Famous Brands on Wednesday, 9 April 2014, said it had established a strong platform for growth in the Middle East and North Africa (MENA) regions with the signing of a master license agreement for Saudi Arabia‚ Lebanon‚ Morocco‚ Iran and Egypt.
The agreement applies to the group's Steers‚ Wimpy and Debonairs Pizza brands in all these countries as well as the Mugg & Bean brand in Morocco and Egypt.
The master license agreement has been concluded with Xcelium‚ a bespoke food services business created by parent company Lebanon-based Xcelium Holdings. The company is also a leading developer of telecommunications in Africa.
The agreement incorporates an aggressive roll-out plan that targets opening 38 restaurants in these five countries within five years.
The group's current footprint in the Middle East and North Africa is small‚ comprising three Debonairs Pizza restaurants in Dubai and four in Sudan as well as one Steers restaurant.
Famous Brands' managing executive for rest of Africa‚ Mark Hedderwick‚ said that while some international brands had already penetrated some of these markets‚ consumer demand and aspirations remained relatively underserviced.
"Local eateries and 'informal' indigenous restaurants still account for the lion's share of consumer spend ... our strategic advantage is early-to-market or first-mover status‚" he said.
Xcelium CEO Yasser Zein said the company had been working with Famous Brands since early last year on the granting of the master license and was very excited that it had now been concluded.
The demographics of Middle Eastern and North African consumers favour quick-service food consumption. About 25%-30% of the Middle Eastern population is aged between 15-29 years and has grown up eating processed foods and dining in Western-style fast-food restaurants and coffee shops. Women in these regions are now better positioned to build careers and have greater financial independence than previous generations‚ promoting increased disposable income. Similar to many other emerging markets‚ as consumers become cash-rich but time-poor‚ they gravitate towards convenience-food solutions.
I-Net Bridge For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.
We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field. Go to: http://www.inet.co.za
LEGAL DISCLAIMER: This Message Board accepts no liability of legal consequences that arise from the Message Boards (e.g. defamation, slander, or other such crimes). All posted messages are the sole property of their respective authors. The maintainer does retain the right to remove any message posts for whatever reasons. People that post messages to this forum are not to libel/slander nor in any other way depict a company, entity, individual(s), or service in a false light; should they do so, the legal consequences are theirs alone. Bizcommunity.com will disclose authors' IP addresses to authorities if compelled to do so by a court of law.