UAE-based timepiece retailer Ahmed Seddiqi & Sons announced that it has acquired Abu Dhabi-based luxury jewellery chain, Al Manara. The acquisition was done in partnership with HAMG, the company said.
Al Manara Jewellery, which runs luxury watch and jewellery boutiques in Abu Dhabi, has now been renamed Al Manara International Jewellery.
“The acquisition was a strategic decision for Ahmed Seddiqi & Sons and the partnership with HAMG in Abu Dhabi was a natural fit given their experience in the luxury sector and the synergies brought to the partnership which will accrue to Al Manara International Jewellery,” Abdul Hamied Seddiqi, vice chairman, Ahmed Seddiqi & Sons and chairman of Al Manara International Jewellery said in a statement.
The transaction had the full support of Al Manara’s senior management, the firm said.
Hasan Abdullah Mohamed, vice chairman of the board at Al Manara International Jewellery said: “HAMG believes in long term investments, ensuring all partnerships are built and fostered with the right values, preserving the identities and uniqueness of all ventures.”