Dubai's Depa appoints two new board members

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Depa co-founder Mohannad Sweid resigned in October for

Depa co-founder Mohannad Sweid resigned in October for "personal reasons".

Depa Limited, the interior contracting firm which fitted out the Burj Khalifa, said on Monday that it has appointed two new board appointments following the abrupt departure of its co-founder and chief executive in October.

Depa said it has appointed Roderick Maciver and Fahad Al Nabet to the company's board as independent non-executive directors.

They replace former chief executive Mohannad Sweid and Fawaz Al Hokair, both of whom have resigned from the board, a statement said.

Maciver is currently an advisor to the Consolidated Contractors Company, one of the Middle East's largest construction company and was previously with Carillion International.

Al Nabet is a senior counsellor in his own legal practice located in Riyadh. He has over 12 years of experience in litigation, corporate law, corporate governance and business transactions, the statement added.

Hasan Abdullah Ismaik, chairman of Depa, said: "These two new hires complete a very strong board of directors, all of whom are business leaders in their own right. Together we will take the business forward into the next phase of its growth strategy."

In August, Depa said it made AED33m net profit in the first half of 2013 compared to a AED110m loss in the same period last year.

The company posted AED1.01bn revenues for the first six months compared to AED825m in the year-earlier period, up 22 percent.

Depa's backlog of projects increased by 11 percent to AED3bn while total assets also rose to AED3.16bn.


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