Jewellery retailer Malabar Gold & Diamonds will invest $91 million (AED335 million) in 24 new retail outlets in the GCC, India and Far East in the next three months.
The new stores will take the number of its total outlets to 185 and increase staff strength by 11 percent.
Of the 24 new outlets, nine will be in the UAE, seven in India, five in Saudi Arabia, two in Bahrain and one in Kuwait. Seven of these outlets will be opened on January 18.
The company will hire 1,000 professionals, taking its total manpower strength to over 10,000 by March.
MP Ahammed, Chairman of Malabar Group said that the new expansion is one of its “single largest vertical expansion drives”.
“Investment in downturn market requires courage and strong risk appetite,” he said.
Abdul Salam KP, group executive director, Malabar Group said he expects 2017 to be “brighter” as “tough” market conditions had made consumers cautious in spending on gold.
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