Business | Investment
Malabar Gold to invest Dh300m in UAE outlets
Malabar Gold, a jewellery subsidiary of Malabar Group, a south Indian real estate group, is set to invest Dh300 million in the UAE.
- Staff Report
- Published: 00:03 June 26, 2008
Dubai: Malabar Gold, a jewellery subsidiary of Malabar Group, a south Indian real estate group, is set to invest Dh300 million in the UAE, a senior official said.
"We are investing Dh50 million in Phase 1 expansion, part of a Dh300 million retail expansion in the UAE," Sham Lal, managing director of Malabar Gold UAE, told Gulf News.
"More than 160 investors are participating in our UAE operations."
The company which has an annual turnover of Rs25 billion, last week opened its first showroom in Sharjah in the presence of Shaikh Faisal Bin Khalid Al Qasimi, a member of the Sharjah ruling family, and Mohanlal, an Indian film star.
Malabar Group, a diversified conglomerate of 43 companies employing 1,900 people, was established by chairman M.P. Ahmad in 1993 in Kozhikode in the South Indian state of Kerala. Malabar Gold has 19 outlets in India, apart from it own jewellery design units and factories.
The company has tied up with Indian diamond giant Rosy Blue to offer its collections in Malabar Gold outlets.
"The first retail showroom of the Middle East exhibits vast collection of diverse and delicate design in gold, diamond and platinum, including exquisite designs from Italy, Singapore, Bahrain and India," the company said in a statement.
Lal said: "The Sharjah showroom reflects quality design, quality product and focused services, which has been the key driver Malabar Gold brand equity across the India.
"The showroom accommodates a very big collection of designer Indian bridal jewellery and exclusive diamond brands like Felisa, Suki, Solitaire and Fusion in collaboration with world famous diamond ornament traders Rosy Blue. A vast collection of platinum ornaments is also exhibited in the showroom."
The company plans three more outlets in the UAE in two months, Lal said.
"We are also planning to expand into Bahrain, Kuwait and Saudi Arabia," he added.
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