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Depa shares drop 6% on Doha airport contract loss

Depa shares drop 6% on Doha airport contract loss

Depa

The value of shares in resident interior contracting company Depa dropped 6.34% by the close of Jun 25 trade on the Nasdaq Dubai after revelations that it is now in a contractual dispute with Doha International Airport over its deal to fit-out the new aviation hub.

The airport has already pulled the $48m contract performance bond and advance payment guarantee due to be handed over to Depa, and the lawyers for the joint venture with Lindner are now in discussions with the officials.

Lindner Depa had been due to start the fit-out of all 17 lounges at the New Doha International Airport, but spoke out against unfavourable modifications to the terms and conditions of its contract.

The entire contract, the largest listed by Depa on its Nasdaq Dubai books, is worth $245m, and was due to be completed in line with the opening of the airport in December.

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