Dubai's Depa upbeat on Saudi after contract wins

  • Share via facebook
  • Tweet this
  • Bookmark and Share
Depa CEO Mohannad Sweid.

Depa CEO Mohannad Sweid.

Depa Limited, the interior contracting firm which fitted out the Burj Khalifa, on Tuesday announced that its business in Saudi Arabia has topped the AED1bn ($272m) mark.

The announcement came as the company signed up for two new projects and one contract variation in Gulf kingdom worth over AED250m.

Depa said in a statement that it has agreed a AED185m contract variation orders on its Riyadh-based King Abdullah Petroleum Studies & Research Centre (KAPSARC) project, first awarded in late 2011.

The initial AED222m contract was for interior contracting work on all architectural finishes of the project and the additional variation order will upgrade the original specifications.

It added that NESMA & Partners has awarded a AED48m contract to Depa to complete the fit-out works of public areas for its Hyatt Regency and Conrad hotels in Jabal Omar, Makkah.

The contract will cover a combined 11,200 sq m of public areas. NESMA is the lead contractor and developer of the Jabal Omar Development Project, an urban regeneration scheme aimed at providing hotel, commercial and public amenities to support religious, social and commercial activities to pilgrims throughout the year.

Jeddah-based King Abdulaziz University will also be undergoing a fit-out by Depa as part of a AED13.7m contract signed with Rabya for General Contracting.

Mohannad Sweid, CEO of Depa, said: "Saudi Arabia continues to represent a major portion of our revenue and backlog, with the total value from the country topping the AED1bn mark for the first time in our history.

"We are aggressively bidding for more work now across the three key cities of Riyadh, Jeddah and Mecca. We believe the combination of our long-term track record and breadth of services we offer will give us an advantage in securing high-value projects going forward.

"We remain bullish on the country's construction industry, with a recent report claiming projects worth up to $613bn are expected to be completed in the next 5 years. I anticipate making further announcements on new contract wins, similar to the Jabal Omar and King Adulaziz University, in the second half of the year."

Related:
Topics
Companies
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Mall talk

Mall talk

Plans for Dubai’s Mall of the World have made headlines all over...

1
Qatar's labour requirements

Qatar's labour requirements

Qatar’s Supreme committee has published worker welfare standards...

2
$40bn housing deal may signal Gulf investment push into Egypt

$40bn housing deal may signal Gulf investment push into Egypt

Egypt's economy is recovering only slowly from the turmoil that...

Most Discussed
  • 16
    Baby NOT on board?

    The people commenting here were all 20 years old when they were born, never cried, never screamed and never ran etc etc.
    more

    Thursday, 21 August 2014 8:30 AM - Amer
  • 7
    Belgium diplomat arrested for pulling veil from Qatari princess

    If its illegal to dress in a certain way why didnt the police do something about it.

    Whereever the Europeans go, they demand that society conforms... more

    Thursday, 21 August 2014 8:37 PM - Ghazi
  • 7
    CEO of Just Falafel to step down

    Just Falafel was a disaster waiting to happen. The food isn't even that good and the focus wasn't on building the brand and operations. Instead they focused... more

    Thursday, 21 August 2014 8:37 PM - milad
  • 23
    World's most pierced man refused entry to the UAE

    Tolerance has its limits everywhere including Dubai and those who considered Dubai a lawless circus were held accountable...so thank you Dubai authorities... more

    Thursday, 21 August 2014 10:51 PM - Khalil
  • 17
    UK looks to close tax loophole on expat landlords

    UK taxes too much and too complicated and time taking and confusing and continuous. Returns, lawyers, HMRC, taxes too much for too little. Not worth the... more

    Sunday, 17 August 2014 12:40 PM - AbdolRahman
  • 16
    Baby NOT on board?

    The people commenting here were all 20 years old when they were born, never cried, never screamed and never ran etc etc.
    more

    Thursday, 21 August 2014 8:30 AM - Amer