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New KSA hospitality project + Dubai office for Depa: Nasdaq Dubai-listed interior contractor Depa has bagged contracts in Dubai and Saudi Arabia with a total value of AED 950 mn, according to separate market disclosures (pdfs — here and here) out yesterday.
#1- The group is set to take on hospitality and tourism projects for Red Sea Globalin Saudi Arabia, 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.
The is the seventh hospitality contract Depa has taken from Red Sea Global, with an AED 110 mn contract awarded in August 2022 and another AED 157 mn contract in November of the same year.
#2- Depa has also taken an AED 200 mn fit-out contract for a high-end HQ office building in Dubai by an undisclosed company.
Background: Saudi sovereign wealth fund Public Investment Fund (PIF) purchased a 55% stake in Dubai-headquartered Depa for AED 150 mn in February 2022, Reuters previously reported.
OTHER REAL ESTATE NEWS-
Palm Islands lead Dubai property sales: Nakheel ’s Palm Jebel Ali and Palm Jumeirah 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 News, 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.
ICYMI- Check out our deep dive on the rise of property prices in the UAE last year, and the appeal of luxury estates in Dubai in particular on the back of an influx of foreign wealth.
ALSO- Majid Al Futtaim Developments launched a new Dubai luxury residential project, Amara, in Tital Al Ghaf, according to a press release.
