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FINANCIAL NEWS
Dubai’s Damas near USD9.5m liability settlement
03 Nov 2011
(MENAFN) Dubai-based Damas International affirmed it was in the final stages of negotiations with third party creditors over a USD9.5 million debt settlement, Arabian Business reported.
Damas deals with gold and gold jewellery, diamond jewellery, pearls, watches, silver and precious stones on a wholesale and retail basis.
The troubled jeweller explained that the amount may be reduced through selling an asset which has been held as collateral by the creditor.
Damas said in October it is mulling selling some assets of its founders within three years as part of a USD163.4 million repayment agreement.
More News
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BBK awards over BD 1 Million to 273 winners in the February Al Hayrat Grand Prizes draw
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BBK activates partial remote working system for its workforce to ensure employee and customer safety and service continuity
24 Feb 2026
BBK discloses its financial results for the year ended 31st December 2025
05 Feb 2026
BBK announces December Al Hayrat Grand Prize winners and another wave of Grand prizes for February
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