Interior design and specialist firm Depa Plc announced Monday that its interior fitting unit has won a project worth around AED 110 million ($30 million) for development in Saudi Arabia’s Red Sea region.
This is the second significant hospitality project awarded to Depa within this development, the Nasdaq Dubai -listed Depa said in a statement.
In March this year, The Public Investment Fund, Saudi Arabia’s sovereign wealth fund, took a controlling stake in Depa by agreeing to buy 150 million dirhams ($40.84 million) worth of new shares. Following the transaction, PIF owns nearly 55% of the company.
In December 2021, Depa Interiors won an AED 73 million (USD 20 million) hospitality package in Jeddah and AED 78 million interior packages for a hospitality project in a mixed-use skyscraper in central Dubai.
