Dubai's Depa upbeat on Saudi after contract wins

Interior contracting firm which fitted out Burj Khalifa says Saudi business tops AED1bn mark
Dubai's Depa upbeat on Saudi after contract wins
Depa CEO Mohannad Sweid.
By Andy Sambidge
Wed 19 Jun 2013 12:09 PM

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."

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