Liquidity was generated by its non-core asset disposal program
Depa awarded AED 80mn hotel project in Abu Dhabi
Depa PLC, the leading global interior solutions group, announces a hotel fit-out project award of more than AED 80 million.
Depa Interiors, Depa’s Middle East key business unit which specialises in the provision of interior solutions to the hospitality, residential, commercial, and transport and civil infrastructure sectors, secured the fit-out package for a prominent hotel project in Abu Dhabi.
Kevin Lewis, Depa’s Group Chief Executive Officer, commented: “Depa Interiors strives to offer the best in class fit-out services to our customers and this contract award is a testament to its capabilities and unparalleled track record. We are excited and look forward to delivering this project on time and to the highest quality for our client.
“Despite the current challenges in the UAE construction sector, Depa continues to win new work across all of its key business units. Depa’s geographic and sectoral diversity provides the group with a strong platform to execute its restructuring programme which has already resulted in significant cost savings being realised. Additionally, the non-core asset disposal programme is continuing to provide Depa’s key business units with liquidity to execute its projects on time and to the quality expected of Depa by its clients.
“Whilst the outlook still holds many headwinds, management’s progress in executing our restructuring programme ensures Depa is well placed to take advantage of improved conditions once they prevail.”