Jeddah, KSA (April 28, 2011): Damas International Limited (Damas), the largest
jewellery retailer in the Middle East, has yesterday (Wednesday, April 27, 2011)
outlined its new directions and plans for growth in the Kingdom of Saudi Arabia
during an evening event held in Jeddah.
Speaking on the sidelines of the event, Anan Fakhreddin, CEO of Damas
International Limited, said: “We decided that it is now the right time for us to have
full control of our operations in KSA. We have solid plans for this market and our
direction is very clear, as we want consumers to know that this is the start of a
new Damas in the Kingdom”.
being improved and we will be offering world class service that the Damas brand
is renowned for across the broader GCC market. Only a few days ago, we have
also launched a new bridal jewellery festival that is exclusive to Saudi Arabia,” he
The news follows the recent announcement that Damas Jewellery LLC has
acquired 49 per cent of the share capital of its existing joint venture operation
in KSA, Damas Saudi Arabia Company Ltd (Damas KSA). The Damas KSA
stake acquired by Damas was purchased for an undisclosed sum and increases
Damas’ stake in Damas KSA to 98 per cent, bringing the Saudi operation within
the full control of Damas.