Search This Blog
Thursday, March 29, 2007
BURGER KING(R) TO EXPAND IN EGYPT
29/03/2007
ZUG, Switzerland, March 29 /PRNewswire/ -- Burger King Corporation (NYSE: BKC) announced today that its subsidiary,
Burger King Europe GmbH, has signed a development agreement with Hana
International Company Limited, a subsidiary of Olayan Financing Company, the
Saudi and Middle Eastern arm of The Olayan Group. The agreement gives Hana
the exclusive right to develop the BURGER KING(R) brand in Egypt and other
north African countries.
The opening of the first BURGER KING(R) restaurant will take
place during the second quarter of 2007 at Egypt's City Stars Mall, Cairo,
one of the largest shopping malls in the region. A further two openings are
due to follow shortly in Sharm El Sheikh, signalling the beginning of a large
expansion programme that will follow over the next five years.
To accelerate the development of the brand in new and
existing markets, Olayan has signed an agreement with a strategic partner,
the Kuwaiti Al-Shaya group, through the formation of a joint venture.
Burger King Corporation signed its first development
agreement with Olayan in 1991. Through Hana International, Olayan now
operates or services more than 180 BURGER KING(R) restaurants throughout the
Middle East including Saudi Arabia, the UAE, Kuwait, Jordan, Bahrain, Qatar
and Lebanon, and is the largest BURGER KING(R) franchisee in the region. Its
highly experienced international management team has helped foster four
consecutive years of double-digit growth.
Peter Robinson, President, Burger King Europe GmbH, said,
"Olayan has a proven track record of delivering strong results in
international brand expansion programmes and we look forward to driving our
growth with them. We are especially pleased to announce our expansion to
Egypt, one of north Africa's most important economies."
Lubna Olayan, CEO, Olayan Financing Company, said: "We are
excited by this opportunity to expand our agreement with BURGER KING(R).
Olayan prides itself on having built a world-class franchising organisation
for the Middle East, and we look forward to bringing the great flame-grilled
taste to a wider market."
About Burger King Corporation
The BURGER KING(R) system operates more than 11,100
restaurants in all 50 states and in more than 65 countries and U.S.
territories worldwide. Approximately 90 percent of BURGER KING(R) restaurants
are owned and operated by independent franchisees, many of which are
family-owned operations that have been in business for decades. To learn more
about Burger King(R) Corporation, please visit the company's Web site at
www.burgerking.com.
About The Olayan Group
Founded in 1947, The Olayan Group is a private, multinational
enterprise made up of more than 50 companies and affiliated businesses. In
Saudi Arabia, where the group originated, Olayan engages in product
distribution, manufacturing, services and investment. Olayan's food services
entity, Hana International, is the master Burger King franchisee in the
Middle East. More at www.olayan.com.
About the M.H. Alshaya Co
M.H. Alshaya Co. is a franchisee for over 40 of the world's
most recognised retail brands including H&M, Starbucks Coffee, Mothercare,
Debenhams, Boots, The Body Shop and Foot Locker. The company operates over
1,200 stores across eight Middle East countries, as well as Cyprus, Turkey,
Egypt, Russia and Poland. The company employs more than 14,000 employees from
over 35 nationalities.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment