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Damas, 40% capital increase

UAE-based jewellery retailer Damas has increased its capital by 40% to $387m. The private placement was taken up by a group of strategic investors that include Amwal Al Khaleej, Shuaa Partners, Al Fahim Group and Al Nasser Investments. The Damas board of directors will be expanded to include two new directors, Mohammed Alabbar and Majid Saif Al Ghurair.