PIF to Buy Controlling Stake, in DEPA

The Public Investment Fund (PIF) intends to buy a controlling stake in Depa, for $40.8 million

Depa Interior Design and Specialized Contracting announced, in a statement that the PIF will acquire a controlling stake in the company, after it agreed to buy new shares of about 150 million Emirates’ Dirhams ($40.84 million)

Such a deal will allow the PIF to hold 55 percent of the company, but the $480 billion fund may exercise the purchase of an instrument that gives it additional shares and a stake of up to 62.5 percent, if the deal to materialized, within 18- month, Reuters reported citing the company..

Saudi Arabia, the world’s largest oil exporter, is developing its tourism sector as part of a drive to diversify the economy, led by HRH Crown Prince Mohammed bin Salman bin Abdulaziz.

Nasdaq Dubai-listed Depa interior projects included the Burj Khalifa, the world’s tallest skyscraper, and Dubai’s Atlantis Resort.