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Mr. Nemir Kirdar, Executive Chairman & CEO of Investcorp, said: "Despite challenging economic and market conditions, this is evidence of the resilience of Investcorp's unique business model. Good business opportunities are available in MENA and deals can be done. Our Gulf franchise and local tiffany jewelry on sale were key in getting us this deal and in forging this partnership with Mr. Al Othaim to add value to L'azurde over the coming years."

Mr. Abdul Aziz Al Othaim, L'azurde's Founder, Chief Executive and Chairman, said: "From the beginning, my mission has been to develop quality and affordable gold and fashion jewellery, while achieving sustained growth and added value for customers and shareholders. Investcorp is the perfect partner for L'azurde as we continue to grow. Not only is Investcorp tremendously respected as the pioneer of private equity in the region, but it also has extraordinary relevant experience in growing global consumer brands, including Gucci and Tiffany & Co. I believe that tiffany jewelry on sale with Investcorp, a firm that shares my vision and business ethics, will open the next successful chapter in L'azurde's story."

Mr. Azmat Taufique, co-head of Investcorp's Gulf Growth Capital tiffany jewelry on sale, said: "We have agreed this deal based on 2008 real performance and current market conditions. L'azurde is a business that performs well even in difficult market conditions and one that has tremendous development potential. Mr. Al Othaim has built it as a non-cyclical business appealing to a wide range of retail and wholesale consumers due to its craftsmanship, creative design and strong brand. In addition, the Middle East jewellery market is underpinned by a growing middle class, strong tiffany jewelry on sale, cultural affinity with gold and increasing fashion consciousness. We believe there is significant potential to take L'azurde's strong base and extend it further across the MENA region, creating the platform for a truly international brand."

Mr. Christophe de Mahieu, co-head of Investcorp's Gulf Growth Capital business said: "L'azurde plays at the heart of Investcorp's strengths, our expertise in the jewellery business and our superior capabilities in value enhancement management. We are very much looking forward to working with Mr. Al tiffany jewlery on sale and our partners to continue growing and enhancing the performance of the company."