hope a lot of my staff will do very well. They are part of this and they deserve to do well,” Sweid added.

Depa is thought to be the first Arab company to give all its staff share options.

Depa shares have risen about 3.3 percent since being listed in April.

The company is active in 16 countries, and has provided interior contracting for flagship projects including Emirates Palace hotel, Burj Al Arab hotel and the Burj Dubai tower.

Earlier this week analyst ING said the company “could become the next Arabtec” as it issued a strong ‘buy’ recommendation with a target price of $1.99.

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READERS' COMMENTS

Global Company in Making
Posted by sajeeth, Sharjah, UAE on Sunday 15 June 2008 at 07:39 UAE time

Companies that think out of box will be rewarded by market and customers its all about confidence. Well done Depa - another Infoysis in the making.

Well done Depa
Posted by Mohammed Owais, Dubai, U.A.E on Saturday 14 June 2008 at 13:35 UAE time


Excellent news. If only more companies in the Middle East showed such concern towards the well-being of their employees and think of them as partners in the company!

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