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Dubai's interior design and specialty contractor Depa PLC has won several projects worth more than 750 million dirhams ($204 million) from Saudi Arabia’s Red Sea Global (RSG).
Saudi’s sovereign wealth fund, the Public Investment Fund (PIF), owns RSG and had bought a controlling stake in Depa last year. RSG is developing luxury resorts across the kingdom.
In a statement on Monday on Nasdaq Dubai, where its shares are listed, Depa said the contract are for that include fit-out works of Desert Rock Hotel, a luxury 50-villas and 10-hotel rooms resort in the mountains, the fit-out works for the Amaala Yacht Club and the fit-out works for two other luxury 5-star hotels within the same development.
Haitham Tuqan, Depa’s Group CEO, said: "This marks the seventh significant hospitality project awarded by RSG to Depa interiors – a subsidiary of Depa – this year, and a testament to Depa’s continued commitment to supporting RSG in delivering worldclass projects.”
In early 2023 PIF bought $40.84 million worth of new shares in Depa and currently owns 55% of the company.
(Writing by Brinda Darasha; editing by Seban Scaria)
