By: Amr Adel

Dubai - Mubasher: Damas assigned a number of investment banks to examine possible acquisition opportunities in Europe and the US.

This action comes as part of the company’s plan to expand outside its main markets in the Gulf region, Damas CEO Anan Fakhreddin said, adding that such acquisitions will be financed through the company’s available resources.

For now, the company is considering entering the Egyptian and Turkish markets, yet this is subject to several considerations, mainly the right timing, Fakhreddin told reporters on Wednesday.

Damas is currently working on expanding its branches in Gulf markets especially Saudi Arabia, the CEO said, noting that the UAE-based jeweller seeks to add 12 branches in the Kingdom within 6 to 12 months to bring its total branches to 52.

The company recently signed an agreement to open a new branch in Fujairah, he noted.

The jeweller is adopting a hedging strategy as it always keeps 4.5 t 5 tonnes of gold reserves worth around AED 500-600 million ($136.1 million to $163.5 million).

Damas opened its own factory in Dubai on Wednesday to produce 45% of its jewellery, and aims to increase its production capacity to 80% by the end of 2017, according to a statement.

Construction of the jewellery plant amounted to AED 15 million ($4.1 million), the CEO revealed, adding that the facility could produce up to AED 500 million ($136.1 million) worth of finished jewellery each year.

Translated by: Julian Nabil