Damas outlines plans in Saudi Arabia

“This is start of New Damas in KSA and our direction is clear” - CEO

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”.

“We are improving the quality of our store experience, as our product lines are

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.