By Andy Sambidge
Mouawad set for major Gulf stores expansion after deal with RAK Pearls Holding
Lebanon-based jeweller Mouawad, which is embarking on expansion across the Gulf region this year, said on Monday it has signed a deal with a UAE pearl producer.
Mouawad, which is opening retail stores in Abu Dhabi, Doha, Kuwait City, Jeddah and Riyadh in 2012, said it has inked an agreement with RAK Pearls Holding.
"We are delighted to be partnering with RAK Pearls Holding - the first and only producer of cultured pearls in the UAE and in the entire Arabian Gulf region" said Fred Mouawad, the company's co-guardian.
"At Mouawad we believe in only using the finest quality gems and metals; for this reason we always search for the best suppliers around the world. We are delighted to have found a partner in RAK Pearls."
RAK Pearls Holding is a pearl cultivation and trading company established jointly by the Investment and Development Office (IDO), Government of Ras Al Khaimah, and Emirates and Japan Holding in 2009.
With expertise and technology brought from Japan, the first global producer of cultivated pearls, the company now produces over 40,000 pearls per year.
Abdulla Rashed Al Suwaidi, vice chairman and managing director of RAK Pearls Holding, said: "RAK Pearls Holding is delighted to partner with Mouawad... and we look forward to having a long relationship over many years to come.
"We believe that Mouawad's expertise and mastery in jewellery design and craft will only serve to enhance the beauty of our finest pearls."
Mouawad was founded in Lebanon in 1890 and now operates 15 retail outlets in Europe, America, Asia and the Middle East.
The company, which is currently expanding its presence in the Gulf region, is renowned for its one-of-a-kind creations, such as the Snow White Princess Diamond Watch, a women's timepiece valued at $6.8m which was unveiled at the Doha Jewellery & Watch Exhibition last week.
Mouawad said it is the jeweller of choice for royalty and Hollywood celebrities worldwide.