February 8, 2024US private equity firm Apollo Global Management is in talks to buy a minority stake in the Middle East, North Africa and Central Asia Starbucks franchise operated by Kuwait's AlShaya Group, according to a report. The Starbucks unit runs around 2,000 cafes in 13 countries across the Middle East and North Africa as well as Azerbaijan and Kazakhstan. It used to operate around 130 stores in Russia, but closed them following the country’s 2022 invasion of Ukraine. Starbucks has been operating in the Middle East since 1999. Saudi Arabia’s sovereign wealth fund the Public Investment Fund is still in negotiations to buy its own stake, two sources told Reuters Thursday.

Source: The North Africa Journal February 08, 2024 18:34 UTC