MANILA, Philippines – Shakey’s Pizza Asia Ventures Incorporated (PIZZA), the listed firm behind the Shakey’s pizza chain, has announced its expansion plans in the Middle East.
In a statement on Friday, July 14, PIZZA, through its subsidiary, Shakey’s Pizza Regional Foods Limited, recently signed an area development agreement with Aljeel Capital LLC, a Dubai-based group, to build at least 10 Shakey’s Pizza outlets in the United Arab Emirates (UAE) over a 5-year period.
The first store under this agreement will be located in Dubai, scheduled to open in the first half of 2018, according to the firm.
“Dubai, UAE, and the rest of the Middle East are great markets for us. Not only are there strong and welcoming Filipino communities which love the Shakey’s brand and are excited about experiencing it away from home, but there are also tremendous growth opportunities within the mainstream markets there,” said Vic Gregorio, PIZZA president and CEO.
The agreement marks the second international franchise for PIZZA which owns the perpetual rights to the Shakey's brand for the Middle East, Asia (excluding Japan and Malaysia), China, Australia, and Oceania.
The agreement now brings the firm’s planned total international pipeline to at least 20 outlets over the next few years.
The first came in December 2016 when it signed an agreement to open at least 10 Shakey’s stores in Kuwait. The store in Kuwait will be the company’s first outlet outside of the Philippines and is on track to open in the third quarter of 2017.
In the Philippines, Shakey’s stores totaled 189 stores as of March 2017.
As of market close on Friday June 14, trading on PIZZA stock was up 2.61% to 13.36%. – Rappler.com