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Riyadh, Saudi Arabia - Papa John’s International, Inc. (NASDAQ: PZZA) (“Papa John’s”), the world's third-largest pizza delivery company, continues to expand its global presence by opening new restaurants in Riyadh, the capital of Saudi Arabia. PJP Investment Group (“PJP”), which specializes in food and beverages and is wholly owned by Levant Capital, has announced its partnership with Papa John’s. The two companies have signed a concession agreement aimed at implementing ambitious expansion plans to enhance the company's presence in the Kingdom over the next five years.
PJP's first four new outlets opened in Riyadh on Tuesday, October 26 in Sulaimaniyah, Al-Nouzha, Al-Malqa and Qurtubah.
Commenting on the new partnership, Jack Swaysland, Chief Operating Officer, International, at Papa John's, said, "We look forward to strengthening our partnership with PJP Investment Group and accelerating our growth in Saudi Arabia. PJP has a strategic advantage due to its reputation and extensive experience managing restaurant brands. Given Saudi Arabia's efforts to become a global tourism hub, its booming economy, and its young population, we see great opportunities to meet the needs of the region's more than 32 million people, thanks to the Kingdom's high demand for quality pizza.”
Saudi Arabia's food and beverage market has grown since the launch of Vision 2030, making it the leading market for quick-service restaurants. The pizza industry in Saudi Arabia alone is expected to register a compound annual growth rate of 11.35% between 2020 and 2025, and the fast food and online food delivery sector is expected to grow rapidly and continuously.
Tapan Vaidya, CEO of PJP Investment Group, said, "This is an amazing opportunity to develop the Papa John's brand in Saudi Arabia and contribute to The Kingdom's Vision 2030. Our plan is to open more than 100 restaurants in the next 10 years. We also look forward to spreading the fun of sharing pizza with family and friends, as well as bringing the Papa John’s promise of “BETTER INGREDIENTS. BETTER PIZZA. to life for customers across the Kingdom.”
For more than 36 years, Papa John's has been known for its quality products and distinctive menu, as well as its heritage of digital leadership that has increased the ease and convenience of enjoying its menu offering. In addition, Papa John's offers franchise partners an attractive opportunity, thanks in part to its continued growth and popularity of the brand.
Papa John's has a wide global presence, with more than 5,500 locations around the world in 49 countries and territories as of June 28, 2021. In recent years, Papa John’s has entered 13 new countries, including Spain, Portugal, Germany, Cambodia, Pakistan, France, Tunisia, Iraq, Morocco, Kazakhstan and Poland.
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