Titan expands to GCC with majority stake in Damas Jewellery
Published on 21/07/2025 04:49 PM
Titan expands to GCC with majority stake in Damas JewelleryPost December 31, 2029, Mannai will have the right to sell, and Titan Holdings will have the right to acquire, the remaining 33% stake in the holding company.By CNBCTV18.com July 21, 2025, 4:49:36 PM IST (Published)2 Min ReadTitan Holdings International FZCO, a wholly owned subsidiary of the company, has signed a share sale and purchase agreement with Damas International Ltd., UAE, a wholly owned subsidiary of Mannai Corporation QPSC, Qatar, for the acquisition of a 67% stake in Damas LLC (UAE, the current holding company for the Damas jewellery business across the GCC countries.
The consideration for the proposed transaction is based on an enterprise value of AED 1,038 million.
The transaction is expected to be completed on or before January 31, 2026.
Post December 31, 2029, Mannai will have the right to sell, and Titan Holdings will have the right to acquire, the remaining 33% stake in the holding company.
The proposed acquisition is strategically significant for Titan’s jewellery business, as it facilitates expansion across the six GCC countries, UAE, Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain.
The region is experiencing robust economic growth, creating demand for differentiated, high-quality offerings rooted in Arabian aesthetics, catering to a sophisticated clientele seeking unique, culturally resonant designs, the company said.
Damas Jewellery, founded in 1907 and headquartered in Dubai, UAE, is the premier jewellery retailer in the Middle East. With a presence of 146 stores across the six GCC countries, Damas offers a rich and curated portfolio of in-house collections alongside prestigious international labels.Continue ReadingCheck out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!TagsTitanTitan CompanyTitan share price