Emirates NBD, one of the leading banking groups in the Middle East, North Africa and Türkiye (MENAT) region, has signed a landmark AED 500 million working capital facility with Joyalukkas, one of the world’s largest jewellery retailers. The funding will support the family-owned company’s long-term expansion plans both regionally and internationally.
The facility has been structured to provide Joyalukkas with flexible and efficient access to capital whenever required. It reinforces Emirates NBD’s position as a leading banking partner for the gold and jewellery sector in the UAE and beyond, demonstrating the bank’s deep industry expertise and ability to create tailored financial solutions for its clients.
Under the agreement, Emirates NBD will work closely with Joyalukkas’ retail network to provide inventory financing and operational liquidity, ensuring steady cash flow during peak demand periods and enabling timely settlement of supplier payments. The deal operates on a revolving basis, allowing the retailer to draw and repay funds as needed, which helps reduce interest costs and maintain greater financial control.
Acting as the anchor bank for this bilateral facility, Emirates NBD will integrate the funding support with its digital and trade platforms, giving Joyalukkas real-time visibility over transactions and simplified operational processes.
The AED 500 million arrangement is designed to position Joyalukkas for future growth in the retail jewellery sector, building on the long-standing business relationship between the two organisations.
Ahmed Al Qassim, Group Head of Wholesale Banking at Emirates NBD, said: “The provision of this working capital facility for Joyalukkas shows Emirates NBD’s agility and capability to develop sector-specific transactions that cater to the exact needs of our expansive and diverse ecosystem of clients. Designed to meet Joyalukkas’ strategic requirements, the deal emphasises how Emirates NBD can deliver bespoke, digital-first, and customised credit solutions that empower leading companies and support both theirs, and the UAE’s, economic growth.”
He added, “As a value-added product, this AED 500 million facility will help to provide the long-term support Joyalukkas needs to drive ahead with its international expansion plans, empowered by swift access to a framework of carefully structured and flexible capital.”
Joy Alukkas, Chairman of Joyalukkas Group, said: “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 jewelry industry and reflects our pioneering approach to organised retailing. I sincerely thank the Emirates NBD team for their continued support and belief in our vision.”
