Emirates NBD provides Joyalukkas with a $136 million working capital loan for growth and expansion purposes.
Joyalukkas Secures AED 500 Million Working Capital Facility from Emirates NBD
Joyalukkas, a global jewelry retailer, has secured a significant working capital facility of 500 million dirhams (AED 500 million / approx. $136.1 million) from Emirates NBD. This facility will support Joyalukkas's expansion plans across the UAE, UK, USA, Canada, Australia, and the GCC region.
The facility is a revolving working capital facility, allowing Joyalukkas to draw and repay funds flexibly as needed. This agile management of liquidity will enable efficient inventory financing, supplier payments, and peak trading periods. The deal is integrated with Emirates NBD’s advanced digital and trade platforms, providing real-time visibility, streamlined financial control, and convenience for Joyalukkas’s financial operations globally.
The terms and conditions of the facility are structured and bespoke, designed to minimize interest costs by allowing timely drawdown and settlement of funds. The facility also supports timely access to capital, enhancing Joyalukkas's ability to meet demands during peak seasons and supplier commitments.
The impact on Joyalukkas’s expansion plans is significant. The facility acts as a financial cornerstone, enabling accelerated growth and the ability to manage a global footprint currently serving 10 million customers across 13 countries. The facility provides the financial flexibility to support the company’s disciplined and visionary approach to scaling operations internationally, particularly in strategic markets such as the UK, USA, Canada, and Australia.
Emirates NBD’s partnership exemplifies mutual confidence and aligns with Joyalukkas’s mission to drive organized retail growth through innovation and strong financial underpinning. The new facility in the jewelry industry sets a new benchmark, reflecting Joyalukkas' pioneering approach to organized retailing.
Ahmed Al-Qassim, group head of wholesale banking at Emirates NBD, stated the bank's ability to develop sector-specific transactions that cater to clients' needs. Joy Alukkas, chairman of Joyalukkas Group, has expressed appreciation for Emirates NBD's continued support and belief in their vision.
The new facility will be utilized to support Joyalukkas' ongoing expansion plans in the GCC and key international markets. The deal is significant as it demonstrates Emirates NBD’s ability to deliver bespoke, digital-first, and customized credit solutions. The agreement underscores the retailer's longstanding relationship with Emirates NBD. Since 1987, Joyalukkas has expanded across 13 countries and served over 10 million customers. The 500-million-dirham facility is designed to provide long-term support for Joyalukkas' international expansion plans.
The deal highlights Emirates NBD’s capacity to create sector-specific transactions that cater to clients' unique needs. The agreement marks an extension of the longstanding business relationship between Joyalukkas and Emirates NBD. The new agreement between Joyalukkas and Emirates NBD is the latest in a series of strategic partnerships for Joyalukkas. The facility offers Joyalukkas working capital on a revolving basis, enhancing cost-efficiency and operational control.
In conclusion, the AED 500 million revolving facility by Emirates NBD grants Joyalukkas the essential liquidity and financial agility to bolster inventory management, supplier payments, and international expansion efforts, positioning it strongly for sustained global retail growth.
- The significant AED 500 million working capital facility secured by Joyalukkas from Emirates NBD will not only support its growth across various industries such as retail, jewelry, and finance, but also aid in its expansion in strategic global markets like the UK, USA, Canada, and Australia.
- The agile management of funds from this deal will enable Joyalukkas to efficiently finance inventory, make supplier payments, and navigate peak trading periods, providing a strong foundation for its worldwide business operations.
- The partnership between Joyalukkas and Emirates NBD underscores their shared commitment to fostering organized retail growth through innovation and financial stability, setting a new benchmark in the jewelry industry and beyond.
