A Dh1.8 billion (US$490 million) deal involving Damas International, its previous owners and more than 20 banks has been signed after months of delay.
The agreement will result in the three Abdullah brothers - Tawhid, Tawfiq and Tamjid - who previously ran the company, repaying Dh614m to Damas, the Middle East's largest jeweller. In addition, they will pay Dh1.2bn to a group of lenders.
The deal comes only a day after Damas announced a delay, as one bank had yet to agree to the terms.
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