According to a Reuters report, the Public Investment Fund (PIF) has been shortlisted to buy a stake in the Middle East, North Africa and Central Asia Starbucks franchise, currently operated by Alshaya Group. The PIF could purchase up to 30% of Kuwait-based Alshaya Group’s minority share.
Alshaya, the region’s leading brand franchise owner, hired investment banking firm, JP Morgan, last year to sell a significant minority stake in the business, which could generate up to $5 billion.
The Starbucks franchise in the region has outlets in 14 countries, including approximately 1,000 stores in the MENA region and 300 in Saudi Arabia.
The Starbucks franchise in the region has outlets in 14 countries
The projected investment is the latest sign of Saudi Arabia’s efforts to boost coffee production and heritage recognition. The Saudi Coffee Company, a government-backed organization entrusted with increasing the Kingdom’s coffee production, was created in May by the PIF.
Saudi Arabia’s Ministry of Culture has designated 2022 as ‘The Year of Saudi Coffee’.
Arabic 
English