Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF) is considering buying Dubai-listed interior design and speciality contractor Depa to fit-out hotels under construction in the kingdom, said a report.
Should a deal be reached, an offer would be made to Depa’s biggest shareholders and the firm would be taken private, reported Reuters, citing one of the sources.
Depa had been part of top Dubai projects including the Burj Khalifa, the world’s tallest skyscraper, and Atlantis resort. The company had reported a loss attributable to shareholders of AED484.8 million ($132 million) in 2020, after losing AED409.1 million the previous year. It blamed the 2020 loss on the insolvency of a major client and restructuring of its Asia unit, said the report.