RAPAPORT... Malabar Gold and Diamonds, one of the world's largest gold and diamond retailers, will open 21 retail stores across the GCC, India and Far East in the next six months with an investment outlay of $125 million, the company said.
Malabar will open eight stores in the UAE, five outlets in Saudi Arabia, three in Oman and one in Malaysia. In addition to these, the company will add four more stores in India, taking the chain to 155 stores, according to its announcement.
One store will spread across 12,000 square feet of floor space in Abu Dhabi. This will be the largest jewellery retail outlet in the Middle East showcasing a variety of jewellery catering to a global audience.
The move is part of the $700 million expansion announced by Malabar in 2013 that is expected to more than double the number of its outlets to 220 by the end of 2018.
"The higher footfall and brisk business at our large-format outlet at the Gold Souq, has prompted us to invest in a similar facility in Abu Dhabi, where customers will be spoilt for choice, designs and a wider price point," said Shamlal Ahamed, managing director for international operations, said.
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