Saudi fast-food chain Herfy expands to Nigeria

Saudi fast-food chain Herfy expands to Nigeria
It is aiming to increase the number of outlets it owns and leases in the Kingdom to 400 by the end of this year. (Supplied)
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Updated 30 May 2021

Saudi fast-food chain Herfy expands to Nigeria

Saudi fast-food chain Herfy expands to Nigeria
  • Herfy Food Services Company was established in 1981, and the first Herfy restaurant opened in Riyadh that same year
  • As of September 2020, the company owns a total of 40 restaurants and leases 345

Herfy Food Services Company, Saudi Arabia’s largest fast-food chain, has signed an agreement with EatRite Food Services, granting it franchise rights to open up to 50 outlets in Nigeria.

“This agreement comes as a continuation to Herfy’s approach to becoming international, which is one of the pillars of the 2030 Vision announced by HRH The Crown Prince, Mohammed bin Salman, as the company is looking forward and working on being present in the Far East, GCC countries, and Africa,” the company said in a bourse statement on Sunday.

The two companies first began talks in February this year and according to the Tadawul announcement the franchise agreement will last for 10 ten years, with an average of five branches opening a year, starting from 2021.

Herfy Food Services Company was established in 1981, and the first Herfy restaurant opened in Riyadh that same year. As of September 2020, the company owns a total of 40 restaurants and leases 345.

It is aiming to increase the number of outlets it owns and leases in the Kingdom to 400 by the end of this year.

In December 2017, Herfy opened its first franchised branch outside of the Middle East in Bangladesh, and according to an agreement signed with Bangladeshi private-sector company Greenland Services Ltd. in 2016, Herfy aims to open 30 outlets within “a few years.”

Herfy reported net profit after Zakat and tax of SR25.5 million ($6.8 million) for the first quarter of 2021, an increase of 2 percent year-on-year, according to the Argaam website.

Its restaurant segment made a profit of SR500,000 in the first three months of this year, compared to losses in Q1 2020 and Q4 2020. The rebound was attributed to an 8 percent year-on-year increase in sales to SR252 million.


United Nations praises Saudi Arabia's 'bold and courageous' climate change plans revealed at SGI 2021

United Nations praises Saudi Arabia's 'bold and courageous' climate change plans revealed at SGI 2021
Updated 11 sec ago

United Nations praises Saudi Arabia's 'bold and courageous' climate change plans revealed at SGI 2021

United Nations praises Saudi Arabia's 'bold and courageous' climate change plans revealed at SGI 2021

Saudi Arabia said it has submitted its Intended Nationally Determined Contribution (INDC) to the United Nations Framework Convention on Climate Change today, according to the country's Energy Minister.

INDCs are instruments set out under the Paris Agreement that allow us to assess how the world is moving forward in addressing climate change.

Addressing the Saudi Green Initiative Forum in Riyadh, Prince Abdulaziz bin Salman revealed the details had been sent via email.

Reacting to the annoucement, Patricia Espinosa, executive secretary to the UNFCCC, said: "This is certainly the kind of leadership that the world needs precisely at this time and I want to commend His Royal Highness, the government of the Kingdom of Saudi Arabia for this very bold and courageous decisions that send a powerful signal just a few days before we start the conference in Glasgow. 

"Just a few months ago, I had the privilege of having a conversation with his Royal Highness and asked him to consider presenting a nationally determined contributions."

 


Global energy transition will take time, UAE state minister says

Global energy transition will take time, UAE state minister says
Updated 1 min 38 sec ago

Global energy transition will take time, UAE state minister says

Global energy transition will take time, UAE state minister says
  • Al-Jaber, who is also the chief executive officer of the Abu Dhabi National Oil Company (ADNOC) Group, said the world is entering an oil supply crunch

RIYADH: UAE Minister of State Sultan Al-Jaber said the world “need to accept” that global energy transition will take time. 

Al-Jaber, who is also the chief executive officer of the Abu Dhabi National Oil Company (ADNOC) Group, said the world is entering an oil supply crunch. 

He added 80 percent of energy demand is still coming from fossil fuel, and the world is “underinvesting” in hydrocarbons. 


Saudi energy minister optimistic Kingdom can achieve net carbon zero before 2060 

Saudi energy minister optimistic Kingdom can achieve net carbon zero before 2060 
Updated 44 min 57 sec ago

Saudi energy minister optimistic Kingdom can achieve net carbon zero before 2060 

Saudi energy minister optimistic Kingdom can achieve net carbon zero before 2060 

RIYADH: Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman said the Kingdom might reach the net carbon zero target ahead of the 2060 mark. 

The minister was building on earlier statements by the Saudi Crown Prince Mohammed bin Salman during the Saudi Green Initiative in Riyadh. 

Carbon reduction efforts, including investing in renewable energy and the circular economy, will help the Kingdom achieve this goal, the energy minister said. 


Saudi Arabia to reach net zero carbon by 2060: Crown Prince Mohammed bin Salman

Saudi Arabia to reach net zero carbon by 2060: Crown Prince Mohammed bin Salman
Updated 6 min 58 sec ago

Saudi Arabia to reach net zero carbon by 2060: Crown Prince Mohammed bin Salman

Saudi Arabia to reach net zero carbon by 2060: Crown Prince Mohammed bin Salman

RIYADH: Saudi Arabia’s Crown Prince Mohammed bin Salman said the Kingdom is aiming to achieve net carbon neutrality by 2060, during a speech to the Saudi Green Initiative forum in Riyadh on Saturday.

The Crown Prince said Saudi Arabia aims to reduce its carbon emissions by 278 million tons per year by 2030, with the adoption of the Carbon Circular Economy — based on zero waste — will help reach the target.

The Kingdom will also join the Global Methane Pledge to contribute to cutting global methane emissions by 30 percent by 2030, as part of its commitment to deliver a cleaner, greener future.

The Crown Prince said the Kingdom will plant 450 million trees and rehabilitate 8 million hectares of degraded lands by 2030, reducing 200 million tons of carbon emissions with additional initiatives to be announced in the years to come

To further amplify its protection of terrestrial, marine and coastal environments, the Crown Prince announced that Saudi Arabia is joining the Global Ocean Alliance, establishing the Ocean Exploration Foundation and announcing a number of initiatives – including a Global Center for Tourism Sustainability.

He added that this first set of initiatives represents over 700 billion Saudi riyals contributing to the growth of the green economy.

The Crown Prince said: “The Saudi Green Initiative will provide huge investment opportunities for the private sector, quality job opportunities for the next generation of leaders in the Kingdom and enhanced international relationships that will have a positive impact on the region and the world.”


What to expect at the Saudi Green Initiative forum today 

What to expect at the Saudi Green Initiative forum today 
Updated 23 October 2021

What to expect at the Saudi Green Initiative forum today 

What to expect at the Saudi Green Initiative forum today 
  • Crown Prince Mohammed bin Salman is launching the forum to announce the Kingdom’s new “green” objectives

DUBAI: The Saudi Green Initiative forum in Riyadh is happening today, with high-profile government leaders and international personalities taking the stage to discuss the Kingdom’s environmental efforts. 

Crown Prince Mohammed bin Salman is opening the forum to announce the Kingdom’s new “green” objectives. 

His remarks will be followed by fireside chat with Prince Abdulaziz bin Salman bin Abdulaziz Al-Saudi, the Kingdom’s energy minister. 

Other Saudi ministers are also speaking at the forum, exploring specific themes around business and the environment, marine and ocean life, and the oil and gas industry. 

Big corporate icons, including Paddy Padmanathan of ACWA Power and Jasper Graf of Daystar Power US, are also participating in the forum.