Depa Limited

Depa is an interiors contractor that focuses on luxury fit-outs for the hospitality, commercial, residential, and other segments such as airports, yachts, and other specialty projects. In addition to its main business of providing turnkey interior projects, the company also manufactures and procures furniture, fixtures, and equipment for its projects. It is set up as a holding company that offers all its services through its subsidiaries.

The company focuses primarily on large, high-profile clients with larger individual contracts values. Some of its main projects include Burj DubaiBurj Dubai, the Burj Al Arab HotelBurj Al Arab Hotel and Emirates Palace Hotel in the UAE, the Museum of Islamic Art in Doha, Qatar, the Four Seasons Hotel in Egypt, the Four Seasons Hotel in Mumbai, India, and the Mazagan Hotel in Morocco.

Although it is present across 15 countries, Depa’s primary market is the United Arab Emirates. In 2007, 81.5% of the company’s contract income (and 76.2% of its gross contract profit) was derived from UAE, 15.9% (16.4%) from other MENA countries, and 2.6% (7.4%) from international sales outside MENA.

Depa underwent an IPO on the Dubai International Financial Exchange (DIFX)Dubai International Financial Exchange (DIFX), with Global Depository Receipts (GDRs) on the London Stock Exchange (LSE), in April 2008 offering 43% of its equity to raise (USD393 million). The proceeds were primarily designated for funding growth.

The company plans to grow geographic, with main focus on the MENA region. Specific high-growth potential countries targeted include Syria, Morocco, Indonesia, Malaysia, China, and India. Depa also plans to grow by expanding its range of offerings across different types of projects and further vertical integration into more of the products. It plans to grow through acquisitions and act as a consolidator within its market.