Hana will now have the exclusive right to develop the Burger King brand in Egypt and other north African countries.
Burger King’s first restaurant opening will take place during the second quarter of 2007 at Egypt's City Stars Mall, Cairo, one of the largest shopping malls in the region. A further two openings are due to follow shortly in Sharm El Sheikh, signaling the beginning of a large expansion program that will follow over the next five years.
To increase the penetration of the brand in new and existing markets, Olayan has signed an agreement with a strategic partner, the Kuwaiti Al-Shaya group, through the formation of a joint venture.
Burger King Corporation signed its first development agreement with Olayan in 1991. Through Hana International, Olayan now operates or services more than 180 Burger King restaurants throughout the Middle East including Saudi Arabia, the UAE, Kuwait, Jordan, Bahrain, Qatar and Lebanon, and is the largest Burger King franchisee in the region. Its highly experienced international management team has helped foster four consecutive years of double-digit growth.
Peter Robinson, President, Burger King Europe GmbH, said, "Olayan has a proven track record of delivering strong results in international brand expansion programs and we look forward to driving our growth with them. We are especially pleased to announce our expansion to Egypt, one of north Africa's most important economies.
"Lubna Olayan, CEO, Olayan Financing Company, said: "We are excited by this opportunity to expand our agreement with Burger King. Olayan prides itself on having built a world-class franchising organization for the Middle East, and we look forward to bringing the great flame-grilled taste to a wider market."