UAE-based retail conglomerate Pure Gold Group has announced plans to invest $400 Million (AED 1.2bn) to expand its regional operations by the year 2030.
The company said that $270 million (AED1bn) of the investment will be in the jewellery sector, with plans to double the number of Pure Gold Jewellers outlets and the staff numbers in GCC.
The company said the remainder is to be invested in other sectors of Pure Gold Group. The expansion plan will also grow the group’s luxury sunglasses retail chain, La Moda Sunglasses, with 150 stores to open by 2030.
The expansion is driven by confidence in the GCC market, according to Firoz Merchant, philanthropist and chairman of Pure Gold Group.
“Despite the decline in oil prices, governments across GCC are confident of future growth and have revealed plans to further diversify from an oil based economy,” Merchant said.
“We are truly inspired by the system of governance and the solution-oriented approach of the rulers of the GCC. With GCC's strategic plan to reduce its economic dependence on oil, and the recent ‘Saudi Vision 2030’ plan unveiled by the Deputy Crown Prince Mohammed bin Salman, investors and businesses in the region are strongly assured of growth and stability. As part of our expansion plan, we aim to double the current number of Pure Gold Jewellers outlets and the staff numbers in GCC, to meet anticipated future demand."
Merchant said the investment climate in the region is more favourable now with continued government support for development and infrastructure, the expected doubling of population, greater expected growth in tourism and introduction of new technologies to weather harsh climate in the region.
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