Herfy to open outlets in Bangladesh

Herfy CEO Ahmed H. Al-Said, Bangladesh Ambassador Golam Moshi, and Greenland chairman Mohammad Abdul Hye cut the cake to celebrate the signing of franchise agreement in Riyadh. (AN photo by Iqbal Hossain)
Updated 04 June 2016
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Herfy to open outlets in Bangladesh

RIYADH: Herfy, a major Saudi fast-food services company, has signed an Area Development Franchise Agreement with Greenland Services Ltd., a business unit of Greenland Group of Bangladesh, to expand its business horizon beyond the Middle East.
The agreement spells out a vision to open 30 Herfy outlets in Bangladesh in a staggered schedule within a few years.
A signing ceremony for the agreement held here recently was attended by Herfy CEO Ahmed H. Al-Said, Bangladesh Ambassador Golam Moshi and Greeland Chairman Mohammad Abdul Hye.
The ceremony was also attended by a large number of guests and
Diplomats, top executives of the Herfy Food Services led by Al-Said, and a large number of guests were also present.
This is the first agreement of its kind between the private sector of the two countries as the Bangladesh economy remained strong and resilient despite external and internal challenges.
In fact, Bangladesh is among the top 12 developing countries with a population of over 20 million, which achieved 6 plus percent growth in 2016.
Now, Bangladesh needs to focus on a growth agenda centered on sustainable and inclusive growth.
Referring to the Herfy-Greenland deal, a press statement said that the agreement entitles Greenland to open 30 stores in Bangladesh within a few years from now. Herfy, as a market leader in fast-food, aspires to expand its presence in other countries. “The business accord that ensures opening of Herfy restaurants in Bangladesh is the first step toward that direction,” said Abdul Hye.
He pointed out that the first Herfy restaurant will be opened this year. He added that Greenland was interested to bring 100 percent halal and hygienic food to the Bangladesh market following the deal with Herfy.
The move to open Herfy dine-in and drive-through restaurants in Bangladesh is significant keeping in view the rapid growth of the fast-food industry sector of Bangladesh.
The food taking habits, especially in the fast-food segment, has been changed a lot over last decade among the people of that South Asian nation.
A large number of Bangladeshi nationals, who have been residing and working in the Kingdom, have developed tastes and likings for Saudi fast-foods including Herfy.
“Today, Herfy is a major fast food restaurant chain in the Kingdom and one of the largest in the Middle East, surpassing international chains in terms of presence,” the statement added.


Adnoc signs deal with Eni on Ghasha concession

Updated 3 min 47 sec ago
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Adnoc signs deal with Eni on Ghasha concession

LONDON: The Abu Dhabi National Oil Company (Adnoc) has granted the Italian oil company Eni a 25 percent stake in an off-shore gas mega-project, in a move that will support the emirate’s efforts to become self-sufficient in gas.
Adnoc is now in discussions with other potential partners for the remaining 15 percent of the available 40 percent stake in the concession earmarked for foreign companies.
The award covers the Ghasha ultra-sour gas concession just off the coast of the UAE, including the Hail and Dalma and other offshore fields. Eni will contribute 25 percent of the development cost of the project which is likely to cost billions of dollars.
The deal comes just days after Adnoc awarded a 40 percent stake to French oil firm Total on Nov. 11 to explore and develop its Ruwais Diyab unconventional gas concession.
The Ghasha gas fields are estimated to hold trillions of standard cubic feet of recoverable gas, according to a company statement.
Once on stream, the project is expected to produce more than 1.5 billion cubic feet of gas per day. This could provide enough gas to supply electricity to more than 2 million homes, said Adnoc.
The project is set to produce 120,000 barrels of oil and high-value condensate per day once complete, the company said.
“Adnoc is committed to ensuring a stable and economic gas supply to the UAE, which is a core component of our 2030 strategy,” said Sultan Ahmed Al-Jaber, UAE minister of state and Adnoc group CEO.
“Development of our Hail, Ghasha and Dalma ultra-sour gas offshore resources, at commercial rates, will make a significant contribution towards delivering that strategic imperative and bringing forward the day when the UAE will not only be self-sufficient in gas but also transitions to net exporter of gas,” he said.
Eni won its first concession rights in the emirate’s oil and gas sector earlier this year, with Adnoc granting the Italian firm a 10 percent interest in its Umm Shaif and Nasr concession and a 5 percent stake in the Lower Zakum concession in March.
“We are pursuing a strategy of growing in the Middle East and today’s signature is further confirmation of our willingness to root our presence in Abu Dhabi,
following the agreements signed last March, with Adnoc,” said Eni CEO, Claudio Descalzi, in a statement.
Adnoc is exploring opportunities beyond Abu Dhabi, having also signed a framework agreement with the Uzbek energy company, Uzbekneftegaz on Tuesday.
The agreement will see the Gulf company provide advice on Uzbekistan’s upstream and downstream operations.