TITAN

Expands Footprint in the Middle East region through acquisition

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has agreed to acquire a 67% stake in Dubai-based luxury jewelry retailer Damas LLC for an enterprise value of AED 1,038 million ($283 million), marking a major step in its global expansion strategy. → The acquisition will be executed through Titan’s wholly owned subsidiary, Titan Holdings International, and will give Titan a leading presence across all six Gulf Cooperation Council (GCC) countries—UAE, Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain. → Titan will initially take 67% equity and voting rights in Damas, with an option to acquire the remaining 33% from Mannai Corporation after December 2029, subject to certain conditions. → The deal is expected to be funded using a mix of debt, internal accruals, and existing cash reserves, and brings strategic synergies in retail networks, talent, and supply chains, enhancing Titan’s footprint in one of the world’s largest jewellery markets. → Damas, founded in 1907, is a renowned Middle Eastern jewellery brand with 146 stores across the GCC, known for combining Arabic aesthetics with modern design to appeal to both local and expatriate clientele