Damas, the Middle East’s leading international jewellery and watch retailer, has announced that it has recently signed a memorandum of understanding (MoU) to establish a joint venture with Tiffany & Co., the world’s premier jeweler, to operate Tiffany & Co. retail stores in the UAE.
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 Chairman of Damas International Limited, Ibrahim Belselah. Under the terms of the MoU, which covers all Tiffany & Co. stores in the UAE, Tiffany & Co. will manage the business operations in the UAE.
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”.
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 Chairman of Damas International Limited, Ibrahim Belselah. Under the terms of the MoU, which covers all Tiffany & Co. stores in the UAE, Tiffany & Co. will manage the business operations in the UAE.
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”.
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