Cravia Holding, Rawabett Al-Okhowwa in SR30m deal

The UAE-based Cravia Holding, parent company of the highly popular franchises of Cinnabon, Seattle’s best coffee, and Zaatar w Zeit (ZwZ), is expanding its operations in the Kingdom.
The company has signed joint venture agreement with Rawabet Al-Okhowa (part of the Al-Rajhi Group), one of Saudi Arabia’s foremost conglomerates operating in the fields of real estate, banking, manufacturing, as well as food and beverage.
The agreement will result in an SR30 million investment in the establishment of Wraps Arabia, which will be responsible for ZwZ’s growth and expansion in the Kingdom.
The strategic partnership kicks off immediately with the opening in September in Al-Tahlia Street, Riyadh, of what will be the largest ZwZ outlet in the world.
Cravia Holding CEO Walid Haj said: “Building on the enormous success we have enjoyed in the UAE over the last decade, we are now ready to take our brands further afield. As the largest market in the region, our entry into Saudi Arabia represents immense growth potential, which we hope to achieve through our partnership with one of the most respected companies in the Kingdom and indeed the whole region.”
After the debut of ZwZ in Riyadh, the company will embark on an aggressive expansion plan with 57 additional outlets scheduled to be opened over the next few years.
“This ambitious expansion program is a testament to the demand forecast for the brand,” says Haj. “The introduction into the Kingdom comes in parallel with that of a new brand identity for ZwZ. The enhanced new identity is modern and reflects a more international brand appeal.”