MANILA — Casual dining chain operator Max’s Group Inc. (MGI) has signed an agreement with Jeddah-based Al-Bader National Establishment for Real-Estate Development to put up 12 Pancake House stores in Saudi Arabia within the next five years.
This is the first development agreement secured by MGI for 2018.
“Our international business continues to build on its momentum sustained from last year. We are excited with the prospect of entering a familiar territory this time around with another one of our loved brands,” Max’s Group, Inc. President and Chief Executive Officer Robert Trota told the local bourse.
Jeddah-based Al-Bader National Establishment for Real-Estate Development is primarily engaged in real estate trading, property development, commercial operations of shopping malls and furnished apartments.
The company recently entered the food and beverage business by selectively partnering with reputable global food names. It plans to invest in complementary industries, such as food and tourism.
“We are excited to bring Pancake House to Saudi Arabia. We have been searching for a renowned brand to spearhead our venture into the food sector with the intention to deploy a substantial amount of investment. We find the brand’s assorted menu mix and all-day dining concept appealing to various demographic profiles,” said company chief executive officer Badr Hamdi Hamed Albalawi.
Pancake House currently operates seven overseas franchised outlets in Malaysia and United Arab Emirates.
It plans to add at least two more branches in the United Arab Emirates and open its first store in Qatar in 2018.
MGI is set to further accelerate international expansion activities with a target of 20 to 30 new outlets for 2018 primarily across core brands Max’s Restaurant, Pancake House and Yellow Cab Pizza.
It aims to end the year with about 75 to 80 stores abroad.