Questions have been raised about whether the Saudi food company, Albaik, will compete with Kentucky Fried Chicken (KFC), which has long dominated the nation’s fast food and fried chicken markets with dozens of outlets.
In the Arab Republic of Egypt, which has a population of more than one million, Al Baik is relying on the burgeoning fast food industry.
The expansion plan was announced during the latest visit to Cairo by Crown Prince Mohammed bin Salman.
It was part of a package of Saudi investments of $7.7 billion that will be distributed across a large number of sectors in Egypt, including renewables, pharmaceuticals, and e-commerce.
Albaik, Saudi’s leading fried chicken brand, which has over 120 branches in Saudi Arabia, the UAE, and Bahrain, will partner with food manufacturer Halwani Bros. Co. in implementing the plan.
Under the deal, the two sides will pay 1 billion Egyptian pounds (roughly $53 million) to execute that plan in the coming months.
