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DEPA shares surge as interior design firm lures new contracts

August 5, 2014 5:15 pm

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.

Gérard Al-Fil