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.
The first two days of the 25th edition of Beautyworld Middle EastOctober 6, 2021 | By RetailME Bureau
Words by Farimah Moeini, Snapchat Head of Industry – Retail and Travel TheJuly 5, 2021 | By RetailME Bureau
Union Coop, a consumer cooperative in the UAE, revealed that 78% of
Union Coop has opened its 23rd branch within the UAE in Jumeirah
Nando’s has revealed their revamped Sheikh Zayed Road outlet where newcomers and
UAE-based Al Maya Group announced that it will be boosting import of
UAE-based grocery retail chain, Grandiose has opened its first hypermarket in Abu
UAE-based Carrefour announced its theme and plans for Ramadan 2021. The brand
Locally owned supermarket Spinneys celebrates 60 years of doing business in the
UAE-based Carrefour will become the first retailer in the region to offer new levels
The Organic Farmers’ Market is back in Bay Avenue for its 12th
UAE-based Lulu Group recently inaugurated its first-ever all-female staff store in Jeddah,
Jones the Grocer, the gourmet grocer and cheese retailer launches the Jones
Jumeirah Aras Group has opened its first franchise of the German restaurant
UAE’s home-grown boutique café and artisan bakery brand Bloomsbury’s is expanding its
Subway has announced a new master franchise agreement in the UAE with
The Ministry of Human Resources and Social Development in Saudi Arabia has
British retailer Marks & Spencer has brought its pop-up store experience to Dubai
Deliveroo, the on-demand food delivery service in the UAE, has unveiled its
Extravagant, conceptual, great food and views are some of the ways that
Al Qana, the waterfront social dining and entertainment destination in Abu Dhabi,
Abu Dhabi’s state investment company ADQ is in talks to invest about $500 million
Food trucks may have seemed like a good idea at the time,
British retailer Marks & Spencer, operated by the Al-Futtaim Group has announced