In late July, sources close to a consortium of regional investors said they were looking to put additional capital into Alfardan to finance a major expansion of its jewellery operation in Saudi Arabia (MEED 30:7:08).

The potential investors included investment funds, regional banks and other regional jewellery retailers.

However, Alfardan now says that no talks are taking place about such a deal.

“This [the new investment] has not been talked about and we have not appointed financial advisers,” says Alfardan. “We are not interested in selling any of our businesses.”