Majid Al Futtaim Ventures and Daud Arabian announce milestone investment partnership in Gourmet Gulf. Partnership set to boost multi-franchise company’s regional expansion strategy.
Dubai, UAE: Majid Al Futtaim Ventures and Daud Arabian announce a joint venture agreement in Gourmet Gulf, a leading food and beverage (F&B) retail company in the Middle East. The partnership marks a first entry into the Middle East F&B market for Majid Al Futtaim Ventures, which operates as the growth engine driving new enterprise development for Majid Al Futtaim Holding. Gourmet Gulf holds the exclusive development and franchise rights in a number of Middle East markets and India for top-tier brands such as California Pizza Kitchen, Morelli’s Gelato, YO! Sushi and Hummingbird Bakery.
A successful operator with a growing presence in the region for more than 10 years, Gourmet Gulf currently operates 40 F&B outlets across the Gulf and India. The joint venture will bring Majid Al Futtaim Ventures’ leadership across the MENA region to Gourmet Gulf, consolidating its considerable depth of experience in the regional food industry.
“The Middle East and surrounding markets are experiencing some of the fastest growth in the world, particularly in the food industry. This partnership enables Gulf Gourmet 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, Gulf Gourmet.
Commenting on the agreement, Ahmed 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.”
Operating from its headquarters in Dubai, Gourmet Gulf is scheduled to open over 25 restaurants in the next six months. Sami Daud said: “Our objective is to have well over 200 outlets in operation by 2020, an ambitious 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.”