By Andy Sambidge www.arabianbusiness.com
Dubai-based Damas has signed a memorandum of understanding to establish a joint venture with Tiffany & Co, one of the world’s premier jewellers.
The deal will see Damas operating Tiffany & Co retail stores in the UAE and is the first partnership venture signed by the US-based luxury retailer anywhere in the world.
The proposed joint venture will be governed by a board of directors representing both Damas and Tiffany & Co and will be initially headed by the Ibrahim Belselah, chairman of Damas International, a statement said.
Belselah said: “The joint venture between Damas and Tiffany & Co will demonstrate the confidence that Tiffany & Co has placed in Damas; this being the first partnership venture of Tiffany & Co in the world.”
Tiffany & Co currently operates five stores in the UAE which are located in Dubai Mall, Mall of the Emirates, and Atlantis The Palm resort, in addition to the Marina Mall and Abu Dhabi Mall stores in Abu Dhabi. More info
