Middle East franchisee Americana on Tuesday said it had reached a deal with Pizza Hut parent firm Yum Brands to open 100 Pizza Hut branches in Saudi Arabia over the next three years.
Americana, which operates Pizza Hut franchised branches elsewhere in the region, will open up to 30 locations in Saudi Arabia’s largest cities and regions by early 2023, it said.
For the latest headlines, follow our Google News channel online or via the app.
The deal excludes the Saudi city of Jeddah, Americana said.
Oil-rich Saudi Arabia is the most populous Arab state in the Gulf, with a population of roughly 34 million.
Sources told Reuters in April that Americana Group had hired banks for a potential dual listing in Saudi Arabia and the United Arab Emirates.
Founded in Kuwait in 1964, Americana operates 1,800 restaurants across the region, according to its website. It also operates the franchises for KFC, Hardee’s, and Krispy Creme, among others.
Fast-food giant Americana hires bank to advise on possible Saudi or UAE IPO: SourcesThe Middle East and North Africa franchisee of fast-food restaurants KFC and Pizza Hut has hired investment bank Rothschild & Co to advise on a ... Economy
Saudi fund buys into firm controlling food group AmericanaAmericana operates nearly 1,700 outlets for regional franchises of Pizza Hut, KFC, Krispy Kreme and other Western brands Economy
Dubai-based group expected to buy majority of Kuwait’s Americana sharesKuwait’s stock exchange says auction will take place on Oct. 20 Financial Markets
Gulf investors buy $2.4 billion stake in Kuwaiti franchise giant AmericanaThe Kuwait Food Company made the announcement in a stock exchange filing Saturday Economy
Kuwait’s Americana says shareholder in talks on stake saleThe company, which has a market value of around $4.3 billion, did not identify the parties Retail
Saudi's Savola has initial talks with Americana shareholderSavola said it had signed a non-disclosure agreement with the shareholder, and repeated that it had not entered into any binding commitments. Retail