Cairo-based Egy Florida Royalty Group has acquired the franchise of the U.S. brand IHOP in a deal amounting to $1 million, its chairperson Safi Ahmed announced on Sunday.
Ahmed said that the acquisition aims to benefit from the advantages of the Egyptian economy at the current period, in addition to providing job opportunities in the brand’s branches in Egyptian governorates as well as coastal cities.
“The contract for the commercial franchise of IHOP is up to 27 years, which is evidence of our vision for the economic future of Egypt through the role of President Al-Sisi and Egyptian government to advance development, and the country’s ability to attract foreign capital under global pressures,” she elaborated.
Ahmed added: “We have entered into commercial negotiations that lasted for a year and a half to obtain the IHOP franchise.”
The contract was concluded with Dine equally, company bearing the IHOP & Applebees brands, headquartered in California, United States.
“Stable economic and security conditions that have been achieved in the era of President Abdel Fattah al-Sisi and stimulating foreign investors to expand in Egypt encouraged us to obtain the franchise,” Ahmed said.
“The security and economic aspect was one of the most important reasons for the American side’s approval to enter Egypt. Accordingly, we will work to cover all governorates during the next 5 years and provide initial job opportunities that exceed 2,000.”
She added that the Egyptian economy is witnessing a tremendous development in light of the great economic growth led by President al-Sisi, who granted Egyptian and foreign investors privileges to advance investment in all sectors. Huge breakthrough achieved by the government in several fields whether in infrastructure, industrial and investment sectors, has made Egypt a major investment destination for the world’s investors, she noted.
