Simit Sarayi today announced that Fawaz Alhokair Group signed a strategic partnership agreement to acquire a 10% stake in Simit Sarayi. Fawaz Alhokair Group will appoint Dr. Abdul Majeed Alhokair, Group Vice President and the driving force behind the Saudi Group's F&B and retail business, as a member of the board of directors of Simit Sarayi.
Fawaz Alhokair Group, one of the largest and most successful operators in the shopping mall, entertainment, F&B and fashion retail sectors in Saudi Arabia and the MENA region, signed a master franchise agreement with Simit Sarayi back in 2014 and successfully rolled out 50 Simit Sarayi stores in the MENA region to date. Under the master franchise agreement, Fawaz Alhokair Group plans to roll out more than 250 stores in the next 4 years.
Abdullah Kavukcu, Chairman and CEO of Simit Sarayi said: "We are very happy to have established a strong shareholder partnership with one of the leading international F&B retail companies Alhokair Group. This investment by Alhokair Group will help Simit Sarayi who is currently present in 21 countries continue on its journey to becoming a leading global F&B retail brand with roots from Turkey.
Fawaz A. Alhokair, Founder and Chairman of Fawaz Alhokair Group, said: "We are very excited to become a strategic shareholder in one of Turkey's leading and iconic F&B retail companies. We have witnessed an outstanding operational and financial performance of Simit Sarayi stores in the MENA region over less than three years and are very impressed by the expanding global footprint of Simit Sarayi."
About Simit Sarayi
Founded in 2002, Simit Sarayi is Turkey's homegrown international F&B retail brand, serving fresh Turkish bagels and other popular Turkish bakery products in Turkey and international markets, through its popular retail stores. By the end of 2017, the company will have 408 stores across 21 countries, including Turkey.
About Fawaz Alhokair Group
The Group presently operates a network of over 16 shopping malls, managing 1.6 million square meters of prime retail real estate. The fashion retail business is present across 16 countries, operates 2,100 stores representing more than 80 international brands.