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Mohannad Sweid, Chief Executive Officer, Depa Limited commented: "Depa's strategy has always been forward-thinking and, as we did in South East Asia, we enter markets which we identify as having significant long-term growth opportunities. Typically this means entering a market when it is at an early stage of development in order to form the right relationships and understand more about market dynamics and local working culture. After successfully undertaking an initial project in any new market, we then focus on firmly establishing our presence and selectively pursue a range of prestigious projects with clients we have already identified as having a solid reputation and track record.
He continued:
"We see Angola, a major oil producer, as a key growth market for us in the long term due the massive transformation it has undertaken in recent years and the government's significant efforts to reinvest the vast revenues generated by natural resources into developing the country. We are also looking closely at Libya, and working on plans to enter countries which are undergoing significant economic reforms and we believe, like Angola, are politically stable and set to attract significant foreign direct investment over the coming years."
Whilst this is the first contract win in sub-Saharan Africa, Depa has a firmly established presence and significant experience in North Africa. In Egypt, Depa has, to date, fitted out ten luxury hotels including the Fairmont in Cairo and the Four Seasons in Sharm El Sheikh. Similarly in Morocco, Depa worked on the Hyatt Regency and Golden Tulip Farah Hotel in Casablanca. Depa has also worked in Sudan, completing a turnkey project, including design, construction and interior works for the Al Salam Rotana hotel in Khartoum.
Depa has, for a number of years, taken steps to diversify the business geographically to ensure the long term continued success of the company and to reduce the risk of overreliance on any one country. Depa now operates in 17 countries worldwide.
Posted by Rima Ali Al Mashni
