Ahmed Seddiqi, Hamg acquire jewellery store
Abu Dhabi, May 2, 2012
Leading UAE-based timepiece retailer, Ahmed Seddiqi & Sons, has announced its partnership with Hamg in acquiring Abu Dhabi-based Al Manara Jewellery.
The move came as a result of a strategic business partnership between the two companies which aligned their strategy with Abu Dhabi given that the market is well on its way to providing world-class retail experience for the capital’s savvy luxury enthusiasts, a statement from Ahmed Seddiqi said.
The transaction had the full support of Al Manara’s senior management who commended the decision by the new management to retain the existing workforce. The newly appointed board of directors also took the decision to revise the name to Al Manara International Jewellery, the statement said.
Abdul Hamied Seddiqi, vice chairman, Ahmed Seddiqi & Sons and chairman of the board of directors at Al Manara International Jewellery, said: “We are a family-owned and run company which has been built on passion, trust, loyalty, and to be entrusted by Al Manara Jewellery is a testament to their confidence and sharing of the same values and principles. The acquisition was a strategic decision for Ahmed Seddiqi & Sons and the partnership with Hamg in Abu Dhabi was a natural fit given its experience in the luxury sector and the synergies brought to the partnership which will accrue to Al Manara International Jewellery.”
Hasan Abdullah Mohamed, vice chairman of the board of directors 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. We trust that Ahmed Seddiqi & Sons, the region’s leading luxury Swiss watch retailer, will fully complement Al Manara International Jewellery’s positioning within the Abu Dhabi community, further enabling its distinguished and loyal clientele to benefit from an expansion of the brand lines and locations.”
elaborated: “Not only does this add to the already alluring ambiance of our boutiques, but also makes for a pleasant and welcoming shopping environment that personifies each clientele’s experience,” said Osama Seddiqi, vice president, finance & administration at Ahmed Seddiqi & Sons and member of the board of directors, at Al Manara International Jewellery. “This is a part of Ahmed Seddiqi & Sons overall commitment to supporting Abu Dhabi Vision 2030, aiming to transform Abu Dhabi into a global hub of commerce.” – TradeArabia News Service