https://arab.news/gm5qz
- Joy Alukkas, chairman of Joyalukkas Group, said: “This facility marks a significant milestone in our journey to expand Joyalukkas into key international markets including the UK, US, Canada, and Australia
Joyalukkas, one of the world’s largest jewelry retailers, has announced a landmark 500-million-dirham ($136.1 million) working capital facility provision through Emirates NBD, a banking group in the MENAT region. This milestone agreement supports Joyalukkas’ long-term expansion plans across the GCC and key international markets including the UK, US, Canada, and Australia.
Structured to provide Joyalukkas with seamless and flexible access to capital, the bespoke deal highlights the retailer’s pioneering approach to global retail growth and underscores its longstanding relationship with Emirates NBD. The facility offers working capital on a revolving basis, enabling Joyalukkas to draw and repay funds as needed, thereby enhancing cost-efficiency and operational control.
Since 1987, Joyalukkas has brought together artistry and precise design across 13 countries and more than 10 million customers and continues to strengthen its footprint across the globe.
Joy Alukkas, chairman of Joyalukkas Group, said: “This facility marks a significant milestone in our journey to expand Joyalukkas into key international markets including the UK, US, Canada, and Australia. Emirates NBD has been a trusted partner who understands the scale, ambition and discipline behind our global retail strategy. Structured with flexibility and foresight, this deal sets a new benchmark in the jewelry industry and reflects our pioneering approach to organized retailing. I sincerely thank the Emirates NBD team for their continued support and belief in our vision.”
Ahmed Al-Qassim, group head of wholesale banking at Emirates NBD, added: “The provision of this working capital facility for Joyalukkas shows Emirates NBD’s agility and capability to develop sector-specific transactions that cater to the exact needs of our expansive and diverse ecosystem of clients.”
“Designed to meet Joyalukkas’ strategic requirements, the deal emphasizes how Emirates NBD can deliver bespoke, digital-first, and customized credit solutions that empower leading companies and support both theirs and the UAE’s economic growth. As a value-added product, this 500-million-dirham facility will help to provide the long-term support Joyalukkas needs to drive ahead with its international expansion plans, empowered by swift access to a framework of carefully structured and flexible capital.”