American private equity firm Apollo Global Management Inc has been in talks to purchase a portion of AlShaya's Starbucks company. Starbucks declared in October that it was a non-political organisation and refuted claims that it had given aid to the Israeli army or government. In January, Starbucks reported that its first-quarter profits fell short of market forecasts, citing the Israel-Hamas conflict as a factor in its declining regional business.

Source: The North Africa Journal March 06, 2024 08:11 UTC