Florida’s BurgerFi set to expand into Saudi Arabia

Florida’s BurgerFi set to expand into Saudi Arabia
BurgerFi restaurant in Gainesville, Florida.
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Updated 13 January 2021

Florida’s BurgerFi set to expand into Saudi Arabia

Florida’s BurgerFi set to expand into Saudi Arabia
  • The first Saudi BurgerFi outlet is due to open in Burj Alfardan in Khobar City in the fourth quarter of 2021

RIYADH: US-based gourmet restaurant chain BurgerFi International is set to expand into Saudi Arabia with the signing of a new agreement with Food Supplies Co. to open six restaurants in the Kingdom.

The first Saudi BurgerFi outlet is due to open in Burj Alfardan in Khobar City in the fourth quarter of 2021, with five further outlets expected to follow shortly afterwards.

The Palm Beach brand, which was established in 2011, currently has two outlets in Kuwait.

“While our main focus is to grow from our dominant position as the market leader in Florida in the ‘Better Burger’ category and expand domestically, we anticipate we will also pursue strategic opportunities both in other parts of the US and countries beyond our borders,” Julio Ramirez, CEO of BurgerFi, said in a press statement.

“We currently operate in the Middle East and believe that we have selected the strongest partners to develop the brand in the Eastern Province of Saudi Arabia.”

Food Supplies CEO Thamer Al-Hathal said that his company was attracted to the BurgerFi brand because of its unique approach to food production and preparation.

“They use beef that is free of hormones, steroids and antibiotics. We have such a huge demand for this type of concept in Saudi Arabia and we know that BurgerFi will fill that void,” he said.

“BurgerFi is an extremely fast-growing concept, and we are excited to get ahead of the game and be part of this revolutionary restaurant and grow it in the Middle East. We see this as a long-term partnership,” Al-Hathal added.

BurgerFi has 125 outlets around the world and plans to open 25 more in 2021. The restaurant chain became a public company in December 2020 and is now traded on the Nasdaq stock exchange.


Gold ticks up on weaker dollar, US stimulus hopes

Gold ticks up on weaker dollar, US stimulus hopes
Updated 36 min 22 sec ago

Gold ticks up on weaker dollar, US stimulus hopes

Gold ticks up on weaker dollar, US stimulus hopes
  • Spot gold rises 0.1 percent to $1,854.95 per ounce by 0329 GMT
BENGALURU: Gold prices gained on Monday as the dollar eased and hopes that a massive economic stimulus in the world’s largest economy would be passed remained intact.
Spot gold rose 0.1 percent to $1,854.95 per ounce by 0329 GMT, recovering from a 0.9 percent decline in the previous session. US gold futures eased 0.1 percent to $1,854.30.
President Joe Biden’s administration tried to head off Republican concerns that his $1.9 trillion pandemic relief proposal was too expensive on a Sunday call.
“We’re seeing bigger question marks over the passage of Biden’s stimulus package, Senate Republicans are starting to stand a bit more objectionable with particular parts of the package,” said Lachlan Shaw, National Australia Bank’s head of commodity research.
“So it does raise the question about the speed and the timing of the package.
(Although,) some of the issues of the vaccine delays in the US are perhaps tilting the balance in odds of favor of that stimulus,” Shaw added.
The dollar was down 0.1 percent against rival currencies, making gold cheaper for holders of other units.
Gold is considered a hedge against inflation, likely from widespread stimulus.
Also supporting the precious metal, global coronavirus cases rose to more than 98 million as countries struggled to increase the pace of vaccinations.
Investors now await the US Federal Reserve’s policy meeting due on Jan. 26-27.
“The Fed is likely to take the conservative course and wait for additional data and assume fragility, given the short-run effects of tackling COVID in the US more aggressively could weaken sales and domestic economic activity,” said Nicholas Frappell, global general manager at ABC Bullion.
“The longer term outlook and technical support remain bullish so above $1,840, look for moves back to $1,870-$1,880.”
Silver gained 0.7 percent to $25.58 an ounce, platinum rose 0.1 percent to $1,099.61, and palladium added 0.1 percent to $2,354.47.