Mannai Corporation has announced it is buying a 66 percent stake in Dubai’s Damas Jewellery in a deal that also sees Egypt investment bank EFG Hermes taking 19 percent of the company.
Reuters reports that Damas has some $872 million in debt. Once approved by the jeweler’s shareholders, the deal would further sideline the three brothers – Tawfique Abdullah, Tawhid Abdullah and Tamjid Abdullah – who founded Damas, although they would retain the remaining 15 percent of the company.
Mannai Corp currently oversees a diverse set of businesses, ranging from automotive and manpower, to travel, engineer, and oil and gas.
What do you think – another win for Doha? A loss for Dubai? Or just business as usual?