Press Release

March 23, 2010

Depa Completes Work On Five Yas Island Hotels In Time For Formula 1

Depa Limited (ticker DEPA) (‘Depa’ or ‘the Company’), one of the world’s leading interior contracting companies, announces the completion of the fit-out works on five hotels on Yas Island, in time for the inaugural Abu Dhabi Grand Prix. 

Depa had just one month to simultaneously handover the five hotels – The Yas Hotel, The Crowne Plaza Yas Island, The Staybridge Suites Yas Island and two Rotana projects, The Rotana Resort Yas Island and Centro by Rotana. To ensure the smooth and timely handover of all the hotels, at the height of the work, Depa and its subcontractors had 2450 people working on site.

Mohannad Sweid, CEO of Depa Limited, commented: “Our reputation for delivering our work on time was a major factor when it came to us winning this contract, and I am proud that we have been able to complete the work on these five hotels so that they were ready to welcome guests to the Abu Dhabi Grand Prix.”

Continuing, Mr. Sweid said: “Our increasing focus on Abu Dhabi is part of a longstanding strategy to diversify revenue streams geographically to reduce dependence on any one market. We are seeing significant opportunities in the Capital for specialist interior contracting works and believe that our market leading position and unrivalled track record will continue to position us well to successfully win the most prestigious projects.”

Walid Zakaria, Managing Director of Operations for Depa Abu Dhabi, said: “All the hotels are currently being occupied by guests attending the Abu Dhabi Grand Prix, which is just one of the many high profile tourist attractions being developed in the Capital. This, coupled with the shortage of hotel rooms in Abu Dhabi, ensure that this will be major growth market for Depa for some time. We are proud to have been involved with the Yas Island project, which is sure to be an internationally renowned address in the near future.”

The Yas Hotel is designed to resemble the throw of a local fishing net and occupies a truly breathtaking location, set half on land and half on water, overlooking the marina and positioned on the Yas Marina Circuit. The hotel is the largest that Depa worked on, with 499 rooms and suites and 14 restaurants and lounges.

The Crowne Plaza Yas Island has 428 rooms and 5,000m2 of public areas. Depa was tasked with the complete fit-out works and partial furniture, fixtures and equipment (FF&E) work of the hotel, including three main restaurants, five food outlets, a ballroom, meeting rooms, gym and spa.

Depa undertook the complete fit-out works of two separate Rotana hotel projects on Yas Island, The Rotana Resort and Centro by Rotana. The hotels, despite being physically connected, are two very distinct projects.  The Rotana Resort offers guests a more luxury surrounding while the Centro hotel is targeted at the more budget conscious traveler. The combined hotels accounted for over 550 rooms and 5,500m2 of public areas.

The final project, the Staybridge Suites, a brand which is part of the InterContinental Hotel Group, is a unique type of hotel in that offers residential-style accommodation, targeting extended stay and corporate travelers. The 165 apartment project involved the complete fit-out works and partial furniture, fixtures and equipment (FF&E) work of the hotel.