Get the week’s news highlights straight to your inboxUS investment firm Apollo Global Management Inc and Saudi Arabia’s Public Investment Fund (PIF) have been cited as interested parties in the 2,000-store coffee shop franchiseA Starbucks store in Riyadh, Saudi Arabia | Photo credit: Alshaya GroupKuwait-based Alshaya Group is reportedly in talks to sell a minority stake in its sizeable Starbucks franchise business in the Middle East. US private equity firm Apollo Global Management Inc and Saudi Arabia’s Public Investment Fund (PIF) are both interested in acquiring a stake, with Alshaya Group seeking to sell approximately 30% of its business, according to a Reuters report. Saudi Arabia’s PIF was first linked with a minority stake purchase in June 2022, with Bloomberg reporting that a deal was close in the following September. In October 2023, Alshaya Group CEO John Hadden said the franchisee was seeking to open 250 Starbucks stores annually across the Middle East to reach 3,000 outlets by 2028. Founded in 1890, Alshaya Group is one of the largest retail operators in the Middle East with operations across the foodservice, fashion, pharmacy and entertainment industries.
