Raydan inks 5-year franchise agreement worth SAR 112,000

17/12/2019 Argaam

 

Raydan Cuisines and Restaurants Co. signed on Dec. 16 a franchise agreement with Al Hayal Restaurant & Kitchen at a total value of SAR 112.500 ($30,000), including the franchise fees and a percentage of sales.

 

Under the deal, Al Hayal, Raydan’s commercial agent, will offer meals under Raydan brand for 5 renewable years in Yanbu Industrial City, the company said in a bourse filing.

 

The agreement will help Raydan expand its presence across the Kingdom, the Tadawul-listed company said, adding it will pursue more expansions inside and outside the Kingdom soon.

 

The deal will have a positive impact on Raydan’s Q2 2020 financials, and no related parties are involved in the deal, the statement added.

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