MAF, Daud Arabian in joint venture deal
Dubai, August 12, 2013
Majid Al Futtaim Ventures and Daud Arabian have announced a joint venture partnership in Gourmet Gulf, a Dubai-based leading food and beverage restaurant company in the Middle East.
The partnership marks a first entry into the Middle East F&B market for Majid Al Futtaim Ventures, said a statement.
Gourmet Gulf holds the exclusive development and franchise rights in a number of Middle East markets for top-tier brands such as California Pizza Kitchen, Morelli’s Gelato, YO! Sushi and Hummingbird Bakery.
It was founded by Daud Arabian in 2006 and led by its CEO, Sami Daud. The joint venture will bring Daud Arabian’s and Majid Al Futtaim Ventures’ experience across the Mena region to Gourmet Gulf, consolidating its considerable depth of experience in the regional food industry.
“The Middle East and surrounding markets are experiencing some of the fastest growth in the world, particularly in the food industry. This partnership enables Gourmet Gulf to scale our operations and propel our rate of expansion in a dynamic, but considered manner to maintain our leading position in the F&B franchising sector,” said Sami Daud, CEO, Gourmet Gulf.
Ahmed Galal Ismail, CEO of Majid Al Futtaim Ventures, said: “This is a landmark partnership as our first investment in the Middle East F&B sector. Gourmet Gulf is a very well respected operator with an exceptional portfolio of brands and a solid track record in the region.”
Gourmet Gulf is scheduled to open over 10 restaurants in the next six months.
Daud said: “In addition to the opening of new outlets of our existing franchise brands, we are also in the final stages of signing a number of new concepts for the region which will launch very early next year.” – TradeArabia News Service