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Wednesday, 24th January 2007 (8367 views)

A jewellery factory worth 1 billion dirham (£138 million) is to be built by Emaar Industries and Investments and Damas Jewellery in Dubai and construction is scheduled to begin next month.

The collaboration of the two companies will create the largest factory in the UAE and Tawhid Abdullah, managing director of Damas has spoken of how production at the new site will work.

He explained that about a half of all production will be utilised by the company's retail network while the remaining output will be exported.

Mr Abdullah spoke of the reason behind the decision to embark upon the building of the new facility: "Manufacturing became a necessity for our company given the increasing demand for jewellery in the region."

The new venture will trade under the name Emirates Jewellery Manufacturing Company and chief executive of Emaar Industries and Investments Ahmed Khayyat has said that he expects a profit to be made "by the middle of next year".

Damas was established in 1907 and currently has a trade network that stretches across the globe.

 

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