Majid Al Futtaim Ventures, a unit of the Dubai-based mall developer, has announced a joint venture agreement to invest in Gourmet Gulf Company, a food and beverage (F&B) restaurant company in the Middle East.
The partnership with Daud Arabian marks a first entry into the Middle East F&B market for Majid Al Futtaim Ventures, part of Majid Al Futtaim Holding.
Operating from its headquarters in Dubai, Gourmet Gulf is scheduled to open more than 10 restaurants in the next six months.
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.
The company, which was founded by Daud Arabian in 2006 and led by its CEO Sami Daud, currently operates 25 F&B outlets across the Gulf.
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, a statement said.
"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 considerate manner to maintain our leading position in the F&B franchising sector," said Sami Daud, CEO, Gourmet Gulf.
Commenting on the agreement, 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. Combining this with our retail expertise makes for a compelling alliance, and we are confident of mutual success."
Daud added: "Our objective is to have well over 100 outlets in operation by 2020, a goal that we are well on our way to achieving. 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."
Congratulation!