The prominent Indian jewellery maker is buying Dubai’s Damas, Mubadala is backing qlub and Saudi Arabia picks the players for a new low-cost airline.
Ahlan from Dubai, dear readers. Three big deals have dominated the news cycle this week, I’ll start with the largest.
It’s an all-cash purchase and a telling one at that. Indian jeweller Titan Company is buying a majority stake in the popular Dubai-based luxury jewellery retailer Damas. At an enterprise value of AED 1.04 billion, or around $280 million.
The share sale and purchase agreement has been signed with Damas International and Titan would be holding 67% of the equity shares and voting rights in the company. It also has the right to acquire the remaining 33% stake from Damas’s …
Harveen is a co-founder at The Morning Context, and leads our coverage in the Middle East. She has previously worked as a media, consumer and tech writer at The Ken and Mint. At The Morning Context, she writes on tech, venture capital, consumer and media businesses across India and Gulf—from e-commerce to healthtech to streaming.
Co-Founder & Editor, Middle East
harveen@mailtmc.com
Dubai