Depa wins AED200 million Ferrari Theme Park contract in Abu Dhabi
Depa Limited (ticker DEPA) (‘Depa’ or ‘the Company’), one of the world’s leading interior contracting companies, today announces that its subsidiary, Depa Abu Dhabi, and its joint venture, Mivan Depa, have together won a AED 200 million contract for the complete fit out works for Abu Dhabi’s Ferrari World on Yas Island.
Opening in 2010, Ferrari World Abu Dhabi is set to be the world’s largest indoor theme park, sitting under a roof designed in the style of a classic double-curve body shell of a Ferrari GT car. With over 20 rides and attractions, including the world’s fastest rollercoaster, a full sized racetrack and the region’s first Ferrari store, Ferrari World will attract people from all over the world to Abu Dhabi.
Depa’s scope of work involves the fitting out of all components of the theme park’s interior design, including flooring, walls, doors and ceilings. Having been appointed by Aldar BeSix, Depa has a completion date of March 31, 2010.
Mohannad Sweid, Chief Executive Officer, Depa Limited commented: "We continue to win prestigious contracts in our target geographies such as Abu Dhabi and diversify our revenue streams with the award of complex, specialist mandates in the entertainment sector. Our market leadership and unrivalled track record ensures we are able to successfully win these kinds of high profile contracts and maintain our strong project backlog."
Walid Zakaria, Managing Director of Operations for Depa Abu Dhabi said: “Abu Dhabi is a major growth market for Depa and this contract continues the strong revenue growth we have seen from projects in the Capital. It is a truly unique opportunity to work with one of the world's most iconic brands and further enhances our reputation as the industry leader in the fit-out of specialist theming."
Paul Austin, General Manager of Mivan Depa said: “Mivan Depa is a highly experienced, specialist, fit-out contractor providing solutions for entertainment venues including museums and theme parks across the Middle East and Gulf region. Ferrari World is a perfect match for Mivan Depa, and we are sure it will be a success for all parties involved.”
Mivan Depa was established in 2005 as a joint venture between Depa Limited and Mivan Limited of Northern Ireland to cater for specialist interior and exterior theme requirements in the Middle East and Gulf region. Mivan Depa’s previous projects include The Atlantis Hotel and Museum of Islamic Arts in Doha, Qatar.