The JV is named ICON Arabia. This joint venture promises to bring 15 F and B brands to the GCC.
Daman, the Dubai oriented property management agency declared that this organization has built a joint venture business relationship with the Canada based organization ICON Legacy Hospital to devote in GCC’s F and B sector.
The JV Company, which was named ICON Arabia, will devote around AED 15 million into the market. With the help of this business partnership, it is planning to present 15 different and new food and beverage icons to the field. Other devotees will be taking part to invest in the scheme, according to the statement.
Every restaurant theme will be bombarded underneath an enthusiastic funding vehicle. Devotees giving AED 1 million or more than that will be allowed to take part in this alcove food and beverage adventure organised by the joint venture. DI (Daman Investment) said this will advocate the prime role in money raising and implementing the project.
In the beginning of the next year in the UAE, the first 3 themed restaurants under JV will be introduced. Byblos, Farzi Café, and Weslodge are included in the list.
The Food and Beverage field in the Gulf Cooperation Council countries will grow remarkably with the UAE and Dubai getting involved into a global kosher target for foodies and lunch rooms alike. This was said by Sumita Mehta, the head of deal structuring and advisory of Daman.
The UAE will act as a stage to bring out the contexts across the GCC in the meantime, offering the devotees the chance to take part in the dynamic project fund.
From 2014 to 2018 the food and beverage market is predicted to rise by 17% that is $13.2 billion. This was reported by the EI (Euromonitor International).
This huge opportunity has grabbed the attention of many investors. They showed their interest in investing in the F and B sector.
Marka added that this firm has spent AED 600 million for the possession of Food and Beverage and other trade icons. The firm will spend an additional AED 250 million for the same cause by the end of 2015.