Turkish home-grown F&B brand Simit Sarayi says that Saudi Arabia-based Fawaz Alhokair Group signed a strategic partnership agreement to acquire a 10% stake in Simit Sarayi. Fawaz Alhokair Group will appoint Dr Abdul Majeed Alhokair, group vice president, as a member of the board of directors of Simit Sarayi.
Fawaz Alhokair Group, one of the largest and most successful operators in the shopping mall, entertainment, F&B and fashion retail sectors in Saudi Arabia and the MENA region, signed a master franchise agreement with Simit Sarayi back in 2014 and successfully rolled out 50 Simit Sarayi stores in the MENA region to date. Under the master franchise agreement, Fawaz Alhokair Group plans to roll out more than 250 stores in the next four years.
“We are pleased to establish a strong shareholder partnership with Alhokair Group. This investment by Alhokair Group will help Simit Sarayi, with a current presence in 21 countries, continues on its journey to becoming a leading global F&B retail brand,” says Abdullah Kavukcu, chairman and CEO of Simit Sarayi.
“We are delighted to become a strategic shareholder in one of Turkey’s leading and iconic F&B retail companies. We have witnessed an outstanding operational and financial performance of Simit Sarayi stores in the MENA region over less than three years and are very impressed by the expanding global footprint of Simit Sarayi,” adds Fawaz A. Alhokair, founder and chairman of Fawaz Alhokair Group.
Founded in 2002, Simit Sarayi targets 408 stores across 21 countries, including Turkey, by the end of 2017.
Fawaz Alhokair Group presently operates a network of over 16 shopping malls, managing more than 17 million sqft of the prime retail real estate. The fashion retail business is present across 16 countries, operates 2,100 stores representing more than 80 international brands.