MIAMI Burger King's largest franchisee in the Middle East, Olayan Financing Co., plans to open the chain's first unit in Egypt through a development agreement with its subsidiary, Hana International Company Ltd.
The agreement with Burger King subsidiary Burger King Europe GmbH gives Hana the exclusive right to develop the brand in Egypt and other North African countries. The first unit is slated to open in Cairo's City Stars Mall. Two subsequent openings are scheduled for Sharm El Sheikh, with major expansion planned over the next five years, the parties said. Olayan and the Kuwaiti Al-Shaya group have formed a joint venture to accelerate development.
Burger King signed its first development agreement with Olayan in 1991. Through Hana International, Olayan operates more than 180 units throughout the Middle East. Olayan's parent company, the Olayan Group, is a private, multinational firm made up of more than 50 companies.
Burger King operates or franchises more than 11,100 restaurants in more than 65 countries and U.S. territories.
