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Depa Plc
Company typePublic limited company
Industry
Predecessor
  • Arabtec Hotel Interiors
  • Depa Interiors
Founded1996
(28 years ago) (1996)
Founder
  • Riad Kamal
  • Chris Holmes
  • Mohannad Sweid
Headquarters
Dubai
,
United Arab Emirates
Area served
RevenueDecrease1,375.8 million AED (2019)[1]
Number of employees
6,500
Websitedepa.com

Depa PLC is a publicly listed interior construction and manufacturing firm headquartered in Dubai, UAE.[2] Established in 1996 and listed on the Nasdaq Dubai. The firm provides interior construction services and joinery manufacturing for construction contractors in the Middle East, Africa, Asia and Europe. Depa Group consists of four subsidiaries: Depa Interiors, Deco Group, Design Studio Group, and Vedder.[3]

History

Depa Group was established as Arabtec Hotel Interiors in 1996 by founding members Riad Kamal, Chris Holmes and Mohannad Sweid. In 1997, the company completed its first project - the Al Bustan Rotana Hotel in Dubai, UAE. In the same year, the company also provided interior construction works on the Jumeirah Beach Hotel, Dubai.[4] In 1998, Arabtec Hotel Interiors acquired an Italian interior contractor called Depa, and subsequently changed its name to Depa. Depa Abu Dhabi was incorporated in the same year.[citation needed]

Depa provided interior works for the Al Bustan Rotana Hotel & Burj Al Arab, both in Dubai, in 1997 and 1999 respectively.[5] In the same year, Depa Hotel Interiors (Egypt) was established and the company delivered the Four Seasons Nile Plaza Hotel in Cairo.[6]

2000 - 2010

In 2000, Depa established a subsidiary called Pino Meroni Yacht Interiors. In 2001, Depa Abu Dhabi completed its first contract - the ADWEA headquarters.[citation needed] In 2003, Depa Interiors completed the interior works for the Grand Hyatt Hotel Dubai.[7]

In 2005, Depa Abu Dhabi provided interior works for the Emirates Palace hotel.[8] In the same year, Depa formed a joint venture with Mivan, named Mivan Depa,[9] and provided interior works for the Museum of Islamic Art in Doha, Qatar, designed by architect I. M. Pei.[10]

In 2006, Depa provided interior works for the Dubai Festival City district including InterContinental Hotel, Crown Plaza Hotel, Dubai Festival City Convention Centre, and Harbour Plaza Hotel.[citation needed] In the same year, Depa also established operations in Morocco, Sudan, Qatar, India, and formed joint venture (later to become a wholly owned subsidiary) Depa Albarakah to procure and install gypsum;[11] and acquired Abu Dhabi-based woodworking firm Eldiar.[12] In the same year, Depa completed the interior fit-out of the Shoreline Apartments complex on the Palm Jumeirah, Dubai. In 2006, the company also acquired Deco Emirates, Dragoni International,[13] Royal Thai Carpets and Design Studio,[14] and a 22.2 per cent stake in JWICO.[15]

In 2007, Depa established joint ventures with JWICO,[16] The Parker Company,[17] and Decolight, in Jordan; and set up operations in Saudi Arabia. In Morocco, DepaMar provided interior works on the Mazagan Beach and Gold Resort in El Jedida.[18] Depa Qatar secured the contract to fit-out the Commercial Bank of Qatar’s headquarters in Doha.[19] In 2007, Depa and German interior contractor Lindner Group formed the Lindner Depa Interiors joint venture,[20] which in 2008, was awarded contracts to fit-out 11 Green Line stations[21] and 13 Red Line stations[22] for the Dubai Metro.

Burj Khalifa
In 2008, Depa began work on the interior fit-out of the Burj Khalifa (originally named Burj Dubai), the world's tallest building.

In 2008, Depa, Deco, Depa Abu Dhabi, and Mivan Depa[23] all provided interior work for the Atlantis, The Palm Hotel Dubai.[24] 2008 was also the year Depa Interiors began work on the interior fit-out of the Burj Khalifa (originally named Burj Dubai), the world’s tallest building.[25] Depa also completed the fit-out of Al Futtaim's new management offices in Festival Tower, Dubai.[26] In the same year, Depa and Design Studio formed the joint venture DDS, and were awarded the fit-out of Marina Bay Sands Singapore.[8] Later that year, DDS became a wholly owned subsidiary, and was incorporated in Singapore.[27] Additionally, Depa acquired yacht interior fit-out firm Vedder, in Germany.[28] Also in 2008, Depa listed on the Nasdaq Dubai, and the London Stock Exchange.[29] In 2009, Depa Abu Dhabi and Mivan Depa delivered works for Ferrari World[30] on Yas Island, Abu Dhabi, and completed work on five Yas Island hotels.[31] In Dubai, Depa completed the fit-out of the Palazzo Versace.[32]

2010-2015

In 2010, Depa acquired UAE stone and marble suppliers, Carrara Mid-East,[33] and entered the Angolan market securing a contract for the interior fit-out of the InterContinental Hotel in Luanda.[34]

Projects commenced in 2011 included: the Fairmont Flame Tower project in Baku, Azerbaijan; Zaha Hadid Architects project the King Abdullah Petroleum Studies & Research Centre (KAPSARC) in Riyadh, Saudi Arabia;[35] IPIC Square in Abu Dhabi; and the Mazagan Villa project in Morocco.[36] In 2011, Deco Group provided fit-out works for Louis Vuitton in Bahrain, Morocco, the UAE, Saudi Arabia, Kuwait, and Oman.[citation needed]

In 2012, Arabtec Holdings acquired a stake in Depa and became the Group’s largest shareholder.[37] Also in 2012, Depa Abu Dhabi delivered fit-out works for the Hilton Hotel Abu Dhabi;[38] and Depa Qatar completed work on the Radisson Blu Hotel, Doha Qatar.[39] As part of a restructure in 2012, the Depa Mivan division of Depa was merged with the main company business.[40] Also in 2012, Deco Group began work on several luxury retail outlets at Dubai Mall, including Dior, Dolce & Gabbana, Fendi, Chanel, and Louis Vuitton.

In 2013, co-founder Mohannad Sweid resigned from his role as Chief Executive Officer.[41] Depa completed the interior fit-out of the Conrad Hotel Dubai; and DepaMar began work on the Khalifa Bin Zayed Specialized Hospital in Casablanca, Morocco. In the same year, Depa Abu Dhabi delivered the fit-out of the interior of the Presidential Palace[42] in Abu Dhabi; and Depa Group acquired German yacht and aircraft fit-out firm Loher.[43]

In 2014, Depa delivered the interior fit-out of the Fairmont Hotel, Abu Dhabi;[44] and Depa India completed work on the Mumbai International Airport (known as Chhatrapati Shivaji International Airport).[45]

2015 - Depa Group

Depa began work on the Emerald Palace Kempinski Hotel,[46] and the Novotel World Trade Centre Hotels in Dubai, in 2015.[47] Depa Group completed 37 projects in 2015, including hospitality projects for Hyatt, Novotel, Sheraton, and Ritz Carlton hotels. It also completed retail fit-outs for Dior, Louis Vuitton, D&G, Michael Kors, and Pottery Barn.[48] Also in 2015, Depa delivered interior works construction work contracts for the Dubai Opera House, the Madinat Jumeirah extension, and Nikki Beach Resort.[49][50]

In 2016, current Group CEO Hamish Tyrwhitt joined Depa and restructured the Group,[51] with Depa Group being established as a strategic management company.[52]

In 2017, AL Futtaim Capital became Depa Group’s largest shareholder.[53] Retail firm Deco Group completed the Robinsons Department Store, in Dubai.[54] Deco Group also began the fit-out of several high end retail outlets in the new Dubai Mall fashion avenue extension.[55]

Current operations

The current Group Chief Executive Officer is Kevin Lewis. The former Group Chief Executive Officer was Hamish Tyrwhitt.[56] Upon taking up his role as Chief Executive Officer, Tyrwhitt announced a restructuring of the business, which saw Depa Group established as a strategic management company overseeing the operations of the reorganised group of four key business units (Depa Interiors, Deco Group, Design Studio and Vedder).[57] In 2017, Mohamed Al Mehairi was appointed Chairman of the Depa Limited Board, following the resignation of Ibrahim Belselah.[58] Depa Group increased its profit in H1 2017,[59] and paid its first dividend since 2010 in Q3 2017.[60]

Depa delisted on the London Stock Exchange in 2018, citing a negligible volume of global depository receipts.[61]

References

  1. ^ "Annual Report 2019" (PDF). Retrieved 8 July 2020.
  2. ^ "The great indoors". ArabianBusiness.com. Retrieved 26 November 2017.
  3. ^ "Depa H1 profit soars after a turnaround in UAE units". The National. Retrieved 26 November 2017.
  4. ^ "Jumeirah Beach Hotel". www.protenders.com. Retrieved 26 November 2017.
  5. ^ "Depa announces strong growth". The National. Retrieved 26 November 2017.
  6. ^ Denman, Selina. "Off the beaten track | ConstructionWeekOnline.com". www.constructionweekonline.com. Retrieved 26 November 2017.
  7. ^ "Grand Hyatt Hotel Dubai". Hotel Management Network. Retrieved 26 November 2017.
  8. ^ a b "The 10 most expensive buildings in the world | Top 10 | Construction Global". www.constructionglobal.com. 10 June 2016. Retrieved 26 November 2017.
  9. ^ Eagle, Jennifer. "Interior design firm Depa completes Mivan merger | ConstructionWeekOnline.com". www.constructionweekonline.com. Retrieved 26 November 2017.
  10. ^ Denman, Selina. "Fit-out Companies You Should Know | ConstructionWeekOnline.com". www.constructionweekonline.com. Retrieved 26 November 2017.
  11. ^ "New projects for DEPA". ArabianBusiness.com. Retrieved 26 November 2017.
  12. ^ "Future for Abu Dhabi joinery firm as sturdy as solid wood". The National. Retrieved 3 September 2014.
  13. ^ "New Venture Confirms DEPA United Group's Vertical Expansion Strategy". Al Bawaba. 27 November 2006. Retrieved 26 November 2017.
  14. ^ "Depa buys Singapore's Design Studio for AED295m". ArabianBusiness.com. Retrieved 26 November 2017.
  15. ^ Staff Reporter. "Depa acquires 22.2 per cent stake in Jordan Wood". www.khaleejtimes.com. Retrieved 26 November 2017.
  16. ^ "Gulf Construction Online - Jwico delivers fine fit-outs". www.gulfconstructiononline.com. Retrieved 26 November 2017.
  17. ^ "A History of Hospitality Work". American Builders Quarterly. Retrieved 26 November 2017.
  18. ^ "Dubai's Depa wins $50m Morocco contract". ArabianBusiness.com. Retrieved 26 November 2017.
  19. ^ "Depa signs contracts worth $195m in H1". www.gdnonline.com. Retrieved 26 November 2017.
  20. ^ "Gulf Construction Online - Lindner and Depa consolidate forces". www.gulfconstructiononline.com. Retrieved 26 November 2017.
  21. ^ Warnock, Matt. "Depa JV wins Green Line Metro fit-out | ConstructionWeekOnline.com". www.constructionweekonline.com. Retrieved 26 November 2017.
  22. ^ Staff Reporter. "Depa JV wins Dh375m Dubai metro contract". www.khaleejtimes.com. Retrieved 26 November 2017.
  23. ^ "Depa wins Dh800m contracts". The National. Retrieved 26 November 2017.
  24. ^ "FE Investegate |Depa Limited Announcements | Depa Limited: Depa Limited JV Contract Wins". www.investegate.co.uk. Retrieved 26 November 2017.
  25. ^ "Depa says working on Burj Dubai a 'nightmare' | ConstructionWeekOnline.com". www.constructionweekonline.com. Retrieved 26 November 2017.
  26. ^ "The fight to fit-out". ArabianBusiness.com. Retrieved 26 November 2017.
  27. ^ "Depa thrives in Singapore and turns its eyes to China". The National. Retrieved 26 November 2017.
  28. ^ Agencies (5 November 2008). "Depa acquires yacht specialist from Germany in expansion move". GulfNews. Retrieved 26 November 2017.
  29. ^ Staff Reporter. "Depa to list shares on DIFX at $1.55". www.khaleejtimes.com. Retrieved 26 November 2017.
  30. ^ "Ferrari World contract in Abu Dhabi awarded". Sauress. Retrieved 26 November 2017.
  31. ^ "Depa lands Ferrari theme park contract". The National. Retrieved 26 November 2017.
  32. ^ "Depa bags $32.7mn Palazzo Versace contract | ConstructionWeekOnline.com". www.constructionweekonline.com. Retrieved 26 November 2017.
  33. ^ Basit, Abdul. "Depa Acquires Carrara". www.khaleejtimes.com. Retrieved 26 November 2017.
  34. ^ McGinley, Shane. "Depa wins $60m contract for Angolan hotel project | ConstructionWeekOnline.com". www.constructionweekonline.com. Retrieved 26 November 2017.
  35. ^ "Dubai's Depa upbeat on Saudi after contract wins". ArabianBusiness.com. Retrieved 26 November 2017.
  36. ^ Staff Writer (25 February 2009). "DepaMar wins Dh183m deal". Emirates 24|7. Retrieved 26 November 2017.
  37. ^ "Arabtec buys stake in interior contractor Depa". ArabianBusiness.com. Retrieved 26 November 2017.
  38. ^ "Depa wins Abu Dhabi Hilton fit-out deal". ArabianBusiness.com. Retrieved 26 November 2017.
  39. ^ "Radisson Blu Doha to finish phase 1 of refit next month". ArabianBusiness.com. Retrieved 26 November 2017.
  40. ^ "EXCLUSIVE: Depa restructure sees Mivan division merger". Design Middle East. Retrieved 26 November 2017.
  41. ^ "Depa co-founder in abrupt departure". ArabianBusiness.com. Retrieved 26 November 2017.
  42. ^ "Dubai interior contractor Depa posts 6 per cent rise in H1 profit | Arta". www.arta.ae. Retrieved 26 November 2017.
  43. ^ "Depa acquires Loher's Vedder – a German luxury interior business — Yacht Charter & Superyacht News". www.charterworld.com. Retrieved 26 November 2017.
  44. ^ "Dh1bn skyscraper Fairmont Hotel on Abu Dhabi's breakwater takes step forward". The National. Retrieved 26 November 2017.
  45. ^ Staff, CW. "LDI rebuts Qatar Airways claims for NDIA delay | ConstructionWeekOnline.com". www.constructionweekonline.com. Retrieved 26 November 2017.
  46. ^ "Dubai's Depa wins $39m hotel fit-out contracts". ArabianBusiness.com. Retrieved 26 November 2017.
  47. ^ Odedra, Rahul. "Depa wins US $39.2m fit-out contracts in Dubai | HotelierMiddleEast.com". HotelierMiddleEast.com. Retrieved 26 November 2017.
  48. ^ "Depa reports a 44% decline in H1 profit as projects hit by delays". The National. Retrieved 26 November 2017.
  49. ^ "Dubai's Depa wins new contracts for Dubai Opera and Nikki Beach Resort". Design Middle East. Archived from the original on 1 July 2018. Retrieved 26 November 2017.
  50. ^ "Depa boosted by Dubai Opera House and Madinat Jumeirah wins". The National. Retrieved 26 November 2017.
  51. ^ "Dubai's Depa to cut jobs as it seeks to trim costs". The National. Retrieved 26 November 2017.
  52. ^ "Depa reviews business units as it returns to profit | Arta". www.arta.ae. Archived from the original on 2 July 2018. Retrieved 26 November 2017.
  53. ^ "Al Futtaim Capital becomes Depa's biggest shareholder". Retrieved 26 November 2017.
  54. ^ "'Geographic diversity' and new contracts drive Depa Q1 profit". The National. Retrieved 26 November 2017.
  55. ^ "Dubai-based interiors contractor Depa says nine-month profit jumps more than fourfold". The National. Retrieved 26 November 2017.
  56. ^ Staff Report (29 November 2016). "Arabtec appoints Hamish Tyrwhitt as new CEO". GulfNews. Retrieved 26 November 2017.
  57. ^ "Depa chief executive says Dubai fit-out contractor's restructuring aimed for clearer strategy". The National. Retrieved 26 November 2017.
  58. ^ Cerna, Fatima De La. "Mohamed Al Mehairi appointed chairman of Depa | ConstructionWeekOnline.com". www.constructionweekonline.com. Retrieved 26 November 2017.
  59. ^ Staff Report. "Depa H1 profits up by a whopping 484%". www.khaleejtimes.com. Retrieved 26 November 2017.
  60. ^ Morgan, James. "UAE's Depa pays first dividend since 2010 after 343% 9M profit rise | ConstructionWeekOnline.com". www.constructionweekonline.com. Retrieved 26 November 2017.
  61. ^ "BRIEF-Depa Limited cancels listing on London Stock Exchange". 26 February 2018 – via uk.reuters.com.
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