UAE group to open ZwZ outlets in Saudi
Riyadh, May 21, 2012
UAE-based Cravia Holding, the parent firm of top franchises of Cinnabon, Seattle’s Best Coffee and Zaatar w Zeit (ZwZ) has joined hands with Rawabett AlOkhowwa (part of Saudi conglomerate AlRajhi Group) to invest SR30 million ($7.9 million) in the Kingdom.
The company signed a joint venture agreement with Rawabet Elokhowa to set up
Wraps Arabia, which will be responsible for ZwZ’s growth and expansion in Saudi.
The strategic partnership kicks off immediately with the opening in September in Al Tahlia Street, Riyadh, of what will be the largest ZwZ outlet in the world, said the duo at the signing ceremony.
Cravia Holding CEO Walid Hajj said, “Building on the enormous success we have enjoyed in the UAE over the last decade, we are now ready to take our brands further afield. As the largest market in the region, our entry into Saudi Arabia represents immense growth potential, which we hope to achieve through our partnership with one of the most respected companies in the Kingdom and indeed the whole region.”
After the debut of ZwZ in Riyadh, the company will embark on an aggressive expansion plan with 57 additional outlets scheduled to be opened over the next few years.
“This ambitious expansion programme is a testament to the demand forecast for the brand,” remarked Hajj.
“The introduction into the Kingdom comes in parallel with that of a new brand identity for ZwZ. The enhanced new identity is modern and reflects a more international brand appeal,” he noted.
With these new developments, Cravia will leverage its existing infrastructure to manage operations in the Kingdom, benefitting largely from the economies of scale in terms of, among others, purchasing and manpower.
“Expansion into Saudi is a natural progression for the group, given the history of our parent company, United Group, which has its roots in the Kingdom, and our vast experience in that market," said Hajj.
"We go forth with fortitude and a mind-set to be as successful in Saudi as we have been in the UAE," he added.-TradeArabia News Service