Network of international brands with GCC stakeholders
Twists and turns of the global economic landscape has seen Middle Eastern companies gaining more stake in international brands. And we’ve got a feeling it’s the tip of the iceberg.
January 11, 2012 4:44 by p.deleon
Perhaps most localised of our entries in this network, the potential Damas acquisition could be a good ending to the dramatic saga that has been surrounding the management of the jewellery brand. In 2010, the brothers were embroiled in scandal for withdrawing more than AED600 million of gold and cash from the company without approval from shareholders. The announcement of the possible majority stake acquisition follows a move last week by Damas’ founding Abdullah borthers who hired a financial adviser to sell some of their stake in the company, according to a report in The National.