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FINANCIAL NEWS
ME’s unrest to affect Depa’s full year financial results
14 Jul 2011
(MENAFN) Depa Ltd. Said that political upheaval in the region would affect the Dubai based developer’s full year financial results, reported Arabian Business.
The company added that it signed a USD217 million contracts in the first half of 2011; moreover, at the end of last month, the developer’s order book was valued at USD2.3 billion.
It also said that it recovered from a bad year after signing several new contracts, including an USD33 million deal in Azerbaijan and a USD11 million deal to set up a new JW Marriott Hotel in Baku.
It is worth noting that the Arab Spring contributed in delaying the signing of a number of major projects in the Middle East and North Africa (MENA) region which will reduce Depa’s profits.
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