The announcement was made at a press conference held today attended by Mohannad Sweid, Depa United Group CEO, Mohamed Al-Mulla, CEO of HSBC Abu Dhabi and Omar Bouhadiba, Head of Corporate and Investment Banking at Mashreqbank, as well as other representative and officials.
"Depa's strong growth over the past years has always been fueled by our ability to work with top tier partners across different sectors and business spheres," said Sweid. "We are very happy to now be associated with two of the top banks operating in the region and on such a prestigious project."
Depa was contracted by the joint venture of Samsung Corporation, Belhasa Six Construct and Arabtec Construction LLC, the main contractor of the Burj Dubai project (developed by Emaar Properties), to carry out the manufacture, supply, installation, construction and completion of all interior fit-outs for the 899 serviced and residential apartments including corridors, lift lobbies and the amenities levels.
"Mashreqbank is always proud to part in financing iconic projects of high importance which add value to Dubai as a leading international business hub," stated Bouhadiba, Head of Corporate and Investment Banking at Mashreqbank. "So teaming up with these two renowned companies on such a prestigious project is both exciting and financially rewarding."
Mashreqbank has the largest specialized contractor-financing unit in UAE and has long standing expertise in assisting companies with their project needs in the region. Over the past 10 years, Mashreqbank has assisted local and International contracting companies in financing over 1,000 projects with an aggregate value in excess of AED100 billion.
"Depa's impeccable track record and project portfolio, its managerial and financial strength as well as its impressive project pipeline were key in our decision to extend the facility," commented Mohamed Al-Mulla, CEO of HSBC Abu Dhabi "The company's decision to execute its plans to attain economies of scope through back integration has had an immediate effect on Depa's ability to better satisfy market requirements."
HSBC was recently ranked as the leading Project Finance advisor and arranger in the Middle East, according to Middle East Economic Digest's (MEED) with a total advisory mandates for projects worth over US$30 billion in 2006.
Driven by huge demand on interior work solutions in the region, DUG earned AED1.1 billion in revenues in the year 2006, which places it at top 20 specialist contractors globally. DUG had raised a total capital of AED475 million from selected investment houses and high-net-worth individual investors such as The National Investor , Emaar Industrial and Investment Co., Zabeel Investments, Al-Mal Capital, Al-Futtaim Capital and Global Investment House.
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Depa partners with Mashreqbank and HSBC for AED597.6 million Burj Dubai project
- United Arab Emirates: Wednesday, April 25 - 2007 at 15:33
- PRESS RELEASE
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The Middle East's leading interior contracting company, Depa Interiors LLC, a subsidiary of Depa United Group (DUG), today signed a financing agreement with Mashreqbank and HSBC for a total facility of AED430 million to finance the AED 430 million Burj Dubai contract awarded to Depa Interiors LLC.
DEPA signing a financing agreement with Mashreqbank and HSBC.
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Posted by Anne-Birte Stensgaard, Senior News EditorWednesday, April 25 - 2007 at 15:33 UAE local time (GMT+4)
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Notes and Media Contacts »
Depa United Group:
Depa United Group was established in the year 2006, combining over 12 diversified companies as subsidiaries, specializing in the full scope fit-out and furnishing of five star luxury hotels, yachts and facilities. Depa's main office is in Dubai with branches in Abu Dhabi, Doha, Cairo, Casablanca, Khartoum, Jeddah, Milan and Shanghai, and site offices in various cities in the Middle East & North Africa.
This network allows Depa's clients to benefit from the knowledge, organizational ability, purchasing power and facilities it provides. Some of its subsidiaries' references in UAE are: Burj al Arab, Conference Palace Hotel, Jumeirah Beach Hotel, Ritz Carlton, Grand Hyatt, Al Bustan Rotana, Fairmont and Hilton.
Additionally, projects in Egypt include: Four Seasons Sharm El-Sheikh, Four Seasons Nile Plaza, J.W Mariott Cairo, Sheraton Alexandria, Hilton Luxor and Crown Plaza Sharm El Sheikh. In other areas, some of the works completed are: Four Seasons Doha, Sheraton Bahrain, Grand Hyatt Muscat, Sheraton Amman, Le Royal Amman, Radisson SAS Cannes, Ledra Mariott Athens, Radisson Parkway Orlando, Hilton Osaka.
After three decades of prestigious hotel interiors accomplishments, Depa United Group continues to present magnificent achievements in turnkey interiors of five star luxury hotels and yachts, and has developed professional customized services for financing and products leasing, allowing clients to benefit for extended financial facilities.
Depa Dubai LLC is part of a recently set up regional interior giant that taps a thriving industry, home and abroad. Depa United Group has joined hands with selected investment houses and high-net-worth individual investors that include Zabeel Investments, Al-Mal Capital, Al-Futtaim Capital, Emaar Industrial and Investment Co., International Investment House and many other blue-chip investors form UAE, Saudi Arabia and other GCC countries.
The companies initially consolidated under Depa United Group are of the most well known in the region; they include and are limited to:
• Depa Interiors LLC - Dubai
• Depa Abu Dhabi for Decoration, Contracting and General Maintenance LLC
• MIVAN Depa for Decoration LLC
• Pino Meroni Yacht Interiors LLC
• Deco Emirates LLC
• El Diar LLC
• Depa India
• Depa MAR ( Morocco)
• Depa Hotel Interiors SAE ( Egypt)
• Pino Meroni Middle East (Egypt)
Associates:-
• Design Studio - Singapore
• Royal Thai Carpet - Thailand
• Tawasul - Abudhabi
For further information please contact:
Hania Al-Lahham
Public Relations Manager
Depa United Group
Tel: +971 4 224 3800
Fax: +971 4 224 3700
Mobile: +971 50 687 8722
For media requests, please contact:
Jean-Renaud Durbin
The CONTENT Factory
P.O. Box 29764, Dubai - United Arab Emirates
Tel: +97143341880
Tel 2: +97143676534
Fax: +97184480574
Mobile: +971506953301
Depa United Group was established in the year 2006, combining over 12 diversified companies as subsidiaries, specializing in the full scope fit-out and furnishing of five star luxury hotels, yachts and facilities. Depa's main office is in Dubai with branches in Abu Dhabi, Doha, Cairo, Casablanca, Khartoum, Jeddah, Milan and Shanghai, and site offices in various cities in the Middle East & North Africa.
This network allows Depa's clients to benefit from the knowledge, organizational ability, purchasing power and facilities it provides. Some of its subsidiaries' references in UAE are: Burj al Arab, Conference Palace Hotel, Jumeirah Beach Hotel, Ritz Carlton, Grand Hyatt, Al Bustan Rotana, Fairmont and Hilton.
Additionally, projects in Egypt include: Four Seasons Sharm El-Sheikh, Four Seasons Nile Plaza, J.W Mariott Cairo, Sheraton Alexandria, Hilton Luxor and Crown Plaza Sharm El Sheikh. In other areas, some of the works completed are: Four Seasons Doha, Sheraton Bahrain, Grand Hyatt Muscat, Sheraton Amman, Le Royal Amman, Radisson SAS Cannes, Ledra Mariott Athens, Radisson Parkway Orlando, Hilton Osaka.
After three decades of prestigious hotel interiors accomplishments, Depa United Group continues to present magnificent achievements in turnkey interiors of five star luxury hotels and yachts, and has developed professional customized services for financing and products leasing, allowing clients to benefit for extended financial facilities.
Depa Dubai LLC is part of a recently set up regional interior giant that taps a thriving industry, home and abroad. Depa United Group has joined hands with selected investment houses and high-net-worth individual investors that include Zabeel Investments, Al-Mal Capital, Al-Futtaim Capital, Emaar Industrial and Investment Co., International Investment House and many other blue-chip investors form UAE, Saudi Arabia and other GCC countries.
The companies initially consolidated under Depa United Group are of the most well known in the region; they include and are limited to:
• Depa Interiors LLC - Dubai
• Depa Abu Dhabi for Decoration, Contracting and General Maintenance LLC
• MIVAN Depa for Decoration LLC
• Pino Meroni Yacht Interiors LLC
• Deco Emirates LLC
• El Diar LLC
• Depa India
• Depa MAR ( Morocco)
• Depa Hotel Interiors SAE ( Egypt)
• Pino Meroni Middle East (Egypt)
Associates:-
• Design Studio - Singapore
• Royal Thai Carpet - Thailand
• Tawasul - Abudhabi
For further information please contact:
Hania Al-Lahham
Public Relations Manager
Depa United Group
Tel: +971 4 224 3800
Fax: +971 4 224 3700
Mobile: +971 50 687 8722
For media requests, please contact:
Jean-Renaud Durbin
The CONTENT Factory
P.O. Box 29764, Dubai - United Arab Emirates
Tel: +97143341880
Tel 2: +97143676534
Fax: +97184480574
Mobile: +971506953301
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