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RAPAPORT... The Pure Gold Group will invest about $136 million (AED 500 million) to expand its operations in United Arab Emirates (UAE) between now and the World Expo 2020 in Dubai. The group expects to invest about $116 million (AED 425 million) in its Pure Gold Jewellers retail division, which is its core business. The group added that it will invest $20 million (AED 75 million) expanding the La Moda Exclusives sunglass retail chain. Firoz Merchant, the chairman of Pure Gold Group, said, ''We are committed to supporting UAE’s growth in retail sector and social development. We plan to invest significant amount of capital in the UAE as the nation now prepares to host Dubai 2020 as we believe the historical event will bring more opportunities for the retail business in the UAE with the influx of tourists and overall economic growth.'' Pure Gold Jewellers will open an additional 65 stores in the UAE by 2020 and expand the La Moda Exclusives chain by adding 50 new stores under the direction of its managing director, Amran Iqbal. Pure Gold Group expects to invest in other fashion retail businesses as well, creating employment opportunities for 1,800 to 2,000 people in all, it stated. “Alongside the development of retail and employment opportunities, we will also contribute to social and welfare activities in accordance with President His Highness Sheikh Khalifa Bin Zayed Al Nahyan’s recent announcement of funding and support for social and economic projects,” Merchant added. He also stressed that a key focus of the group will be ongoing training and development of its employees in accordance with the president's directive.
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