Contracts awarded total approximately AED 100 million; Diversification into hospital, hotel, property and airport sectors
Depa Limited (ticker DEPA) (‘Depa’ or ‘the Company’), one of the world’s leading interior contracting companies, today announces that Mivan Depa, its joint-venture specialist contractor company, has been awarded four contracts, in the UAE and Yemen, worth approximately AED 100 million.
The main contract, worth AED 60 million ($16.35 million), is for the Cleveland Clinic Abu Dhabi (‘CCAD’), where Mivan Depa will be undertaking drywall partitioning and specialist ceiling works within three of the clinic buildings. The CCAD hospital – a joint venture between Cleveland Clinic and Mubadala Healthcare – is a multi-speciality facility located on Sowwah Island, Abu Dhabi and is scheduled to be completed at the end of 2012. The length of Mivan Depa’s contract is 12 months.
Mivan Depa has also recently signed two other contracts in the UAE, including the refurbishment of several areas of Terminal 1 at the Abu Dhabi airport.
In Yemen, Mivan Depa was awarded the refurbishment contract for the Aden Hotel in Sana’a to upgrade all the public areas over a two-month period, with scheduled completion in time for the 20th Gulf Cup football championship, scheduled for 22nd November 2010. The hotel has one of the largest ballrooms in the city, over 3 restaurants and bars and approximately 200 rooms and suites.
Mohannad Sweid, Chief Executive Officer, Depa Limited commented:
“Abu Dhabi continues to be an extremely significant market for us as the City continues to progress major development projects and to represent an important proportion of Depa’s overall revenues. This is our second notable win in as many months, having recently won the refurbishment of IPIC’s new headquarters. Also, we are very pleased to have been awarded our first contract in Yemen and look forward to building upon this entry point.”
Paul Austin, Managing Director, Mivan Depa, said:
“We are pleased to have been awarded these specialist themed work, across a range of diverse sectors. Our track record for delivering high-quality, fast-track projects is second to none and this has enabled us to not only face up to the challenges of the past few years, but to really expand our income stream whilst branching out geographically. The team at Mivan Depa have accomplished an incredible job since 2005 and we will continue to provide them with the support necessary.”