Pure Gold Group announces AED 1.2 Billion GCC expansion plan

UAE based award winning retail conglomerate, Pure Gold Group has announced plans to invest AED 1.2 billion (approx. 400 Million USD) to expand its regional operations by the year 2030.

While the primary investment of AED 1 Billion will be in the jewelry sector, the company will also invest AED 200 Million in other sectors and in its luxury sunglasses retail chain La Moda Sunglasses to open 150 stores by 2030.

The expansion is driven by confidence in the GCC market as stated by Firoz Merchant, Philanthropist & Founder and Chairman of Pure Gold Group, “Despite the decline in oil prices, governments across GCC are confident of future growth and have revealed plans to further diversify from an oil based economy. We are truly inspired by the system of governance and the solution-oriented approach of the Rulers of the GCC. With GCC’s strategic plan to reduce its economic dependence on oil, and the recent “Saudi Vision 2030” plan unveiled by the Deputy Crown Prince Mohammed bin Salman, investors and businesses in the region are strongly assured of growth and stability. As part of our expansion plan, we aim to double the current number of Pure Gold Jewellers outlets and the staff numbers in GCC, to meet anticipated future demand.”

Merchant also said the investment climate in the region is more favourable now with continued government support for development and infrastructure, expected population growth to double, greater expected growth in tourism and introduction of new technologies to weather harsh climate in the region.