Depa, the Dubai interior contractor, has signed the biggest deal in its history, a Dh929 million deal for lounges in the Doha airport.
Depa love from Doha as company lands Dh929 million deal
Depa, the Dubai interior contractor, has signed the biggest contract in its history, a Dh929 million (US$252.9 million) contract to fit-out 27 lounges in Doha's new airport.
The company's backlog of projects has jumped to a record Dh3.9 billion, up from Dh2.3 billion at the end of June, in part due to a "significant pick-up" in projects that previously had been delayed, Depa said in a statement.
However, the new deals won't affect the company's revenue and profits until 2012, the company warned.
The airport deal is "in line with our strategy of increasing the proportion of revenue from major government-funded infrastructure projects", managing director of operations Nadim Akhrass said in a statement.
Depa's recent deals include a Dh375 million deal for architectural finishes at the King Abdullah Petroleum Studies and Research Centre in Riyadh and a Dh109 million contract for interior work at the new international terminal in Mumbai.
Qatar is turning into a major source of work for the company. The backlog of projects includes a Dh119mn contract for the Twin Tower Hotel and a Dh79 million contract for work on Doha City Centre.
Depa's reflects its ongoing effort to diversify its business. Of its 10 biggest projects, only one is in the UAE.