Dubai-based Audacia Capital, a newly established investment bank, has acquired a 30 per cent stake in Al Safadi, a popular chain of casual dining restaurants specializing in traditional Lebanese food.

Emad Mansour, founder and CEO, Audacia Capital said: “The acquisition of Al Safadi marks our first investment in the burgeoning food and beverage sector.”

“Rapid urbanization, increase of a multicultural young population and rising incomes have led to a change in consumer consumption habits.  Eating out has become a major attraction and food service outlets have become preferred destinations for business meetings and family gathering. As the MENA economies continue to boom there is a significant opportunity in the food service segment for further growth and innovation.

“Al Safadi is a well-established brand that has managed to capture a significant market share of the Lebanese casual dining segment in the UAE.  The brand is well positioned to capitalize on the opportunities of the lucrative food service sector in the MENA region. Our aim is to drive the growth of Al Safadi and expand its geographical footprint,” Mansour added.

Fadi Al-Safadi, CEO of Al Safadi Restaurants Company said: “We welcome Audacia Capital as an equity partner.  Our partnership with Audacia Capital comes at an opportune time as the foodservice sector in the MENA region, and specifically in UAE, is undergoing unprecedented growth.  We have an ambitious growth strategy and are confident that in cooperation with Audacia Capital we will be able to successfully expand into the region and reinforce the Al Safadi brand.”

Al Safadi brand started in 1994 in Beirut, Lebanon and during the year 2000 decided to develop a casual dining concept in Dubai, UAE. Al Safadi Restaurants has grown to include two restaurants and one café in Dubai in addition to a restaurant in Erbil, Kurdistan Iraq, which opened for business in October 2013. Over the next three years, it plans to open further restaurants in Dubai and Abu Dhabi and to venture into Saudi Arabia.

World Bank statistics indicate that the GCC population is likely to reach 52.8 million by 2020 whilst PWC projects that the GCC food service sector will grow by 50 per cent to reach $25 billion by 2018. – TradeArabia News Service