Emirates NBD and Joyalukkas Sign AED 500 Million Working Capital Deal to Fuel Global Expansion
In a landmark financial move, Emirates NBD, one of the Middle East’s leading banking groups, has signed an AED 500 million working capital facility with global jewelry retail giant Joyalukkas. The strategic agreement is set to strengthen Joyalukkas’ operational capabilities and fuel its expansion into key international markets including the UK, USA, Canada, and Australia.
The bespoke financing solution reflects Emirates NBD’s growing influence as the preferred banking partner for the gold and jewelry sector. Tailored to meet the specific needs of Joyalukkas’ dynamic retail model, the deal offers flexible access to capital under a revolving framework, allowing the retailer to draw and repay funds as needed—minimizing interest costs and optimizing financial control.
As anchor bank for the bilateral capital facility, Emirates NBD will provide integrated financial support aligned with its digital and trade platforms, giving Joyalukkas real-time transaction visibility and operational ease. The facility will support critical areas such as inventory financing and supplier settlements, especially during peak retail cycles.
Ahmed Al Qassim, Group Head of Wholesale Banking at Emirates NBD, remarked:
“This working capital facility demonstrates our deep understanding of the jewelry sector and our ability to deliver customised, digital-first credit solutions that support our clients’ ambitions. This deal is aligned with our broader commitment to empowering UAE-based businesses and contributing to the national economy.”
Joy Alukkas, Chairman of Joyalukkas Group, called the agreement a turning point:
“This facility marks a significant milestone in our journey to expand Joyalukkas into major global markets. Emirates NBD has consistently shown belief in our vision and supported us with the right tools to make it happen. This deal sets a new benchmark in retail jewelry financing.”
The AED 500 million agreement not only strengthens Joyalukkas’ liquidity but also cements the long-standing relationship between the two institutions. It highlights the importance of tailored banking solutions in enabling UAE businesses to scale internationally and compete on a global stage.
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