Bloomberg News

Damas to Recover 337 Million Dirhams in Payments in Six Months

October 03, 2011

Oct. 3 (Bloomberg) -- Damas International Ltd., a Dubai- based jewelry maker and retailer, plans to recover more than 337 million dirhams in outstanding payments within six months, its chief executive said today.

“We have already signed several agreements and started to recover some funds owed to us,” Anan Fakhreddin said in an interview in Dubai. “Within six months we expect to get all the funds back and for this process to be completed.”

The company said Sept. 28 it formed a task force to focus financial recoveries. The company posted a full-year profit of 53.3 million dirhams in the company’s financial year ended March 31 after a loss of 2 billion dirhams a year earlier.

--Editor: Inal Ersan

To contact the reporter on this story: Vivian Salama in Abu Dhabi at vsalama@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net


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