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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.

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.

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.

Dubai’s real estate market achieved a landmark surge during the first half of 2025, with transactions climbing 26 per cent to 125,538 and total value reaching AED 431 billion—an increase of 25 per cent year‑on‑year. The performance underscores the emirate’s growing appeal to both local and international investors.

Investor activity gathered notable momentum, with approximately 94,700 individuals completing transactions worth AED 326 billion—39 per cent more than a year earlier. Of this group, 59,075 were first‑time investors, injecting AED 157 billion and marking both a growth in investor numbers and value. UAE residents constituted 45 per cent of this cohort, signalling effective measures to convert renters into homeowners.

Women also bolstered the market’s resilience, executing nearly 35,000 transactions worth AED 73.2 billion. Meanwhile, foreign investors led contributions at AED 228 billion, with Arab and GCC nationals contributing AED 28.4 billion and AED 22.6 billion respectively.

Residential and luxury segments showed marked performance. Al Barsha South Fourth recorded the highest transaction volume, followed by Al Yalayis 1 and Wadi Al Safa 5. In terms of value, Dubai Marina topped the list with AED 25.1 billion, followed by Business Bay, Burj Khalifa zone, and Palm Jumeirah.

ValuStrat’s H1 property index reported that unbuilt villas now command values 66 per cent above their 2014 peaks and 175 per cent above post‑pandemic levels. Apartment prices rose 1.1 per cent month‑on‑month, translating to annual growth of 20 per cent, notably in The Greens, Dubai Silicon Oasis, Dubailand Residence Complex, Palm Jumeirah, and Town Square—all exhibiting capital gains of over 22 per cent.

Parallel to sales growth, rental price inflation decelerated mid‑year: by May, annual residential rent increase eased to 8.5 per cent from 14.3 per cent in January. Cavendish Maxwell attributed this moderation to the delivery of approximately 9,300 new units in Q1 and the introduction of the “New Smart Rental Index,” which is influencing both landlord expectations and market dynamics.

Mortgage activity reflected evolving buyer preferences. Data from DXB Interact indicates a 38 per cent rise in loan volume, although total mortgage value dipped by 8 per cent—signalling a shift towards cash purchases or smaller financing commitments. Off‑plan sales stood strong at 64,907 transactions, with a total value of AED 209.1 billion. Resale transactions numbered 34,150, valued at AED 119.7 billion.

Amid this buoyancy, caution flags exist. Fitch Ratings warns of potential double‑digit price corrections—up to 15 per cent—in late 2025 and 2026, due to an expected supply surge of around 210,000 units. The agency nevertheless noted that banks and developers have reduced exposure and are poised to manage potential adjustments.

Planning authorities have responded proactively. Dubai intends to add 73,000 homes in 2025, targeting a total of 300,000 new units by 2028—efforts aimed at aligning supply with investor momentum and population growth. Meanwhile, ongoing state‑led consolidation of developers, regulatory improvements under the Economic Agenda D33, and the Dubai Real Estate Strategy 2033 continue to underpin structural confidence.

As forecasted by ValuStrat, property price growth may moderate but remain positive—potentially adding another 10 per cent by the end of 2025 as market dynamics evolve. The challenge now lies in balancing supply expansion, evolving mortgage behaviour, and price stability to sustain long‑term viability for investors and residents alike.

Al‑Futtaim Retail has agreed to acquire a 49.95 per cent stake in Cenomi Retail from major shareholders for about SAR 2.52 billion, signalling a major strategic shift in Saudi Arabia’s retail sector. The agreement, unveiled through a statement on Tadawul today, July 20, 2025, also includes a conditional shareholder loan to boost Cenomi’s balance sheet.

Under the share purchase agreement signed on July 18, Al‑Futtaim would purchase approximately 57.33 million shares from the Alhokair family, Saudi FAS Holding and FAS Real Estate at SAR 44 per share. Completion hinges on regulatory clearance and execution of a parallel SAR 1.3 billion loan agreement aimed at shoring up working capital.

Al‑Futtaim, a UAE conglomerate with a broad portfolio spanning franchising, automotive, real estate and financial services, brings deep retail expertise and a strong track record with global brands. Its investment is expected to stabilise Cenomi’s liquidity, support operational continuity and bolster its capacity for expansion.

Cenomi Retail, part of Fawaz Abdulaziz Alhokair Co., has navigated a challenging turnaround. It holds the largest brand portfolio in Saudi Arabia, operating over 800 stores across eight countries and managing more than 85 international brands, including Zara under a long-term agreement with Inditex. The firm successfully launched a landmark Zara concept store in Riyadh in December 2024, integrating digital and physical retail channels.

Despite these strengths, Cenomi has suffered persistent financial strain. It reported a SAR 1.1 billion net loss in 2023 amid deteriorating margins, asset write-downs and weakening equity. Total assets collapsed by 36 per cent to SAR 4.6 billion by end‑2024, while shareholder equity turned negative – warning signs that triggered restructuring efforts in 2024.

In response, Cenomi embarked on an aggressive restructuring: disposing of non-core brands and outlets, offloading 16 franchises in early 2024, divesting five further brands with 121 stores to Abdullah Al Othaim Fashion Co. in October, and appointing Salim Fakhouri as CEO. The divestments, totalling SAR 2 billion, aimed to streamline operations around “champion” brands like Zara. By mid‑2024, losses had mounted to SAR 1.5 billion.

Earlier this month, Cenomi confirmed it was in talks to bring in a strategic investor for nearly half its capital, accompanied by a shareholder loan. Today’s announcement reveals that investor as Al‑Futtaim, although final terms on the loan are still under discussion.

The deal aligns with broader growth trends in Saudi Arabia’s retail sector, which is projected to expand at roughly 7.1 per cent CAGR through 2029. Economic diversification under Vision 2030, expanding consumer spending and rising tourism are driving omnichannel retail innovation. Cenomi’s launch of cenomi. com and its O2O model position it to capitalise on these trends, though profitability remains a concern.

Analysts have flagged Cenomi as a high-risk, high-reward prospect. With a forward P/E of around 14.3x and a weak operating margin, its distressed balance sheet raises concerns over equity dilution. However, sustained operational cash generation—SAR 1.3–1.4 billion annually—suggests underlying business viability.

Al‑Futtaim’s entry provides a critical capital injection that could stabilise Cenomi’s finances and underpin its digital expansion. Industry observers note that Majid Al Futtaim and Emaar have successfully executed omni-channel models in the region; Al‑Futtaim’s deep supply chain know-how and brand partnerships could replicate that success in Saudi markets.

Following deal closure, which remains subject to approvals, Al‑Futtaim will command nearly half of Cenomi’s share capital and will have extended a substantial shareholder loan. The injecting of both capital and expertise is expected to bolster Cenomi’s capability to restore profitability and reclaim market leadership.

Etihad Airways has surpassed the 20 million annual passenger mark for the first time, boosted by strong first-quarter profit and rising customer satisfaction. The airline’s operating fleet now exceeds 100 aircraft as it intensifies its global expansion and pursues ambitious 2030 targets.

Etihad posted a Q1 profit after tax of AED 685 million, a 30 per cent increase compared to the same period last year. Total revenue rose 15 per cent, supported by growth in both passenger and cargo operations. Passenger revenue alone increased by 16 per cent to AED 5.5 billion, reflecting stronger demand and enhanced flight frequency. The carrier flew 5 million passengers in the quarter, a 16 per cent jump year‑on‑year, with a solid load factor of 87 per cent.

Over the past 12 months, Etihad has carried more than 20 million guests—doubling its annual passenger figures in just 30 months—and is now regarded as the fastest-growing airline in the region. Chief Executive Antonoaldo Neves described this milestone as evidence of “sustained growth driven by expanding demand, a dynamic global network, and a clear strategic focus”.

Customer satisfaction surged to record highs, with Q1 scores up 20 per cent versus a year ago. The airline attributed this to refreshed lounge and inflight menus, improved digital services, high-speed Wi‑Fi, and a revamped website and mobile app.

Etihad’s fleet currently comprises over 100 aircraft, including the return of its seventh Airbus A380 and the delivery of a Boeing 787‑9 with an Emirati crew, alongside its first of three Airbus A350‑1000s. A further 18 aircraft are expected in 2025, highlighted by the introduction of the A321LR narrow‑body fleet on 1 August, which will feature private First Suites, lie‑flat Business seats, 4K entertainment screens, and high‑speed Wi‑Fi across all cabins.

The airline has added 27 new routes so far in 2025 and plans to operate nearly 90 destinations by year‑end. These network additions form part of Etihad’s longer-term strategy to expand its global footprint to over 125 destinations and grow its fleet to more than 170 aircraft, with the aim of carrying 38 million passengers annually by 2030.

Operational efficiency gains also strengthened Etihad’s balance sheet. EBITDA rose 32 per cent to AED 1.4 billion, yielding a 21 per cent margin, while net leverage improved to 1.1×, down from 1.9× in March 2024. Cash flow from operations reached AED 1.8 billion, an 11 per cent improvement.

These developments follow a broader resurgence at Etihad. The carrier turned around from consecutive annual losses of recent years to report a record USD 476 million profit in 2024, flying 18.5 million passengers that year—a 32 per cent increase—and generating revenue of nearly USD 6.9 billion. The Q1 results affirm progress in cost optimisation, network rationalisation and fleet modernisation initiated under CEO Neves since taking the helm in 2022 under Abu Dhabi sovereign fund ADQ.

Looking ahead, Etihad plans to sustain delivery of 20-plus new aircraft annually, including further Boeing 787s and Airbus A350s, to meet projected demand. It is also preparing infrastructure and service upgrades connected to Abu Dhabi’s Zayed International Airport, whose terminal expansion tripled annual capacity to 45 million passengers, reinforcing the city’s role as a global hub.

On the route front, 16 further destinations have been announced for 2025, complementing an already swift rollout of 27 new routes. The A321LR rollout from August will unlock First Class on single‑aisle sectors, with an upgraded passenger experience including concierge transfers, chauffeur services and luggage‑free travel in Abu Dhabi.

Etihad’s turnaround, driven by disciplined execution of its “Journey 2030” strategy, has paid off. With record profits, growing customer satisfaction and a fleet age structure among the youngest globally, the airline is moving ahead of Gulf competitors as a stronger, customer‑centric global carrier.