One of the largest contract-financing deals ever struck in the interior contracting industry was signed between Depa Interiors, a Dubai-based company specialising in interior fit-outs, and two banks Mashreqbank and HSBC.


The Dh430 million finance deal will help Depa service its Dh597.6 million Burj Dubai contract which it was awarded late last year.

The majority of the Dh430 million finance facility is for letters of credit to suppliers and other contractors. The facility also includes a 10 per cent performance bond, or guarantee, in case work is not completed, said CEO of HSBC Abu Dhabi, Mohamed Al Mulla.

Depa, a subsidiary of Depa United Group (DUG), was contracted by the joint venture of Samsung Corporation, Belhasa Six Construct and Arabtec Construction, the main contractor of the Burj Dubai project, to carry out the manufacture, supply, installation, construction and completion of all fit-outs for the 899 serviced and residential apartments. This includes corridors, lift lobbies and the amenities levels from floors 19 to 108, said Depa United Group CEO, Mohannad Sweid.

The contract is due for completion at the end of 2008.

When completed the Burj Dubai, developed by Emaar Properties, is expected to be the world's tallest building.

The finished height of the building has not yet been released.

"Depa's impeccable track record and project portfolio, its managerial and financial strength as well as its impressive project pipeline were key in our decision to extend the facility," commented Al Mulla.