Ashurst has advised Damas International Limited, the leading jewellery retailer in the Middle East, on the acquisition of a controlling stake in its Saudi Arabian joint venture, Damas Saudi Arabia Company Ltd.
Damas International Limited’s subsidiary, Damas Jewellery LLC, acquired 49 per cent of the share capital of its existing joint venture in Saudi Arabia, taking Damas’s stake to 98 per cent with full control of the company.
The Ashurst team was led by Dubai-based corporate senior associate Chris Young. Hammad, Al Mehdar & Co. advised on matters of Saudi Arabian law.
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