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July 22, 2025Indian jeweller Titan to buy large stake in Dubai’s Damas
Jewellery with a visible price tag is displayed in a Damas store in Dubai's Gold Souq, Dubai
Titan Company will buy a 67% stake in Dubai-based luxury brand Damas from Qatar’s Mannai Corporation at an enterprise value of 1.04 billion dirham ($283.2 million), potentially making it one of the largest Indian jewellers in the Middle East.
The Tata Group company expects to complete the deal by January 31, 2026 and will have the right to acquire the remaining 33% stake in Damas after December 31, 2029, it said in an exchange filing on Monday.
Titan has had a presence in the UAE since October 2020 through its Tanishq jewellery stores.
After the deal, Titan, which has about seven stores in the United Arab Emirates, will gain access to Damas’ 146 stores across the six Gulf Cooperation Council (GCC) countries โ UAE, Saudi Arabia, Qatar, Oman, Kuwait and Bahrain.
