logo
India's Titan to buy majority stake in Dubai's Damas at $283 million enterprise value

India's Titan to buy majority stake in Dubai's Damas at $283 million enterprise value

Reuters21-07-2025
July 21 (Reuters) - Indian jeweller Titan Company (TITN.NS), opens new tab said on Monday it would acquire a 67% stake in Dubai-based luxury jewellery retailer Damas at an enterprise value of 1.04 billion UAE dirham ($283.2 million), as it expands its presence in the Middle East.
(This story has been corrected to say Titan is buying Damas stake at 'enterprise value of $283 million,' not 'for $283 million,' in the headline and paragraph 1)
($1 = 3.6727 UAE dirham)
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Watch shares plummet as tariffs hurt Switzerland
Watch shares plummet as tariffs hurt Switzerland

Daily Mail​

time9 hours ago

  • Daily Mail​

Watch shares plummet as tariffs hurt Switzerland

Shares in Watches of Switzerland plunged after Donald Trump whacked a 39 per cent tariff on Swiss imports – hitting it with the toughest tariffs in Europe from August 7. The stock fell 6.8 per cent, or 23.8p, to 326.8p, deepening the gloom around the luxury industry. Shares in the group, which sells brands Rolex, Cartier and Audemars Piguet, and is advertised by actress Dakota Johnson (pictured), have plunged 23 per cent since Trump first announced tariffs on April 2. Analysts at Barclays said this could be a 'significant headwind' for the London-listed company as brands will be likely to raise prices. It had been opening US showrooms after being bitten by waning demand for watches and jewels, especially in the UK and Europe. Swiss luxury group Richemont also fell by 2.6 per cent.

Exclusive: Prosus set to win EU nod for $4.74 billion Just Eat deal, sources say
Exclusive: Prosus set to win EU nod for $4.74 billion Just Eat deal, sources say

Reuters

time12 hours ago

  • Reuters

Exclusive: Prosus set to win EU nod for $4.74 billion Just Eat deal, sources say

BRUSSELS, Aug 1 (Reuters) - Dutch technology investor Prosus is set to win EU antitrust approval for its 4.1 billion euro ($4.7 billion) bid for Just Eat Takeaway ( opens new tab, after agreeing to sell down its stake in Delivery Hero ( opens new tab, people with direct knowledge of the matter said. Amsterdam-headquartered Prosus, which is majority owned by South Africa's Naspers (NPNJn.J), opens new tab, announced the deal in February, banking on its artificial intelligence capability to boost Just Eat Takeaway, Europe's biggest meal delivery company. Prosus last month offered to incrementally sell down its 27.4% stake in Delivery Hero and to give up its board seat to address EU competition concerns, other people familiar with the matter had told Reuters. Delivery Hero and Just Eat Takeaway compete with each other in Austria, Bulgaria, Italy, Poland and Spain. The European Commission, which is now seeking market feedback to Prosus' offer and will decide on the deal by August 11, declined to comment. Prosus also declined to comment. The deal would make Prosus the world's fourth-largest food delivery company after Meituan ( opens new tab, DoorDash (DASH.O), opens new tab and Uber (UBER.N), opens new tab, according to ING analysts. Delivery Hero and its Spanish unit Glovo were fined 329 million euros by the EU antitrust watchdog in June for taking part in a cartel which included an agreement to divide up markets among themselves and not to poach each other's employees. ($1 = 0.8658 euros)

Pay10 processes UAE's first open finance transaction under new framework
Pay10 processes UAE's first open finance transaction under new framework

Finextra

time13 hours ago

  • Finextra

Pay10 processes UAE's first open finance transaction under new framework

Pay10 the UAE's first licensed third-party provider (TPP) under the Central Bank of the UAE's (CBUAE) Open Finance framework, announces it has successfully processed the country's first live Open Finance transaction in partnership with Abu Dhabi Commercial Bank (ADCB), the first certified bank on the Al Tareq platform. 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. This milestone marks the official production launch of the UAE's regulated Open Finance infrastructure and sets a new benchmark for innovation, interoperability, and regulatory-first digital finance. This is the first of Pay10's partnerships with banks to operationalize services on the framework. The transaction was executed on Al Tareq, the CBUAE's Open Finance platform established under the Financial Infrastructure Transformation (FIT) Programme to enable secure, consent-driven access to financial data and services. With this milestone, Pay10 and ADCB together activate the core promise of Open Finance: seamless, real-time value exchange backed by technical standards and central bank governance. Harry Gill, Pay10 Chairman stated:'This is a landmark achievement for financial services in the UAE. As the first licensed TPP to go live in production, Pay10 is proud to pioneer the implementation of Open Finance. Together with our partner ADCB, we're operationalizing the UAE's regulatory vision through secure, scalable infrastructure built for a digital-first economy.' This announcement follows Pay10's receipt of all three core regulatory authorizations in the UAE: Open Finance License (Payment Initiation Services) Retail Payment Services & Card Schemes (RPSCS) Stored Value Facilities (SVF) By establishing CBUAE-compliant, real-time financial transactions, Pay10 Open Finance UAE further solidifies its position as a leader in digital-first banking.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store