DEPA shares surge as interior design firm lures new contracts
The FTSE NASDAQ Dubai UAE 20 Index closed 4,376.00 today, down 0.66 per cent. DP World inched up by 0.25 per cent to hit $19.90.
DEPA Limited jumped 5.94 per cent to close at $0.678. Earlier in the day, DEPA, the design firm which created the interior fit-out of the Burj Al Arab and the Burj Khalifa, said it has secured AED304m ($82.83m) of new contracts in Asia and Europe. Design Studio Group, Depa’s Asian-based subsidiary and Singapore’s leading premier furniture manufacturer, product and interior fitting-out specialist signed a AED220m ($60m) contract with OUE Limited, a Singaporean real estate owner, developer and operator. The contract, signed in July, is for the retrofit of the lower and middle level floors OUE Downtown 1 from existing offices to serviced apartments. The 50-storey tower is part of OUE Downtown, a 116,000 sq. m property located between Raffles Place and Tanjong Pagar. The project is to be completed by the fourth quarter 2015.