BurgerFuel Worldwide, the New Zealand-based fast food company, has sold the Master License agreement for the rights to BurgerFuel Iraq.
BurgerFuel chief executive for international markets, Chris Mason, who is based in Dubai, said:
“We’re moving forward in our plans to establish BurgerFuel in the Middle East by adding Iraq to our other territories in the UAE, Saudi Arabia and Bahrain. Whilst Iraq poses new challenges, it's another important region and we think early establishment will allow time for us to eventually open a number of restaurants there.”
The first BurgerFuel in Iraq will open in Sulaymaniyah. The Iraqi consortium that has bought the rights for BurgerFuel Iraq also own 50% of Iraq’s North Bank financial institution as well as 50% of Pepsi Iraq.
With Pepsi being the dominant soft drink in Iraq, the consortium is looking forward to adding BurgerFuel to their stable of successful brands.
One of the new principals, Raad Braich, is already very familiar with the BurgerFuel brand and adds the Master Franchise agreement for BurgerFuel in Iraq to his interests as a board member of the Iraqi National Business Council.
“We’ve found the Iraq partnership an interesting prospect, with strong and established business partners who approached us already having a good understanding of the BurgerFuel brand as well as the local Iraqi market”, said BurgerFuel Worldwide chief executive, Josef Roberts.
“We are interested in all global territories and we seek to take advantage of our non-American, pure New Zealand positioning, wherever we can.”
(Sources: The National Business Review, Radio NZ)