Malabar Gold & Diamonds unveils summer offers

Updated 10 June 2019

Malabar Gold & Diamonds unveils summer offers

Indian jewelry retailer Malabar Gold & Diamonds has unveiled new offers to celebrate the onset of summer.
The “Sparkling Summer” campaign will run at all Malabar Gold outlets in Saudi Arabia until July 20.
The company is giving a chance to its customers to win gold bars with every gold and diamond jewelry purchase.
With every purchase, customers get a chance to enter raffle draws to win a 100-gram gold bar each in 10 raffle draws. In addition, customers also receive a one-gram gold coin on every diamond jewelry purchase worth SR3,000 ($800) and above.
The brand is also selling 8-gram gold coins with absolutely no making charges during this period.
Furthermore, customers can avail themselves of the zero deduction offer on 22-carat gold jewelry exchange.
To add more sparkle to the summer season, the retailer has unveiled the latest collection of jewelry in gold, diamonds and precious gems to suit the tastes of their multicultural and multinational customers.
Malabar Gold & Diamonds has incorporated these designs as a part of various brands presented at the store, namely Ethnix — Handcrafted Designer Jewelry, Era — Uncut Diamond Jewelry, Mine — Diamonds Unlimited, Divine — Indian Heritage Jewelry and Precia — Gem Jewelry.
Malabar Gold & Diamonds is the flagship company of Malabar Group, a diversified Indian business conglomerate.
Established in 1993 in the Indian state of Kerala, Malabar Gold today has a strong retail network of 250 outlets spread across 10 countries, 14 wholesale units, offices, design centers and factories spread across India, the Middle East, the Far East and the US. With an annual turnover of $4.51 billion, the company is one of the largest jewelry retailers globally.
The group also operates MGD Lifestyle Jewellery, a retail concept offering trendy and light-weight jewelry for independent and modern women.


UAQ, Alinma close real estate fund at $4.5bn

Updated 07 December 2019

UAQ, Alinma close real estate fund at $4.5bn

Umm Alqura Company for Development and Construction (UAQ) and Alinma Investment Company announced the successful completion of the launch of the Makkah Real Estate Development Funds, with an investment value exceeding SR17 billion ($4.5 billion). 

The funds are invested in seven hotel towers and two commercial complexes that will be developed within the King Abdul Aziz Road (KAAR) project in Makkah. It is one of the most significant developmental and urban development projects in the Makkah region. The project includes multiple options including housing and shopping, and provides easy mobility and means of transportation between the project facilities and the central area of the Holy Mosque.    

Yasser Abuateek, CEO of UAQ, said: “This strategic agreement is the first of several diverse investment activities designed to attract leading investment institutions. It confirms the appeal of investing in KAAR, an attractive destination for long-term investments, as well as the trust of the investment and financing community.

“This partnership also sheds light on the strength of Alinma Investment and its success in managing real estate funds, which makes it the ideal partner for implementing the project’s development and urban plan. The project aspires to become one of the modern landmarks in Makkah.”

Abuateek added: “By successfully attracting investments valued at SR17 billion, we will make progress in line with the execution plan for several diverse projects, especially since we have already reached several major milestones, including completion of the pouring and construction of all the concrete blocks for the Makkah Metro tunnels, while in addition we have completed nearly 50 percent of the bridges. Currently, we are working on completing all the unprecedented infrastructure projects that followed the demolition phase, which represent a transformation in the investment, development and preparation of the project’s lands, making it more attractive for development and creating new choices that help upgrade the quality of life for Makkah visitors and residents.”

Acting CEO of Alinma Investment Mazin bin Fawaz Baghdadi said: “We are very happy with the success of the Alinma Real Estate Development Funds together with our partner UAQ. This investment, with the large sum of capital, will play a major role in fulfilling the objectives of the finance sector, while our partnership will contribute to increasing the capacity to accommodate pilgrims and visitors through implementing urban developmental projects in the Makkah region.”

“The funds’ investment objective is to achieve long-term capital growth through the development of the superstructure in various parts of the King Abdul Aziz Road project in Makkah, which are: Five-star international hotels (Taj Hotel and Kempinski Hotel), four-star hotels (Hilton Embassy), three-star hotels (Hilton Garden Inn), apartments (Kempinski Residence), and two malls,” added Baghdadi.