"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 added.
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.
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© Press Release 2011
