{"id":88049,"date":"2024-01-17T00:00:00","date_gmt":"2024-01-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/depa-bags-contracts-worth-nearly-aed-1-bn-in-dubai-and-ksa\/"},"modified":"2024-01-17T00:00:00","modified_gmt":"2024-01-17T00:00:00","slug":"depa-bags-contracts-worth-nearly-aed-1-bn-in-dubai-and-ksa","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/01\/17\/depa-bags-contracts-worth-nearly-aed-1-bn-in-dubai-and-ksa\/","title":{"rendered":"Depa bags contracts worth nearly AED 1 bn in Dubai and KSA"},"content":{"rendered":"

New KSA hospitality project + Dubai office for <\/strong>Depa<\/a><\/strong>:<\/strong> Nasdaq Dubai-listed interior contractor Depa<\/a><\/strong> has bagged contracts in Dubai and Saudi Arabia with a total value of AED 950 mn, according to separate market disclosures (pdfs \u2014 here<\/a> and here<\/a>) out yesterday.<\/p>\n

#1- The group is set to take on <\/strong>hospitality and tourism project<\/strong>s for <\/strong>Red Sea Global<\/a><\/strong>in <\/strong>Saudi Arabia<\/strong>, including fit-out works for the mountain-situated Desert Rock Hotel, premier yachting destination Amaala Yacht Club, and two luxury five-star hotels also in the Amaala marine development.<\/p>\n

The is the seventh hospitality contract Dep<\/strong>a has taken from <\/strong>Red Sea Global<\/strong>, with an AED 110 mn contract awarded<\/a> in August 2022 and another AED 157 mn contract<\/a> in November of the same year.<\/p>\n

#2- Depa has also taken an AED 200 mn fit-out contract for a high-end HQ office building <\/strong>in Dubai<\/strong> by an undisclosed company.<\/p>\n

Background:<\/strong> Saudi sovereign wealth fund Public Investment Fund (PIF)<\/a> purchased a 55% stake in Dubai-headquartered Depa for AED 150 mn in February 2022, Reuters<\/a> previously reported. <\/p>\n

OTHER REAL ESTATE NEWS- <\/p>\n

Palm Islands lead Dubai property sales: <\/strong>Nakheel<\/a> \u2019s Palm Jebel Al<\/a>i<\/a> and Palm Jumeirah<\/a> are leading super luxury estate sales in Dubai, with the former accounting for half of Dubai estate sales priced between AED 18-20 mn after only launching sales three months ago, reports Gulf<\/a>News<\/a>, citing data from Reidin-GCP. Palm Jumeirah, meanwhile, makes up some 32% of homes in Dubai that are valued at AED 45 mn and above. Palm Jumeirah has sold 541 villa plots, with Palm Jebel Ali trailing closely behind with a little over 500 villas sold.<\/p>\n

ICYMI- Check out our <\/strong>deep dive<\/a><\/strong> on the rise of property prices in the UAE last year<\/strong>, and the appeal of luxury estates in Dubai in particular on the back of an influx of foreign wealth. <\/p>\n

ALSO- Majid Al Futtaim Developments launched a new Dubai luxury residential project<\/strong>, Amara, in Tital Al Ghaf<\/a>, according to a press release<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"

The contracts include a AED 200 mn project in Dubai and AED 750 mn projects in KSA<\/p>\n","protected":false},"author":1,"featured_media":88050,"comment_status":"","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1565],"tags":[1417,87,7,477,242,98,118],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-88049","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate","tag-depa","tag-dubai","tag-enterpriseam-uae","tag-hospitality","tag-nasdaq-dubai","tag-real-estate","tag-saudi-arabia","wpautop","entry"],"acf":{"mongo_id":"46db4118-0169-4ddc-9574-8774cd67ac17","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/1324.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Depa bags contracts totaling nearly AED 1 bn in Dubai and KSA","related_issue":[88046],"teaser":"The contracts include a AED 200 mn project in Dubai and AED 750 mn projects in KSA","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/1\/.0e09e29b-b843-4fd1-87fa-9161bc496ded.mp3"},"yoast_head":"\nDepa bags contracts worth nearly AED 1 bn in Dubai and KSA - 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