Interior design firm Depa completes Mivan merger
All staff retained in merger; company has over $1bn in orders on books
Depa has merged its Mivan division, including all its employees, into the main company business.
The announcement was made by Noor Sweid, managing director, Strategy, Depa, (pictured), who said it was manoeuvring its resources to become more efficient.
Mivan Depa began developing themed finishing in 2005 with design, art direction, manufacture and installation of themed construction.
“We have been reshaping the business to reflect the different projects currently underway across the group,” said Sweid.
“We have a record AED3.9bn project backlog and in order to manage that we have reorganised ourselves to manoeuvre resources in a more efficient way. Last year we acquired the minority stake in Mivan Depa that we didn’t already own.
“We have been successfully transferring their specialist knowledge across the Group by merging their employees into the main Depa business. No jobs will be lost and we will continue to offer specialist themed contracting work.”
The company is listed on the Dubai International Financial Exchange (ticker DEPA) and has Global Depositary Receipts on the regulated market for listed securities of the London Stock Exchange plc (ticker DEPA and DEPS).
As a themed contractor for facades, show sets and rock work, the division would provide turnkey services for theme park attractions.
Projects included; the Museum of Islamic Art, Doha; Atlantis Hotel, Dubai; Ferrari World, Abu Dhabi and it was in the bid for the Louvre Museum fit-out in Saadiyat Island in Abu Dhabi.
It has 12 other group divisions including; hotels, apartments, villas, palaces and malls, shops, offices and banks, airports, metros and hospitals, yachts and cruise ships and furniture.