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Tiffany & Co. announced that it has signed a memorandum of understanding to enter into a strategic joint venture with Damas Jewellery, a company incorporated under the laws of Dubai, related to the operation of Tiffany & Co. retail stores in the United Arab Emirates. Under the memorandum of understanding which covers five Tiffany & Co. stores (three in Dubai and two in Abu Dhabi) as well as future store expansion, Tiffany will be responsible for merchandise assortment and pricing, advertising and promotional activities, staffing, store design and visual display and financial services. The joint venture is expected to begin operating in the second quarter of 2012.