Titan Expands Middle East Reach with Damas Deal
Titan Company has struck a deal to acquire a 67% stake in Dubai-headquartered luxury jeweller Damas from Qatar-based Mannai Corporation in a transaction valued at 1.04 billion dirhams, or approximately $283.2 million. The move is poised to significantly strengthen Titan's footprint in the Gulf region, positioning the Tata Group company among the largest subcontinent-origin jewellery players operating in the Middle East.
The acquisition agreement, announced on Monday, marks a pivotal expansion for Titan beyond its current presence in the UAE, where it has operated under the Tanishq brand since October 2020. The transaction is expected to close by 31 January 2026, subject to regulatory approvals and customary closing conditions. Titan will also retain an option to purchase the remaining 33% equity in Damas after 31 December 2029, effectively laying the groundwork for full ownership over time.
ADVERTISEMENT
The deal will give Titan direct access to Damas' well-established network of 146 outlets across the six Gulf Cooperation Council nations — United Arab Emirates, Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain. With only seven Titan-operated Tanishq stores currently open in the region, the acquisition presents a strategic leap in scale, market share, and regional brand visibility for the Bengaluru-based jeweller.
Damas, founded in 1907, is one of the most recognisable names in the Middle East's luxury jewellery market. It has developed a reputation for catering to the region's taste for high-end gold and diamond jewellery, and is known for its broad in-house product range and partnerships with international luxury brands. Mannai Corporation, which has owned Damas since 2012, has been looking to streamline its portfolio, prompting the divestment.
For Titan, the acquisition offers both a fast-track into the premium Gulf retail market and an opportunity to accelerate synergies across procurement, branding, and customer experience. The company is expected to retain Damas' brand identity and existing management structure, allowing the Dubai-based business to continue leveraging its established reputation while benefitting from Titan's supply chain and operational expertise.
The Middle East has been a target market for Titan's international ambitions, driven by the strong presence of the South Asian diaspora and a deep-rooted cultural affinity for gold. The GCC region's jewellery market is estimated to be worth over $10 billion, with gold accounting for a large share of consumer demand. Analysts view Titan's acquisition of Damas as a strategically sound move in an environment where cross-border consolidation is becoming increasingly common in luxury retail.
Titan has grown to become one of the most dominant jewellery retailers in South Asia through its flagship brand Tanishq, which is positioned as an accessible luxury label offering a blend of traditional and contemporary designs. The company also operates sub-brands such as Mia and Zoya, each catering to specific consumer segments. Over the past decade, Titan has expanded into new domestic categories and entered select global markets, but the Damas deal marks its most ambitious international push yet.
ADVERTISEMENT
The acquisition is being viewed by market observers as a significant play within the broader Tata Group strategy of boosting global brand equity across consumer-facing businesses. Following the group's international expansions in hospitality, automotive, and technology, Titan's move consolidates Tata's multi-sectoral presence in the Gulf and taps into a region with rising demand for premium lifestyle offerings.
Financial analysts have underscored the deal's strategic value, citing Damas' established customer base and premium positioning, which could drive faster break-even timelines than greenfield expansion. Furthermore, the GCC's favourable demographic trends and consistent gold demand have added to investor optimism around the deal's long-term prospects.
Despite geopolitical uncertainty and fluctuations in gold prices, jewellery retail in the Gulf continues to enjoy high volumes due to cultural norms and steady tourist inflows, especially in the UAE. Titan's increased footprint through Damas will place it in a better position to cater not just to residents but also international shoppers across the region's major commercial and tourist hubs.
Titan has confirmed that the acquisition will be funded through internal accruals and debt, with no equity dilution expected in the near term. The company's board has approved the investment, and the transaction is aligned with its long-term capital allocation strategy.
Executives at Titan have expressed confidence in Damas' future growth trajectory and have indicated that the company will invest further in marketing, store refurbishment, and digital initiatives to modernise the customer journey. Damas' product portfolio, which includes bridal sets, heritage pieces, and limited-edition designs, will remain intact as Titan aims to preserve the local flavour while infusing global best practices.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
a minute ago
- Zawya
Qatar strengthens water security through strategic planning, global partnerships
Doha: Qatar is well-positioned in terms of water security, thanks to the proactive vision of the nation's leadership, which began planning for water resilience more than two decades ago, said an official. Qatar operates from a position of strength, with comprehensive risk management frameworks and business continuity systems firmly in place,' said Head of the Water Control Section at Qatar General Electricity and Water Corporation (Kahramaa) Eng Abdulhadi Masoud Al-Marri. Speaking to Qatar TV recently, he said that the key focus areas include ensuring sufficient water availability to meet national needs and maintaining high water quality standards. Al-Marri also discussed current and future projects, water sources, the impact of climate change, technological innovations, and Qatar's role in global cooperation on water sustainability. As a country with no significant groundwater resources, he said Qatar relies almost entirely on seawater desalination for its freshwater supply. 'Currently, over 99.9% of Qatar's water comes from desalinated seawater, with less than 0.01% sourced from underground aquifers. The abundance of marine resources not only supports water production but also fuels other sectors such as energy and fisheries,' said Al-Marri. He noted that climate change poses new challenges. Rising global temperatures and changing weather patterns have led to higher seawater salinity, which in turn increases the energy required for desalination. Nevertheless, Qatar has anticipated these challenges and is actively implementing sustainability measures and environmental protection initiatives to adapt effectively. 'Qatar uses two primary desalination technologies: The thermal desalination method, where seawater is heated, condensed, and re-mineralised to produce potable water. The reverse osmosis (RO) method, which uses high-pressure filtration to separate salt and impurities from seawater,' said Al-Marri. He said that both methods are environmentally sound and safe, with RO being particularly favoured for its energy efficiency and future potential across the Gulf region. 'One of Qatar's most notable achievements in water management is the development of the largest strategic water reservoirs in the world, which have earned recognition from the Guinness World Records,' said Al-Marri. He said that these mega-reservoirs significantly enhance the country's ability to store and distribute water efficiently, allowing for seamless supply across all regions of Qatar. The water supply process is organised in three stages: strategic reservoirs store desalinated water long-term, operational reservoirs manage short-term supply and daily distribution, and water is then delivered to end users, including homes and businesses. This multi-tiered system ensures flexibility, reliability, and resilience in Qatar's water distribution network. Recognising that water security is a global issue, Qatar actively collaborates with international organizations such as the International Water Association (IWA) and the American Water Works Association (AWWA). Through these partnerships, Qatar gains access to the latest technologies, data, and policy insights. The country also participates in global conferences and exchanges scientific papers, which contribute to the development of advanced solutions in areas like pumping systems, water storage, valves, control technologies, and cybersecurity. Looking ahead, Qatar aims to expand national water storage capacity by constructing additional reservoirs, enhance remote-control systems and digital monitoring of water infrastructure and integrate artificial intelligence (AI) across desalination and distribution facilities — a move already underway within Kahramaa. Qatar's water security strategy reflects a forward-thinking, sustainable approach that prioritises innovation, resilience, and global cooperation. Through long-term planning, strategic infrastructure, and public engagement, Qatar is not only meeting current demands but also preparing to face future environmental challenges with confidence. Qatar places strong emphasis on water conservation and public awareness. A dedicated department within Kahramaa has launched multiple projects focusing on behavioural change and sustainability education. © Dar Al Sharq Press, Printing and Distribution. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
a minute ago
- Zawya
Commercial Bank of Dubai registers $435mln profits in H1-25
Dubai – The Commercial Bank of Dubai (CBD) logged net profits after tax worth AED 1.69 billion in the first half (H1) of 2025, up 16.70% from AED 1.45 billion. Total net interest income jumped by 5.70% year-on-year (YoY) to AED 2.01 billion as of 30 June 2025 from AED 1.90 billion, according to the financial results. Basic and diluted earnings per share (EPS) hit AED 0.55 in H1-25, versus AED 0.46 in H1-24. Financials for Q2-25 During the second quarter (Q2) of 2025, the net profits hiked to AED 867.24 million from AED 751.46 million in April-June 2024, while the EPS rose to AED 0.27 from AED 0.23. The lender reported total net interest income valued at AED 1.02 billion in Q2-25, higher than AED 946.54 million in Q2-24. Quarterly, the Q2-25 net profits climbed by 4.70% from AED 828.11 million in January-March 2025. Bernd van Linder, CEO of CBD, said: "Delivering 20 consecutive quarters of net profit growth whilst growing the balance sheet to exceed 150 billion is are significant milestone for CBD.' "Our consistent performance over the past five years despite global headwinds such as the pandemic, volatile interest rates and supply chain disruptions demonstrates the strength of our strategy and our continued commitment to customers,' he added.
Campaign ME
20 minutes ago
- Campaign ME
How AI is rewriting the rules of visibility
A few weeks ago, I received an email from a senior director at a UK-based PR agency. They were reaching out on behalf of a major client looking for regional support across the UAE and Saudi Arabia. Naturally, I was curious: how did they come across us? I assumed it might be through recommendations from our clients in the region or perhaps one of the articles we'd published in the local media. The answer was quite unexpected: apparently, the agency had asked ChatGPT to recommend a reliable, well-connected PR agency in the Middle East, and our name came up. It was a surprising but welcome reminder of how visibility is shifting in the age of AI. I was also pleased because this case validated the scenario we've been preparing our clients for since the artificial intelligence (AI) boom began in 2022. The way people discover information, brands, and partners is rapidly changing. Not long ago, if someone wanted to find a cybersecurity firm in Dubai or robotics developer in Riyadh, they would Google it. They'd scroll through links, check websites, and maybe scan testimonials. Today, more and more people ask ChatGPT or other AI tools such as Claude, Perplexity, because instead of a list of blue links, they receive a single, concise answer. This shift isn't anecdotal; it's supported by data. According to Statista, around 15 million adults in the U.S. used generative AI as their primary tool for online search in 2024. By 2028, this number is projected to exceed 36 million. Given this data, PR as a discipline must evolve to make sure brands are visible not only on Google, but on AI platforms. But how? The AI era has just begun, so we're still learning and experimenting to find the right answer. One step we've added to our process helps guide us: when developing a strategy for a new client, we now ask ChatGPT what it knows about the company. What tone or narrative does it reflect? After months of PR efforts, we check again to see how the perception shifted. Are our key messages now part of the AI's response? In other words, has our work been recognised and absorbed by AI? This helps us to learn what efforts led to results and what left invisible for the machines. What we've learned so far, is that thought leadership matters more than ever. Meaningful commentary, participation in industry panels, and sharing expert insights in reputable media elevate a brand in the eyes of AI. They help to recognise a company as an authority in its field. In addition, our experiments confirm that Tier-1 media have become even more important because AI is trained on trusted publications, reviewed by respected voices, and cited in reputable reports. In this context, the credibility of the media source now outweighs the amount of traffic it generates. Finally, consistency across your entire digital footprint is crucial. This has always been important: brands shouldn't change their narrative every other month or convey conflicting messages across different platforms (although many try to). Now, however, it's even more critical to align what you say on LinkedIn, what's on your website, and how others talk about you. AI tools are incredibly sensitive to inconsistencies; they analyse tone, structure, and messaging often more accurately than humans. That said, this shift doesn't mean we should abandon traditional search engines altogether. Recent surveys show that people still often combine AI tools with Google, and preferences vary greatly by age group. For example, Gen Z is highly comfortable with AI tools and frequently uses social media for product discovery. Millennials blend both approaches, especially for professional and educational queries. Gen X tends to favor traditional search but uses AI occasionally, while Baby Boomers, though beginning to explore AI tools, stay loyal to Google and other search engines. So, before overhauling your entire PR approach, take an effort to understand your audience. If they are early adopters of AI, your strategy should reflect that. If not, carry on with your life and tools you know the best. By Evgenia Zaslavskaya, Founder of Zecomms Agency.
