Dubai-based jeweler Damas, which operates almost 150 stores across the Gulf, is being acquired by Titan, an Indian maker of fashion accessories.

Under terms of the $283 million deal announced in Mumbai, Damas will sell a 67% stake in the company to Titan, which is a unit of Indian conglomerate Tata.

Titan said it will make the acquisition through Signature Jewellery Holding, which is registered in the Dubai International Financial Centre.

Meanwhile, the Financial Times reports on how China has become dominant in the market for lab-grown diamonds, using established trading hubs such as Dubai and Antwerp as intermediaries to retail stores.

Emirates Group has launched a global talent drive to support expansion, with plans to hire 17,300 people across 350 different roles this year.

Recruits are being sought across Emirates airline and the dnata ground-handling unit, from cabin crew, pilots and engineers to IT, human resources and finance roles.

The company, which already has a 121,000-strong workforce, will host open days and other recruitment events across 150 cities including the UAE, The National reports.

Emirates airline posted its third consecutive year of record profits last year, with a post-tax profit of AED19.1billion ($5.2 billion) for the year ended in March.

It paid out a generous 22-week bonus to eligible employees following the result.

Mohamed Alabbar, the Emirati developer behind Dubai’s Burj Khalifa, the world’s tallest building, is releasing a memoir.

The 68-year-old founder of Emaar Properties said on Instagram that he wrote “For the Love of the Craft” to share his reflections as a family man and proud citizen of the UAE.

The book’s cover is pictured in the Instagram post but no publishing date is given.

Alabbar, a longtime advisor to the UAE leadership, established Emaar in 1997. The company built the Dubai Mall – then the world’s biggest mall by total area – in 2009 and opened the adjacent 162-story Burj Khalifa the following year.

Alabbar is also Chairman of international property developer Eagle Hills and e-commerce platform Noon.

Saudi Arabia is considering significant cuts to the workforce at NEOM and could relocate more than 1,000 jobs to Riyadh, according to a media report.

Neom, the Public Investment Fund’s umbrella company for a host of megaprojects in northwestern Saudi Arabia, is trying to get a grip on ballooning costs and improve oversight of the vast development.

Staff relocated from the construction site would lose remote location benefits, including housing and meals, Semafor reports.

NEOM employs around 5,000 full-time staff, most of whom are located on site, where they are provided with cabins, round-the-clock canteens, gyms and schools.

Last week it emerged that the PIF had asked consulting firms to review NEOM’s banner construction project, The Line. 

UAE President Sheikh Mohamed bin Zayed traveled through Eastern Europe and Turkey this week, visiting Hungary where he strolled through Parliament with Prime Minister Viktor Orbán.

The stop in Budapest on Thursday followed visits to Serbia and Albania, where Sheikh Mohamed led a delegation of cabinet ministers and senior UAE executives who explored business opportunities in the region.

Also traveling with the UAE President were Sheikh Hamdan bin Mohamed, Deputy Chairman of the Presidential Court for Special Affairs; Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology, and CEO of ADNOC; Dr. Thani Al Zeyoudi, Minister of Foreign Trade; and Khaldoon Al Mubarak, Chairman of the Executive Affairs Authority and CEO of Mubadala.

Prominent in the entourage in Serbia was Mohamed Alabbar, chief of Dubai-based Emaar and Eagle Hills Properties, who has been active for years in the capital of Belgrade and other Eastern European cities.

Most recently, Alabbar has teamed up with Jared Kushner, founder of Miami-based Affinity Partners and son-in-law of U.S. President Donald Trump, to build a Trump Tower hotel in Belgrade on the site of the former Yugoslav Ministry of Defense.

In Hungary, government officials from the two countries signed 14 draft agreements in fields ranging from energy, agriculture, food production, defense and telecommunications. Budapest-based 4iG Space and Defense Technologies also signed three preliminary deals with Abu Dhabi’s defense conglomerate EDGE Group.

The Hungarian company also agreed to explore joint investment opportunities with Abu Dhabi sovereign wealth fund Mubadala and work with UAE telecom e& on submarine cables and data centers, Hungary Today reports.

U.S. asset manager BlackRock and its partners are close to reaching a deal to invest $10 billion in infrastructure tied to Saudi Aramco’s massive $100 billion Jafurah shale gas project.

This comes as Aramco looks to monetize assets amid falling oil prices while still pushing ahead with major investments, Reuters reports.

The deal would likely mirror past “lease and lease-back” arrangements, which raised nearly $28 billion and let Aramco retain control while paying usage tariffs.

Jafurah is key to Aramco’s goal of boosting gas output by 60% by 2030, enabling the the kingdom to play a greater role in the global gas trade.

Saudi Arabia has “a lot of patient capital” when it comes to developing its games industry, according to Prince Faisal bin Bandar Al Saud, the Chairman of the Saudi Esports Federation.

“A lot of people tell me we notice a lot of the investment you’re doing in esports, but we don’t see a lot of the investments you’re making in gaming,” Prince Faisal told Arabian Business Gulf Insights.

“It’s because to build a games industry takes five to 10 years.”

The kingdom, which is currently hosting the Esports World Cup in Riyadh with a record-breaking $71.5 million prize pool, has earmarked $38 billion from the Public Investment Fund for building out the industry via its homegrown Savvy Games Group. 

If there were any doubts about Bahrain’s commitment to pouring $17 billion into the U.S. economy, Crown Prince Salman bin Hamad Al Khalifa insisted at the White House that “these aren’t fake deals.”

Meeting with President Donald Trump in the Oval Office on Wednesday before joining him for a private lunch, Prince Salman, who serves as Bahrain’s Prime Minister, hailed the relationship between the two countries, which includes Bahrain hosting the U.S. Naval Forces Central Command and the U.S. Fifth Fleet.

In response, Trump said he appreciated the investment and admired Bahrain’s ability to pay for it. “You don’t have to borrow the money,” he said.

Nevertheless, the President recalled his swing through the Middle East in May when he was showered with investment pledges from Saudi Arabia, Qatar and the UAE that dwarfed what Bahrain plans to spend.

All told, Trump said he came out of the trip with $5.1 trillion in deals, more than twice what was previously announced.

While Prince Salman didn’t spell out Bahrain’s shopping list in defense deals or corporate transactions, Bahraini financial institutions and corporate firms announced plans to invest $10.7 billion in the U.S. That included a $2 billion agreement between Bahrain’s sovereign wealth fund, Mumtalakat, and a consortium of American companies in aluminum-related industries.

In addition, Bahrain’s flag carrier Gulf Air is reportedly weighing an order for up to 20 additional Boeing aircraft to modernize its fleet, according to Bloomberg.

Along with the Bahrain visit, Trump hosted a private dinner on Wednesday with Qatar’s Prime Minister Sheikh Mohammed bin Abdulrahman al-Thani, which focused on the Gulf state’s effort to mediate hostage negotiations between Israel and Hamas.