Damas, the company in the field of gold jewelry, has opened its first venture in Dubai. It plans to increase the number of retail stores in the United Arab Emirates and Saudi Arabia.
The company in Nadd Al Hamar covers an area of 20,000 square feet and employs 200 people in it. The cost of equipment is not at about $ 4 million. The new facility, expected to meet about 40% of the company's needs in jewelry, but the figure for 2020 will be increased to 80%. The factory can process up to 3 tons of gold per year and create up to 180,000 of jewelery made of other metals.
"We have decided to focus all our attention in terms of supply chain and create jewelry with this company in the UAE," - said Annan Fakhraddin (Anan Fakhreddin), CEO of Damas.
"This was done in order to ensure quality control when you have full control over the operations, full access to the creation of products, we can ensure full compliance with the standards.", - he added.
Damas, founded in 1907, it was only a small factory in Syria, and opened its first retail store in 1959. Now the company has 144 sales points in the UAE, excluding stores opened under franchise. Another 100 stores of the company are located in other countries of the Persian Gulf. By the end of this year, Damas plans to open 5 more stores in the UAE and 12 in Saudi Arabia.
At present, the company has organized the production of its jewelry to 200 factories around the world, including Hong Kong, India and China.
"In Dubai, presented all of Asia, India and the West brands We believe that it is -. Sign of a mature market, - adds Fakhraddin -. The tastes of consumers has also improved thanks to access to global brands."
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Royal Bank of Scotland (Royal Bank of Scotland, RBS) intends to complete its banking operations in India, reports the Financial Times.
For a number of years, RBS sold its non-core divisions of the business in India. The Bank had to take these steps after the excessive expansion during the 2008 financial crisis, which in the meantime had to put back.
RBS initially began business in India through the acquisition of ABN Amro, which at this stage was one of the largest foreign banks operating in India.
In 2015, RBS started looking for a buyer of its assets. Interest shown local lending institution IDFC is headquartered in Mumbai, and Singapore bank DBS. However, since this process takes too long, and because of complications due to the strict rules on the acquisition of the banking business, the RBS has decided to close its operations.
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