Depa awarded $16m contract in Saudi Arabia

Dubai : Depa Ltd (DEPA.NDB) said it has been awarded two contracts in Saudi Arabia worth a combined Dh61.7 million ($16.8 million) as the Dubai-based interior contracting firm continues to expand beyond its home market. The company also said it has agreed over Dh185 million in contract variation orders on its Riyadh-based King Abdullah Petroleum Studies & Research Centre project, first awarded in late 2011. Depa, in a statement posted on the Nasdaq Dubai website, said NESMA & Partners has awarded a Dh48 million contract to Depa to complete the fit-out works of public areas for its Hyatt Regency and Conrad hotels in Jabal Omar, Makkah. Jeddah-based King Abdulaziz University meanwhile will also be undergoing a fit-out by Depa as part of a six-month, Dh13.7 million contract signed with Rabya for General Contracting.

“Saudi Arabia continues to represent a major portion of our revenue and backlog, with the total value from the country topping the Dh1 billion mark for the first time in our history,” said Depa’s chief executive Mohannad Sweid. “We are aggressively bidding for more work now across the three key cities of Riyadh, Jeddah and Makkah.”