In a move to strengthen its retail presence in the UAE, Tiffany & Co. has joined hands with Dubai-based Damas Jewellery. Previously, Damas held a distribution agreement for Tiffany & Co., under which it operated all of the latter’s stores in the UAE, this new initiative is being looked upon as a step forward for Tiffany.

Under the new memorandum of understanding between the two entities, which covers all existing five Tiffany stores in the UAE, and future stores, Tiffany & Co. will manage the business operations including merchandising, promotions, pricing, store design, staffing and financial services.

The two entities will contribute capital to the joint venture, reports add.