Emirates NBD deepens links with global jewelry retailer Joyalukkas with announcement of landmark AED 500 million working capital deal
Bespoke deal reflects Emirates NBD's expertise and status as go-to banking partner for leading companies in the jewelry industry
DUBAI, UAE, July 2025: Emirates NBD, a leading banking group in the Middle East, North Africa and Türkiye (MENAT) region, and Joyalukkas, one of the world's largest jewelry retailers, have announced a landmark AED 500 million working capital facility to support the family-owned company's long-term plans for expansion, internationally and regionally.
Uniquely structured to allow Joyalukkas flexible and easy access to capital as and when required, the deal reinforces Emirates NBD's premier role as the go-to banking partner for the gold and jewelry sector, both in the UAE and further afield. It also highlights the strength of the bank's relationship with key entities operating within this important economic segment, its imbedded industry knowledge and ability to develop carefully customised solutions for clients.
Emirates NBD will work closely with Joyalukkas' retail network to provide essential inventory financing and operational liquidity, ensuring smooth cash flow during peak times and swift settlement of supplier obligations without funding constraints. Developed with a 'revolving' framework, the deal will allow the jewelry retailer to draw upon, and repay funds as needed thereby minimising interest costs and maximising control.
With Emirates NBD acting as the anchor bank for the bilateral capital facility, Joyalukkas will receive centralised financial support fully integrated with Emirates NBD's digital and trade platforms to provide real-time transaction visibility as well as ease of use.
The bespoke AED 500 million deal also means Joyalukkas is well positioned to accommodate future growth strategies within the retail jewelry space while also benefiting from a deepening of its long-standing history of financial interaction and reputational alignment with Emirates NBD.
Ahmed Al Qassim, Group Head of Wholesale Banking, Emirates NBD, said: '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 emphasises how Emirates NBD can deliver bespoke, digital-first, and customised credit solutions that empower leading companies and support both theirs, and the UAE's, economic growth.
He added: 'As a value-added product, this AED 500 million 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.'
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, USA, 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 organised retailing. I sincerely thank the Emirates NBD team for their continued support and belief in our vision.'
About Emirates NBD:
Emirates NBD (DFM: Emirates NBD) is a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region with a presence in 13 countries, serving over 9 million active customers. As at 30th June 2025, total assets were AED 1.086 trillion, (equivalent to approx. USD 295.7 billion). The Group has operations in the UAE, Egypt, India, Türkiye, the Kingdom of Saudi Arabia, Singapore, the United Kingdom, Austria, Germany, Russia and Bahrain and representative offices in China and Indonesia with a total of 826 branches and 4,555 ATMs / SDMs. Emirates NBD is the leading financial services brand in the UAE with a Brand value of USD 4.54 billion.
Emirates NBD Group serves its customers (individuals, businesses, governments, and institutions) and helps them realise their financial objectives through a range of banking products and services including retail banking, corporate and institutional banking, Islamic banking, investment banking, private banking, asset management, global markets and treasury, and brokerage operations. The Group is a key participant in the global digital banking industry with 97% of all financial transactions and requests conducted outside of its branches. The Group also operates Liv, the lifestyle digital bank by Emirates NBD, with close to half a million users, it continues to be the fastest-growing bank in the region.
Emirates NBD contributes to the construction of a sustainable future as an active participant and supporter of the UAE's main development and sustainability initiatives, including financial wellness and the inclusion of people of determination. Emirates NBD is committed to supporting the UAE's Year of Sustainability as Principal Banking Partner of COP28 and an early supporter to the Dubai Can sustainability initiative, a city-wide initiative aimed to reduce use of single-use plastic bottled water.
About Joyalukkas:
Joyalukkas Group is a global conglomerate that continues to be rooted in trust, craft and connection. Since 1987, Joyalukkas Jewellery has brought together artistry and precise design across 11 countries and over 10 million customers. Every piece that is created carries an intention that is designed for real memories, meaningful moments and future legacies. With a team of over 10,000 dedicated professionals, Joyalukkas remains committed to delivering thoughtful service and timeless collections, while adapting to the evolving needs of every market the company serves.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mid East Info
2 hours ago
- Mid East Info
Orient Insurance Achieves AED 503 Million Profit in H1 2025, Up 21% Amid Strong Financial Results - Middle East Business News and Information
Dubai, United Arab Emirates;August 2025 – Orient Insurance, the leading UAE insurance provider and a subsidiary of Al-Futtaim, today announced an exceptional set of financial results for the first half of 2025. The company demonstrated remarkable growth and operational excellence, underscoring its strategic focus and resilience in a dynamic market environment. Key Financial Highlights for H1 2025: • Insurance Revenue: AED 4.47 billion, up by 24% from AED 3.60 billion in H1 2024 • Net Profit After Tax: AED 503 million, representing a 21% increase from AED 416 million in H1 2024 • Total Equity: AED 5.66 billion, a 21% increase from AED 4.66 billion in H1 2024 • Total Assets: AED 16.90 billion, up by 16% from AED 14.63 billion in H1 2024 • Total investments including bank balances: AED 10.42 billion, a 24% increase from AED 8.41 billion in H1 2024 Omer Elamin, President of Orient Insurance Group, said: 'Our H1 2025 results underscore Orient Insurance's strong momentum and strategic agility. The impressive growth across the key financial metrics is a direct result of our sustained commitment to operational excellence and sound risk management. This robust performance not only reinforces our leadership position in the market but also provides us with the financial strength to pursue future growth opportunities and continue delivering exceptional value to our stakeholders.' Orient Insurance remains dedicated to leveraging innovation and a customer-first approach. The company is committed to integrating cutting-edge technologies to enhance the customer experience, optimise business processes, and create long-term value for all stakeholders. This forward-looking strategy positions Orient Insurance to continue its growth trajectory and set new benchmarks in its successful journey. About Orient Insurance: Orient Insurance, established in 1982, is a leading provider of comprehensive insurance solutions in the UAE and the wider GCC region. Part of the Al-Futtaim Group, the company offers a wide range of personal and commercial insurance products, underpinned by a strong financial base, innovative solutions, and exceptional customer service. About Al-Futtaim: Established in the 1930s as a trading business, Al-Futtaim today is one of the most diversified and progressive, privately held regional businesses headquartered in Dubai, United Arab Emirates. Operating across 18 countries in the Middle East, North Africa and Asia, the Group spans key sectors including automotive, financial services, real estate, retail, and health. Al-Futtaim's work is driven by a clear purpose: to enrich lives and elevate communities through practical, forward-looking solutions. Employing a workforce of nearly 33,000 people, Al-Futtaim represents a portfolio of over 200 of the world's most recognised and trusted brands, including Toyota, Lexus, IKEA, ACE, Marks & Spencer, and many more. With a strong focus on digital innovation and artificial intelligence, sustainable growth, strategic partnerships, and empowering its people, Al-Futtaim's approach is anchored in long-term value creation. Its integrated business model positions the Group as a reliable partner to stakeholders—supporting customers, communities, and collaborators alike in navigating the needs of today while planning for tomorrow. Underpinned by the values of respect, excellence, collaboration, and integrity, Al-Futtaim continues to build a legacy that reflects its responsibility to people, progress, and the planet.
Mid East Info
11 hours ago
- Mid East Info
ServeU, a subsidiary of Union Properties, acquires House Keeping (LLC) at AED 100 million deal to expand market reach
Union Properties PJSC 'Union Properties' or 'the Company' DFM: UPP, through its subsidiary ServeU, a leading facilities management FM solutions provider in the UAE, has announced the strategic acquisition of House Keeping LLC and House Keeping Domestic Workers LLC, including their subsidiary, in a deal valued at AED 100 million. This move reinforces ServeU's robust market position as one of the UAE's most trusted FM service providers in the country. With a workforce of more than 8900 employees, the company manages a broad portfolio spanning residential communities, commercial complexes, government entities and hospitality facilities. The Company remains committed to advancing operational capabilities, with continued investments in innovation, sustainability, and service excellence to address the dynamic needs of the market. Eng. Amer Khansaheb, Chief Executive Officer and Board Member of Union Properties PJSC, said: 'This acquisition represents a pivotal step in advancing our long-term growth agenda. Integrating a leading manpower and domestic workforce provider into our portfolio not only strengthens ServeU's operational breadth, but also reinforces our commitment to delivering integrated, people-centric solutions that meet the evolving demands of our clients across sectors.' House Keeping (LLC), the UAE's second-largest provider in its segment, brings a strong portfolio, deep domain expertise, and an extensive client network. With a specialized workforce of 136 active members in housekeeping operations and nearly 8,700 domestic workers, House Keeping (LLC) has consistently delivered strong performance, recording revenues of AED 221.1 million and an EBITDA of AED 21.4 million for the fiscal year 2024. These financial results align closely with ServeU's strategic priorities of delivering value, enhancing service quality, improving operational efficiency, and advancing workforce capabilities. Under the terms of the acquisition, House Keeping (LLC) and its affiliated entities will retain their brand identities while operating under the full ownership and strategic oversight of ServeU. The alliance is projected to have a positive impact on ServeU's financial results effective from August 2025, contributing around 23% to revenue and boosting EBITDA by 33% of ServeU. This model will further ensure seamless operational continuity while unlocking synergies through ServeU's established infrastructure, experienced leadership, and industry partnerships.
Mid East Info
a day ago
- Mid East Info
7.5% increase in revenue and 3.4% increase in net profit during the first half of 2025 compared to the same period in 2024
EBITDA reached AED 719 million Pre-tax net profit amounted to AED 442 million, and net profit after tax reached AED 403 million Consolidated revenues of AED 3.36 billion for the twelve-month period until 30, June 2025 'Our sustained success is driven by the forward-looking strategy, operational excellence and the continued momentum in Dubai's real estate sector' – Bin Shafar Dubai, UAE,August 2025: Emirates Central Cooling Systems Corporation PJSC, the world's largest district cooling services provider (DFM: EMPOWER), (ISIN: AEE01134E227), announced its financial results for the first half of 2025. The company reported a total revenue of AED 1,453 million, marking a 7.5% increase compared to the same period in 2024. EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) reached AED 719 million, with a growth of 3.6% and the pre-tax net profit amounted to AED 442 million marking 3.3% growth compared to the first half of last year. The net profit after tax reached AED 403 million marking a 3.4% increase compared to the same period in 2024. 'Empower's exceptional performance in the first half of 2025 reflects the strength of our integrated business model and the ability to efficiently adapt to changing market dynamics and customer needs. Our sustained success is driven by the forward-looking strategy, operational excellence, and the ability to extract long-term value from the continued momentum in the real estate sector. Through our ongoing efforts and commitment to innovation and latest technologies, Empower continues to support the sustainable development of Dubai, contribute to achieving global climate goals and the UAE's Net Zero 2050 targets, while reinforcing the nation's global leadership in climate action and green infrastructure,' said HE Ahmad Bin Shafar, CEO of Empower. Bin Shafar noted Empower's continued growth and development on all fronts, including the expansion of its infrastructure and project portfolio, and its consistent integration of innovation and digital transformation across operations. He reaffirmed the company's prominent presence in global district cooling forums, reflecting Empower's international leadership and commitment to sharing expertise in sustainable cooling. He further emphasised Empower's long-term commitment to creating added and sustainable value for all stakeholders, and to strengthening its position as a global benchmark in environmentally friendly district cooling. Sustained Financial Performance Empower reported consolidated revenues of AED 3.36 billion for the twelve-month period from July 2024 to June 2025, compared to AED 3.16 billion in the period from July 2023 to June 2024; an increase of 6.3%. EBITDA for the same period reached AED 1.58 billion, compared to AED 1.50 billion previously, reflecting a growth of 5.1%. Empower Dividend Distributions Empower's Annual General Meeting, which was held in March with a quorum of 89.9%, approved the Board of Directors' recommendation to distribute cash dividends for the second half of 2024, amounting to AED 437.5 million in total, equivalent to 4.375 fils per share or 43.75% of the company's paid-up capital, which was paid in April, 2025 Business Growth in H1 2025 The first half of 2025 witnessed a significant growth in Empower's business. The company signed 86 new contracts to supply over 99,000 refrigeration tons (RT) to various projects across Dubai. This boosted Empower's total contracted capacity to 1.86 million RT, reflecting growing demand among developers and building owners for the environmentally friendly district cooling solutions. Empower signed two major agreements during the first half of 2025. The first one is with DMCC (Dubai Multi Commodities Centre), the leading international business district that drives the flow of global trade through Dubai, to supply district cooling services to the next phase of Uptown Dubai, for a capacity of 24,675 RT. The second one is for the Island project, by Wasl to supply environmentally friendly district cooling services for a total cooling capacity of 23,853 RT. Moreover, the company's total connected capacity exceeded 1.6 million RT following the addition of approximately 38,000 RT during the reporting period. Empower also reported a notable increase in its service footprint, with the total number of buildings it serves reaching 1,684 in the first half of 2025. Added value for customers and stakeholders: As part of its commitment to enhancing customer experience and addressing their service needs, Empower launched its Mobile Application in April 2025. The feature-packed mobile app, which is available to download on the Apple Store and Google Play Store, is a hassle-free solution for managing its customers' District Cooling Services accounts right at their fingertips. Empower's annual summer campaign, which was launched in June for the twelfth consecutive year under the slogan, 'Set and Save at 24°C', aiming to reduce electricity consumption for cooling, saw a significant acceptance among the company's nearly 148,000 customers. The campaign is being conducted as part of Empower's sustainability strategies and will run until the end of summer. Expansion: Aligning with Empower's strategy to strengthen the district cooling infrastructure and expand its services in strategically important areas of Dubai, the company announced a new district cooling plant in Al Sufouh 2 area during the reporting period. The foundation work has already started for the new plant, while construction is scheduled to begin in the fourth quarter of 2025. This plant will be the first in a series of three future plant rooms that Empower plans to build in the area. The new plant will have a cooling capacity of 23,400 RT (RT) to serve several buildings, including the 'Innovation Hub,' one of the prominent landmarks in Al Sufouh. Strong Presence in International Forums: As a strong advocate of efficient cooling solutions globally, Empower continued strengthening its global presence during the reporting period. The company participated as a diamond sponsor in the International District Energy Association (IDEA) Campus Energy Conference 2025 in Boston, USA, in February, and the IDEA 2025 Annual Conference and Trade Show, in Minneapolis, Minnesota, USA, in June. IDEA is the world's leading organization in the field of district energy. During the IDEA 2025 Annual Conference, IDEA announced the reappointment of Bin Shafar as Member Emeritus on the Board of Directors of the Association for the seventh consecutive term. Accolades: Empower won three global awards at the IDEA 2025 Annual Conference and Trade Show. The company won two gold awards in the categories 'Total Number of Buildings Committed' & 'Total Building Area Committed' for district cooling services outside North America. Additionally, Empower received the prestigious 'Innovation Award Honorable Mention for District Cooling Plant Optimisation Using Machine Learning'. Moreover, the U.S. Green Building Council has awarded the Gold LEED (Leadership in Energy and Environmental Design) Certification to Empower's DLRC District Cooling Plant. The plant, with a production capacity of 47,000 RT, serves the Dubai Land Residence Complex. Empower received this certification after the DLRC district plant successfully met the Council's rigorous sustainability standards. This achievement further reinforces Empower's leadership in environmental protection and carbon footprint reduction, adding yet another prestigious recognition to its growing list of accomplishments. During the period, His Excellency Ahmad Bin Shafar was named among the 'Dubai 100,' Arabian Business's prestigious list of the most influential individuals shaping Dubai's future across sectors, including business, government, technology, and culture. This recognition highlights bin Shafar's remarkable contributions to advancing the district cooling sector and reinforcing Dubai's status as a global hub for green economy.
