Indian jeweller Titan will acquire a 67 per cent stake in Dubai-based luxury jewellery retailer Damas for an enterprise value of Dh1.04 billion ($283.2 million) as it seeks to expand its presence in the Gulf.
It has signed a share sale and purchase agreement with Damas International, UAE, a wholly owned subsidiary of Qatari conglomerate Mannai Corporation, for the stake, Titan said in a statement to the National Stock Exchange of India, where its shares are listed, on Monday.
On completion of the acquisition, Titan Holdings will hold 67 per cent of the equity share capital and voting rights in Damas and will have a path to acquire the remaining 33 per cent stake from Mannai after December 31, 2029, subject to conditions, the statement said.
The completion of the proposed transaction is subject to certain precedent conditions and approvals from antitrust and other regulatory authorities.
The transaction is expected to be financed through a combination of debt, cash balances and internal accruals, Titan said.
“After successfully establishing Tanishq in the GCC countries and the US, our ambition for a global jewellery play is moving to the next stage,” CK Venkataraman, managing director of Titan, said.
“The acquisition not only creates a significant new global opportunity for Titan but also enhances our overall position in the jewellery market in the GCC countries and brings in multiple synergy benefits in talent, retail networks and supply chain.”
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Titan, a joint venture between the Tata Group and the Tamil Nadu Industrial Development Corporation, commenced its operations in 1987 under the name Titan Watches. In 1994, Titan diversified into jewellery with the Tanishq brand and subsequently into eye care.
Damas Jewellery, a premier jewellery retailer, was founded in 1907 and is headquartered in Dubai. It has a network of 146 stores across the Gulf countries. The jeweller houses both in-house collections and international labels and posted revenue of Dh1.46 billion for the financial year 2024.
The transaction is “strategically significant” for Titan's jewellery business as it will enable expansion across six Gulf countries, the statement said.
The current Graff Monobrand franchise business of Damas will be discontinued before completion of the proposed transaction, it added.
Mannai is a publicly listed company headquartered in Qatar, whose activities are mainly focused on trade and IT services. Damas, which completed a Dh3 billion debt restructuring in 2011, became a subsidiary of Mannai in 2012.
The Qatari company will use the sales proceeds to strengthen resources for further expansion of its core trade and IT services businesses and reduce group debt, the statement said.
Alekh Grewal, group chief executive of Mannai, said the company would continue to own a minority stake in Damas for the next four years as “growth plans are taken forward”.
As per the proposed transaction, Damas (UAE) will be restructured to Signature Jewellery Holding, a DIFC entity, which will become a holding company after acquiring the fully-paid shares of Damas and its subsidiaries, Titan said in the statement.
“Currently, Damas is the holding company for the entire jewellery business of Mannai Corporation. Post restructuring, Signature Jewellery Holding will become the holding company for Damas, and all the entities under Damas (UAE) will become step-down subsidiaries of Signature Jewellery Holding,” the company added.
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- Premier League-standard football pitch
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- An elevated football field that doubles as a helipad
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The Bio
Favourite holiday destination: Either Kazakhstan or Montenegro. I’ve been involved in events in both countries and they are just stunning.
Favourite book: I am a huge of Robin Cook’s medical thrillers, which I suppose is quite apt right now. My mother introduced me to them back home in New Zealand.
Favourite film or television programme: Forrest Gump is my favourite film, that’s never been up for debate. I love watching repeats of Mash as well.
Inspiration: My late father moulded me into the man I am today. I would also say disappointment and sadness are great motivators. There are times when events have brought me to my knees but it has also made me determined not to let them get the better of me.
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“Join in with a group like Cycle Safe Dubai or TrainYAS, where you’ll meet like-minded people and always have support on hand.”
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Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
COMPANY PROFILE
Company name: Blah
Started: 2018
Founder: Aliyah Al Abbar and Hend Al Marri
Based: Dubai
Industry: Technology and talent management
Initial investment: Dh20,000
Investors: Self-funded
Total customers: 40
Brief scores:
Southampton 2
Armstrong 13', Soares 20'
Manchester United 2
Lukaku 33', Herrera 39'
Frankenstein in Baghdad
Ahmed Saadawi
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UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
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Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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Torque: 405Nm at 1,750-3,500rpm
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On sale: Now
Price: From Dh117,059
MATCH INFO
What: 2006 World Cup quarter-final
When: July 1
Where: Gelsenkirchen Stadium, Gelsenkirchen, Germany
Result:
England 0 Portugal 0
(Portugal win 3-1 on penalties)
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1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
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There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
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