Leisure & Hospitality Jadwa buys 60% of Saudi chain Tikkaway Restaurants By Pramod Kumar July 18, 2024, 4:59 AM Tikkaway Restaurants Tikkaway currently has 20 branches and plans to expand to over 40 branches across the Kingdom in the next 24 months Jadwa Investment is acquiring a majority stake in the Saudi fast-food chain Tikkaway Restaurants for an undisclosed sum. The Riyadh-based investment management company acquired a 60 percent stake in Tikkaway through its food and beverage opportunities fund. The homegrown restaurant chain has 20 branches and plans to expand to more than 40 outlets across the kingdom in the next two years. Jadwa’s first acquisition in the F&B sector was the buyout of the Dubai-based food and beverage operator Black Spoon Group in December 2023. The company manages client assets worth SAR80 billion ($20 billion) in public equity, private equity, real estate, private credit, fixed income, and money market investments. The Saudi Arabia quick service restaurants market is estimated by the Indian market research company Mordor Intelligence at $9.35 billion in 2024. In a report, Mordor said it expected the market to reach $14.59 billion by 2029, growing at a CAGR of 9.31 percent
Manufacturing Alba and Ma’aden ‘terminate’ merger discussions Aluminium Bahrain (Alba) and the Saudi Arabian Mining Company (Ma’aden) have ended talks over a merger of the two Gulf manufacturing giants. Discussions had been ongoing since last year and it had been hoped that a deal could be completed in the first quarter of 2025, according to Alba’s chief executive Ali Al Baqali. Last […] 4 hours ago
Editor's insight Economy Balancing the Saudi books to improve growth The sixth line of the Riyadh metro has now opened – a considerable achievement executed at unprecedented speed, according to architects and engineers interviewed by Valentina Pasquali. But the IMF is predicting growth in the Saudi economy of only 1.5 percent this year. Not so great. It is easy to be sceptical of macroeconomic forecasts, subject as they […] 2 hours ago
Finance Aldar secures $2.5bn credit facility to support growth Aldar Properties, Abu Dhabi’s largest developer, has raised AED9 billion ($2.5 billion), taking its overall liquidity to AED27 billion to back its ongoing growth initiatives. The sustainability-linked multi-tranche revolving credit facility attracted orders from 15 global and regional financial institutions. The facility, which has a five-year tenor and incorporates conventional and Islamic tranches across AED […] 2 hours ago
Oil & Gas Oil may hit $90 on Russia curbs and Iran output cut Brent crude oil prices could rise above $85 a barrel in the short-term if the latest round of US sanctions against Moscow leads to lower Russian oil output, Goldman Sachs said on Sunday. Prices could touch $90 a barrel if the decline in Russian output coincides with a reduction in Iranian production, the bank said. US president Joe Biden imposed the broadest package of sanctions so […] 2 hours ago
