Titan Company to Acquire Majority Stake in Dubai’s Damas, Bolstering Middle East Presence
Titan Company, an Indian firm, is set to acquire a 67% stake in Damas, a luxury brand based in Dubai, from Qatar’s Mannai Corporation. The deal, valued at an enterprise value of 1.04 billion dirham (approximately $283.2 million), is anticipated to solidify Titan’s position as a leading Indian jeweler in the Middle East.
The acquisition is expected to conclude by January 31, 2026. Additionally, Titan will have the option to purchase the remaining 33% stake in Damas after December 31, 2029.
Titan, a part of the Tata Group, has already had a presence in the UAE with its Tanishq jewelry stores since October 2020. This acquisition will significantly expand Titan’s reach in the region. Currently, Titan operates about seven stores in the UAE. Post-deal, it will gain access to Damas’ extensive network of 146 stores spread across all six Gulf Cooperation Council (GCC) countries: the UAE, Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain.
The Middle East is a strategic market for jewelers due to its large Indian diaspora, for whom gold is a deeply rooted traditional investment. Analysts at Investec noted that Damas, with its strong brand recognition and wide store network, is an attractive asset for any major retailer looking to establish a foothold in the GCC market. Other notable Indian jewelers in the region include Kalyan Jewellers, Joyalukkas, and Malabar Gold & Diamonds.
Damas was previously listed on Nasdaq Dubai before being acquired by Mannai and Egyptian investment bank EFG Hermes in 2012 for $445 million. EFG Hermes later sold its 19% stake to Mannai in 2014. Mannai Corporation intends to utilize the proceeds from this sale to support the expansion of its core trade and IT services businesses, as well as to reduce group debt.
Standard Chartered served as Titan’s advisor for this transaction.
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