Global restaurant chain upbeat on KSA trade
A senior management team of US-based DineEquity (parent company of Applebee’s restaurant) recently visited Saudi Arabia and held several rounds of high-level meetings with the senior executives of Tarfeeh, a SEDCO Holding Group company and franchisee of Applebee’s in Saudi Arabia.
The DineEquity team, which included Daniel Del Olmo (president), Edgar Tholen (chief development officer) and Gary Moore (VP operations, Middle East and Europe) also met senior executives of SEDCO Holding Group.
“Middle East is a key region for our business and Saudi Arabia in particular presents immense potential for growth and development. This market is vibrant with lots of opportunities and Applebee’s together with its franchisee Tarfeeh, is a perfect match,” said Del Olmo.
Waleed bin Mahfouz, chairman of Tarfeeh, expressed his confidence and commitment in the partnership.
He stated that “though Applebee’s is already one of the largest casual dining franchisee in Saudi Arabia, there is still a lot of market to tap with different prototypes.”
Anees Moumina, CEO of SEDCO Holding Group, added: “Together DineEquity and SEDCO are ready for further strengthening the business relationship between the two entities and explore more growth opportunities.”
During the last decade or so, restaurant industry landscape in Saudi Arabia has changed drastically.
Local players shared the market with international fast food chains.
With the arrival of international casual dining restaurant chains, market demographics started to change at a rapid pace. Today there are several casual dining restaurant chains mostly American, successfully operating in Saudi Arabia.
In quest for expansion and growth these international chains have invested heavily in the country.