Joyalukkas secures AED 500 million deal with Emirates NBD to support GCC expansion plans

Besides the GCC, the agreement will boost Joyalukkas’ long-term plan to increase its retail presence across key markets including the UK, USA, Canada and Australia. It will provide essential liquidity and inventory support to the brand in peak business seasons

Dubai: Leading jewellery brand Joyalukkas, with a widespread presence across the Gulf Cooperation Council (GCC) region, has secured a working capital facility worth AED 500 million from Emirates NBD, one of the region’s leading banking groups, to fuel its long-term retail expansion plans.

This funding marks a strategic step in Joyalukkas’ broader global growth strategy, supporting expansion into major international markets such as the UK, USA, Canada and Australia. The agreement will provide essential liquidity and inventory support, particularly during peak business seasons, and is fully aligned with Emirates NBD’s digital and trade platforms, ensuring seamless financial operations for the retailer.

With a legacy dating back to 1987, Joyalukkas has earned the trust of over 10 million customers across 13 countries. The infusion of capital is expected to reinforce its global retail network and support its operational needs with improved supply chain financing.

Joy Alukkas, Chairman of the Joyalukkas Group, emphasized the importance of the deal in facilitating the brand’s global ambitions. He acknowledged Emirates NBD’s role in providing a flexible, forward-looking solution that aligns with the company’s retail vision. “This facility marks a significant milestone in our journey to expand Joyalukkas into key international markets including the UK, USA, Canada and Australia. Emirates NBD has been a trusted partner who understands the scale, ambition and discipline behind our global retail strategy. Structured with flexibility and foresight, this deal sets a new benchmark in the jewellery industry and reflects our pioneering approach to organized retailing,” media reports quoted him as saying.

Ahmed Al Qassim, Group Head of Wholesale Banking at Emirates NBD, highlighted the bank’s commitment to offering tailor-made financing solutions that empower key players like Joyalukkas while contributing to the UAE’s broader economic objectives.

This development sets a strong precedent for sector-specific financing partnerships and reaffirms Joyalukkas’ leadership in the organized jewellery retail space.

Joyalukkas currently operates more than 150 showrooms across the GCC, including the UAE, Saudi Arabia, Qatar, Oman, Bahrain and Kuwait. Besides a strong base in India, the brand has a growing retail footprint in markets like Malaysia, the UK and the USA.

Retail Jeweller ME News