UAE’s Al Basel Group on Thursday said it plans to launch its new jewelry business in Saudi Arabia by the end of 2018.
The new company - Albairaq for Diamonds and Jewelry - will provide more than 50 percent job opportunities to Saudi nationals, contributing to the localization of the gold and jewelry market.
Saudi Arabia’s gold and diamond jewelry market is set to cross $6 billion by 2022, according to a recent TechSci Research report.
Separately, the group also intends to invest in the Kingdom’s education sector.
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