Interior design and specialty contractor Depa Plc said on Monday that its interior fit-out unit won a project worth approximately AED 110 million ($30 million) within a development in the Red Sea region of Saudi Arabia.
This is the second significant hospitality project awarded to Depa within this development, the Nasdaq Dubai -listed Depa said in a statement.
In March this year, The Public Investment Fund, Saudi Arabia's sovereign wealth fund, took a controlling stake in Depa by agreeing to buy 150 million dirhams ($40.84 million) worth of new shares. Following the transaction, PIF owns nearly 55% of the company. The fund
In December 2021, Depa Interiors was awarded a AED 73 million ($20 million) hospitality package in Jeddah and a AED 78 million fit-out package for a hospitality project within a high-rise mixed-use development in the centre of Dubai.
(Writing by Brinda Darasha; editing by Seban Scaria)