New Delhi: Malabar Gold and Diamonds has opened a centralised, global base to manage and grow its international operations,’Malabar International Hub‘ (M-IH) at Dubai Gold Souq in Deira, Dubai, the company said in a press release on Friday.
Spread across an area of 28,000 square feet, the facility will act as the centralized hub for all enabling functionalities of the group’s existing operations in GCC, USA, Singapore, and Malaysia and will also help the company expand into countries such as the UK, Australia, Canada, Turkey, Bangladesh, and New Zealand. Until now, the company’s international operations were decentralized and carried out in each country individually.
His Excellency Abdulla Bin Touq Al Marri, Cabinet member and UAE minister of economy inaugurated the center on March 22.
The announcement by Malabar Gold and Diamonds to set up its global base in the UAE comes in the wake of the Common Economic Partnership Agreement (CEPA), which was recently signed between India and the UAE.
“The new facility is all set to be the stepping stone of our Vision 2030 goal of scaling up our operations to conquer new markets and strengthen our presence in existing markets,” said M.P Ahammed, Chairman, Malabar Group highlighting that the establishment of M-IH in Dubai has taken the company one step closer to becoming the biggest jewellery retailer in the world.
Malabar Gold and Diamonds has an annual turnover of USD 1.4 billion. It claims to be the sixth largest jewellery retailer globally with a retail network of over 310 jewellery stores spread across 10 countries.