Saudi Arabia’s Public Investment Fund (PIF) has agreed to invest $40.84 million in Dubai-based interior decorator Depa PLC in return for majority stakes, Zawya reports.
The deal, which has already received the requisite waivers and consents from the DFSA, will enable Depa to enter the Saudi market, identified as a key growth market, with the support of a strategic partner.
Depa will also use the Saudi investment to better execute its expansion plans.
Under the deal, PIF will control 750,000,000 new Class A shares. “The share issuance provides a much-needed boost to the group’s liquidity position which will afford Depa with a platform for its expansion plans in the region, particularly in Saudi Arabia. In addition, Depa’s long term strategic prospects are also enhanced by the proposed partnership with PIF in its key market going forward,” Depa’s Chairman Abdullah Al Mazrui said in a statement.