Americana Restaurants International has confirmed that it is in preliminary discussions to acquire a stake in Cravia Inc., the Dubai-based restaurant operator behind brands including Zaatar W Zeit, Five Guys, and Cinnabon, across the Middle East.
According to a Bloomberg report published last week, the stake under discussion is currently held by the private equity firm Fajr Capital, which has been a significant shareholder in Cravia since its 2016 investment. The terms of a possible exit by Fajr Capital have not been disclosed.
Cravia operates over 100 restaurants in the region under franchise agreements and has expanded its footprint in Gulf markets, including the UAE, Saudi Arabia, and Qatar. The group also holds franchise rights for Seattle’s Best Coffee and Cinnabon.
Americana, one of the largest food and beverage operators in the region, owns and franchises brands, including KFC, Pizza Hut, Krispy Kreme, and TGI Fridays. The company listed on the Abu Dhabi Securities Exchange and the Saudi Exchange in a dual IPO in late 2022, raising more than $1.8 billion.
According to data from LSEG, Americana is 66% owned by Adeptio AD Investments SPC, a joint venture between Mohamed Alabbar, founder of Emaar Properties, and Saudi Arabia’s Public Investment Fund (PIF). The remaining shares are publicly traded on the ADX and Tadawul.
The potential acquisition aligns with Americana’s strategy to expand its portfolio and regional footprint. The company reported revenue of $2.3 billion in 2023 and has been evaluating bolt-on acquisitions to strengthen its quick-service restaurant segment.
The food services sector in the Gulf is undergoing consolidation as consumer demand for branded, fast-casual dining continues to grow. Rising disposable incomes, changing eating habits, and population growth are driving expansion across key GCC markets. According to Euromonitor, the Middle East’s food service market is expected to reach $64 billion by 2027, up from $56 billion in 2023.
