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Depa wins $60m interior fit-out contract in Angola  Join our daily free Newsletter

MENAFN - Khaleej Times - 19/08/2010

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(MENAFN - Khaleej Times) Depa, the Dubai-based interior design firm, said on Wednesday that it has won a 60 million contract for the interior fit-out of a five-star hotel and casino in Luanda, Angola.

The project is being developed by Sonangol, the Angolan National Oil Company, as part of the governments plan to build 28 hotels around the country by 2011, Depa said adding that the company has been contracted for the design, fit-out and supply of furniture, fixtures and equipment for the interiors of the hotel and casino.

Angola is a market which we see as having many opportunities for significant long-term growth. The country is making giant strides with major economic reforms and continues to attract significant foreign direct investment, Mohannad Sweid, Chief Executive Officer, Depa Limited, said in an email statement to Khaleej Times.

This is the second contract that Depa, a NASDAQ Dubai-listed firm, has won in Angola following last years agreement to fit out all 202 guest rooms and public areas of the Talatona Convention Centre Hotel in Luanda. This was completed on time and budget and the hotel opened at the end of 2009.

We continue to focus on diversifying our revenues in targeted countries such as Angola and continue to explore opportunities in other politically safe African nations, Sweid said. Having successfully undertaken an initial project in Luanda where we were able to demonstrate our credentials, we have been establishing our presence and are now well positioned to support the development of the Countrys hospitality sector, Nadim Akrass, Managing Director, Operations, Depa Limited, said. Depa shares last traded 0.2 per cent higher at 0.66.

 






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