A show of confidence in government plans to diversify from an oil based economy

Dubai, UAE; 28 April 2016: UAE based award winning retail conglomerate, Pure Gold Group has announced plans to invest AED 1.2 billion (approx. 400 Million USD) to expand its regional operations by the year 2030.

While the primary investment of AED 1 Billion will be in the jewelry sector, the company will also invest AED 200 Million in other sectors and in its luxury sunglasses retail chain La Moda Sunglasses to open 150 stores by 2030.

The expansion is driven by confidence in the GCC market as stated by Firoz Merchant, Philanthropist & Founder and Chairman of Pure Gold Group, "Despite the decline in oil prices, governments across GCC are confident of future growth and have revealed plans to further diversify from an oil based economy. We are truly inspired by the system of governance and the solution-oriented approach of the Rulers of the GCC. With GCC's strategic plan to reduce its economic dependence on oil, and the recent "Saudi Vision 2030" plan unveiled by the Deputy Crown Prince Mohammed bin Salman, investors and businesses in the region are strongly assured of growth and stability. As part of our expansion plan, we aim to double the current number of Pure Gold Jewellers outlets and the staff numbers in GCC, to meet anticipated future demand."

Merchant also said the investment climate in the region is more favourable now with continued government support for development and infrastructure, expected population growth to double, greater expected growth in tourism and introduction of new technologies to weather harsh climate in the region.

For media queries, please contact: Lisa George/Merina Fathima, Iris Public Relations Iris PR, Dubai, UAE. Tel: +97144341207, Fax: +97144341163. E-mail: Lisa@irispr.net/ merina@irispr.net Website: www.irispr.net

About Pure Gold Jewellers:
Pure Gold Jewellers is an award winning jewellery retailer recognized for excellent customer service. It is now one of the fastest growing jewellery brands with 125 stores in the UAE, GCC, Asia and Asia Pacific. It is the only 'D' certified World Diamond Mark authorized diamond retailer in the GCC region.

Pure Gold Jewellers is a recipient of the "Best Service Performance Brand" award in the large business category for six years - 2007-2008, 2008-2009, 2009-2010, 2011-2012, 2012-2013 and 2014-2015 - under the Dubai Service Excellence Scheme (DSES) of the Dubai Department of Economic Development.

The company also topped in the 'Best Customer Service' category in the UAE jewellery sector in an annual study by international consultancy Ethos Consultancy for the year 2009 and 2010.Pure Gold Jewellers has been consistently ranked as a Superbrand by UAE Superbrand Council for six consecutive years since 2009.

For further information please visit www.pugold.com

© Press Release 2016