UAE-based Cravia Holding, owners of the Middle East franchises for Cinnabon, Seattle's Best Coffee and Zaatar w Zeit (ZwZ), said on Monday it is expanding its operations into Saudi Arabia.
The company said it has signed a joint venture agreement with Rawabet Elokhowa Company, part of Al Rajhi Group, one of the kingdom's biggest conglomerates.
The agreement will result in a SR30m investment in the establishment of Wraps Arabia, which will be responsible for ZwZ's growth and expansion in Saudi Arabia. ZwZ sells fast food including Manakeesh, is a popular Levantine food consisting of dough topped with thyme, cheese, or ground meat.
As part of the deal, the company will embark on an aggressive expansion plan with 58 outlets scheduled to be opened over the next few years.
The partnership will begin with the opening in September in Riyadh of the largest ZwZ outlet in the world.
Cravia Holding CEO, Walid Hajj, said: "Building on the enormous success we have enjoyed in the UAE over the last decade, we are now ready to take our brands further afield.
"As the largest market in the region, our entry into Saudi Arabia represents immense growth potential, which we hope to achieve through our partnership with one of the most respected companies in the kingdom and indeed the whole region."
Cravia said it will leverage its existing infrastructure to manage operations in the kingdom, adding that expansion into Saudi Arabia was a "natural progression".