BurgerFuel sells Kuwait franchise
NZX-listed restaurant business BurgerFuel Worldwide is moving into Kuwait after selling the master licence for its branded restaurants in the country to Al Khayyat Investments.
Al Khayyat, previously called Alphamed, was BurgerFuel's first Middle Eastern master licensee when it opened restaurants in Dubai in the United Arab Emirates.
Al Khayyat operates five BurgerFuel stores in Dubai and has another eight sites under construction or scheduled to open in the next year, according to a BurgerFuel statement to the NZX.
BurgerFuel says Kuwait has a population of over 3.5 million people and has the world's fifth largest oil reserves.
The company said the World Bank rated Kuwait as being the fifth richest nation in the world per capita.
BurgerFuel CEO for international markets Chris Mason said the deal was recognition of BurgerFuel's reputation as an international company.
"It's great to see our original partners in the Middle East, Al Khayyat Investments, wanting to build on the success they have had with BurgerFuel in the UAE and to acquire a second BurgerFuel country," Mason said.
BurgerFuel currently has stores in the UAE, Saudi Arabia and Iraq, with further master licence agreements already in place for Egypt, Qatar, Libya and Bahrain.
BurgerFuel shares are currently trading at $1.07.
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