Emirates NBD deepens links with global jewelry retailer Joyalukkas with announcement of landmark AED 500 million working capital deal

2 Min | 29 July 2025

This facility marks a significant milestone in Joyalukkas’ journey to expand their business in the UAE and key international markets, including the UK, USA, Canada and Australia
Bespoke deal reflects Emirates NBD’s expertise and status as go-to banking partner for leading companies in the jewelry industry

DUBAI, UAE, 29 July 2025: Emirates NBD, a leading banking group in the Middle East, NorthAfricaand Türkiye (MENAT) region, and Joyalukkas, one of the world’s largest jewelry retailers, have announced a landmark AED 500 million working capital facility to support the family-owned company’s long-term plans for expansion, internationally and regionally.

Uniquely structured to allow Joyalukkas flexible and easy access to capital as and when required, the deal reinforces Emirates NBD’s premier role as the go-to banking partner for the gold and jewelry sector, both in the UAE and further afield. It also highlights the strength of the bank’s relationship with key entities operating within this important economic segment, its imbedded industry knowledge and ability to develop carefully customised solutions for clients.

Emirates NBD will work closely with Joyalukkas’ retail network to provide essential inventory financing and operational liquidity, ensuring smooth cash flow during peak times and swift settlement of supplier obligations without funding constraints. Developed with a ‘revolving’ framework, the deal will allow the jewelry retailer to draw upon, and repay funds as needed thereby minimising interest costs and maximising control.

With Emirates NBD acting as the anchor bank for the bilateral capital facility, Joyalukkas will receive centralised financial support fully integrated with Emirates NBD’s digital and trade platforms to provide real-time transaction visibility as well as ease of use.

The bespoke AED 500 million deal also means Joyalukkas is well positioned to accommodate future growth strategies within the retail jewelry space while also benefiting from a deepening of its long-standing history of financial interaction and reputational alignment with Emirates NBD.

Ahmed Al Qassim, Group Head of Wholesale Banking, 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.”

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