Depa scales back this year's profit forecast

Depa, the Dubai interior contractor that worked on the Burj Khalifa and Dubai Metro stations, has warned that this year will be "tough", with no growth in profit. The caution came as a surprise because Depa had previously said it expected some growth for the year.

The company, which is due to publish its audited results on March 29, said last year's performance was in line with market expectations, with revenue growing about 36 per cent to Dh2.7 billion (US$736 million) from Dh1.97bn in 2008. Net profit increased 24 per cent to Dh241m. Depa's past projects include the Burj Al Arab in Dubai, Emirates Palace in Abu Dhabi and several private superyachts. "2009 was an extremely challenging and difficult year worldwide," said Mohannad Sweid, the chief executive of Depa. "Despite this, we have managed to maintain our strong performance, as we anticipated the downturn ahead of time and prepared well for it by managing our cost base efficiently and diversifying our revenues geographically and by sector."

As part of its diversification away from the hospitality sector, which has suffered, Depa is taking on more infrastructure projects, which tend to be counter-cyclical in a downturn as governments keep spending to stimulate economic activity. Depa also won contracts in Angola and Jordan last year. "Although we are seeing signs of recovery, we believe that 2010 will also be extremely tough, and we are further streamlining our business to strengthen our ability to cope with difficult market conditions and further diversifying our revenue base as we have been doing over the last decade," Mr Sweid said.

Depa said that as Abu Dhabi's hospitality sector continued its rapid growth, income from the sector continued to grow as a proportion of the company's overall revenue. Depa fitted out five of the hotels on Yas Island and is also working on the Ferrari World theme park, which is due to open on the island this year. Despite Depa's diversification, there is still business for the company in Dubai's hospitality sector. Last year, it won contracts to fit out the Royal Mirage and Conrad hotels.

Depa has strengthened its operations in Saudi Arabia and Qatar in anticipation of strong growth in those markets. In December, the company won a Dh67m refurbishment contract for three hospitals in Doha. Also in December, Depa's joint venture, Lindner Depa Interiors, was awarded a second Dubai Metro contract worth Dh245m to fit out 11 Green Line stations. Depa's contract backlog was Dh2.1bn on December 31 compared with Dh2.7bn a year earlier. The portfolio comprises more than 100 projects.


Stage 7:
1. Adam Yates (GBR) UAE Team Emirates – 3hrs 29min 42ses
2. Remco Evenepoel (BEL) Soudal Quick-Step – 10sec
3. Geoffrey Bouchard (FRA) AG2R Citroen Team – 42sec
General Classification:
1. Remco Evenepoel (BEL) Soudal Quick-Step
2. Lucas Plapp (AUS) Ineos Grenaders – 59se
3. Adam Yates (GBR) UAE Team Emirates –60sec
Red Jersey (General Classification): Remco Evenepoel (BEL) Soudal Quick-Step
Green Jersey (Points Classification): Tim Merlier (BEL) Soudal Quick-Step
White Jersey (Young Rider Classification): Remco Evenepoel (BEL) Soudal Quick-Step
Black Jersey (Intermediate Sprint Classification): Edward Planckaert (FRA) Alpecin-Deceuninck


Round 1: Beat Leolia Jeanjean 6-1, 6-2
Round 2: Beat Naomi Osaka 7-6, 1-6, 7-5
Round 3: Beat Marie Bouzkova 6-4, 6-2
Round 4: Beat Anastasia Potapova 6-0, 6-0
Quarter-final: Beat Marketa Vondrousova 6-0, 6-2
Semi-final: Beat Coco Gauff 6-2, 6-4
Final: Beat Jasmine Paolini 6-2, 6-2

Jordan cabinet changes


  • Raed Mozafar Abu Al Saoud, Minister of Water and Irrigation
  • Dr Bassam Samir Al Talhouni, Minister of Justice
  • Majd Mohamed Shoueikeh, State Minister of Development of Foundation Performance
  • Azmi Mahmud Mohafaza, Minister of Education and Minister of Higher Education and Scientific Research
  • Falah Abdalla Al Ammoush, Minister of Public Works and Housing
  • Basma Moussa Ishakat, Minister of Social Development
  • Dr Ghazi Monawar Al Zein, Minister of Health
  • Ibrahim Sobhi Alshahahede, Minister of Agriculture and Minister of Environment
  • Dr Mohamed Suleiman Aburamman, Minister of Culture and Minister of Youth


  • Dr Adel Issa Al Tawissi, Minister of High Education and Scientific Research
  • Hala Noaman “Basiso Lattouf”, Minister of Social Development
  • Dr Mahmud Yassin Al Sheyab, Minister of Health
  • Yahya Moussa Kasbi, Minister of Public Works and Housing
  • Nayef Hamidi Al Fayez, Minister of Environment
  • Majd Mohamed Shoueika, Minister of Public Sector Development
  • Khalid Moussa Al Huneifat, Minister of Agriculture
  • Dr Awad Abu Jarad Al Mushakiba, Minister of Justice
  • Mounir Moussa Ouwais, Minister of Water and Agriculture
  • Dr Azmi Mahmud Mohafaza, Minister of Education
  • Mokarram Mustafa Al Kaysi, Minister of Youth
  • Basma Mohamed Al Nousour, Minister of Culture

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