Depa lands Ferrari theme park contract
Depa, the Dubai-based interiors contractor, has won a Dh200 million (US$54.4m) fit-out contract on a Ferrari theme park in Abu Dhabi. The contractor will have just seven months to complete the Ferrari World development on Yas Island which will open next year, after the capital hosts the Formula One Grand Prix at Yas Marina Circuit in November.
Depa's Abu Dhabi unit and its joint venture Mivan Depa were appointed by the main contractor Aldar Besix. It will be the world's largest indoor theme park, with a large, red-roofed dome that is being designed in the shape of the classic double-curve body shell of a Ferrari GT. The park will have more than 20 rides and attractions, including the world's fastest roller coaster, a full-size racetrack and the region's first Ferrari store.
Depa's assignment is to fit out all components of the theme park's interior design, including flooring, walls, doors and ceilings. "Abu Dhabi is a major growth market for Depa and this contract continues the strong revenue growth we have seen from projects in the capital," said Walid Zakaria, the managing director of operations for Depa Abu Dhabi. Depa was hired by Emaar Properties to carry out interior fit-out work on the Burj Dubai, the world's tallest tower. It also worked on 20 hotels in the UAE, including the Burj Al Arab Hotel in Dubai, the Emirates Palace Hotel in Abu Dhabi and the interior of the Dubai Metro stations. It listed its shares on the Dubai International Financial Exchange (DIFX) in April last year. The DIFX is now NASDAQ Dubai.
"In 2008, 72 per cent of our revenue came from the UAE and by next year we target 60 per cent," said Noor Sweid, the managing director of Depa for strategy and investors relations. "We have seen a significant increase in Abu Dhabi revenues for this year as compared to last year, and a significant increase in infrastructure revenues." Mivan Depa was established in 2005 as a joint venture between Depa and Mivan of Northern Ireland to cater for specialist interior and exterior theme requirements in the Middle East and Gulf region.