US burger chain Steak ‘n Shake has announced major expansion plans in the Middle East, and will launch its first outlet in Saudi Arabia next year.
Steak ‘n Shake has signed an exclusive agreement with Saudi-based AB Holdings to open 50 restaurants across the Kingdom in the coming years, it said in a statement.
The brand expects to open its first venue in Riyadh during the first half of 2014.
Eng. Faisal Abdullah Al Blehed, CEO of AB Holdings, said, “To us, this partnership stands as a testament to our continuous strategy of new acquisitions to bringing the best of restaurant brands to the Kingdom.”
Steak ‘n Shake opened its first regional restaurant in Dubai in 2013, after signing an agreement with the Saleh Bin Lahej Group to open 40 restaurants throughout the UAE.
Sardar Biglari, chairman of Biglari Holdings, which owns Steak ‘n Shake, said, “We now have forged a forceful beginning in the Middle East with total commitments for 90 restaurants.”
The premium burger chain, which currently operates over 520 restaurants, is planning further global expansion, mainly in the Middle East and Europe. Steak ‘n Shake will open its first European store in Ibiza, Spain in 2014, the company said.
The Gulf has become a hotbed of retail activity, with cities like Dubai attracting scores of international retailers.
According to a recent report by CBRE, Dubai currently ranks second globally – following London – on a list of cities with the highest percentage of international retailers.