The UAE’s Emaar Industries and Investments and Damas Jewellery plan to set up a jewellery manufacturing centre in Dubai this year, they said in a joint statement on Wednesday.
The factory, which will become the biggest jewellery factory in the United Arab Emirates, will begin operations in February under the name Emirates Jewellery Manufacturing Company.
Turnover was expected to amount to AED1bn ($272.3 million) within its first 5-6 years of operations, the statement said.
“We expect that initially 50 percent of output from the new facility will remain within the UAE part of our retail network while the remaining 50 percent will go to our international outlets,” said Tawhid Abdullah, managing director of Damas, an international retail jeweller.
The statement did not say how much Emaar Industries and Investments, a subsidiary of Emaar Properties was investing in the new company. (Reuters)
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