Titan Company will buy a 67% stake in Dubai-based luxury jeweller Damas at an enterprise value of 1.04 billion dirham ($283.2 million), making it one of the largest Indian jewellers in the Middle East.
The Tata Group company expects to complete the deal by January 31, 2026 and will have the right to acquire the remaining 33% stake in Damas after December 31, 2029, it said in an exchange filing on Monday.
Titan has had a presence in the UAE since October 2020 through its Tanishq jewellery stores.
After the deal, Titan, which has about seven stores in the United Arab Emirates, will gain access to Damas’ 146 stores across the six GCC countries—UAE, Saudi Arabia, Qatar, Oman, Kuwait and Bahrain.
The Middle East is home to a large Indian diaspora, for whom gold is a traditional investment choice.
Other Indian jewellers in the region include the likes of Kalyan Jewellers, Joy Alukkas and Malabar Gold & Diamonds.
Damas, which was previously listed on Nasdaq Dubai, was taken over by Qatar’s Mannai Corporation and Egyptian investment bank EFG Hermes in 2012 for $445 million. EFG Hermes sold its entire 19% stake in the jeweller in 2014 to Mannai.
Standard Chartered was Titan‘s advisor for the deal.
Reuters
