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Depa sees significant opportunities for renovation work across the region during the expected slowdown of the real estate market. For example, hotels typically take advantage of lower occupancy rates to renovate properties and the Company is in talks with a number of hotel operators to carry out this work.
Mr. Mohannad Sweid, CEO of Depa, commented:
"This contract win is particularly pleasing as Saudi is a very important market for us and it adds a new dimension of work to the new-build projects we have already undertaken there. This is part of a wider strategy to focus on expanding in the renovation sector across all our target markets and we are well-positioned to benefit due to our strong regional relationships and brand awareness, especially among hotel operators."
Depa SA will renovate all four floors of the MODA building. This five-month contract, awarded by Al Yamama Company for Trading & Contracting, is the fifth win for Depa SA, following a $11.2m contract earlier this year, strengthening the Company's presence in the largest Arab economy.
Depa has experienced significant growth over recent years and continues to grow its existing portfolio of prestigious projects. The Company has established operations in a number of new geographies including Qatar, Morocco, India, Libya and Singapore. It has also acquired stakes in joinery and manufacturing businesses, a procurement company and specialised interior fit-out businesses; which has facilitated the continuing backward integration of the supply chain.
Posted by Siba Sami Ammari
