Raydan Cuisines and Restaurants Co. has inked a five-year franchise agreement with Abdel Hafez Ahmed Co. to act as an agent for Raydan in three locations in the Southern Province, the Nomu-listed firm said in a bourse statement.
The agreement will reflect positively on the company’s earnings for 2020, and will represent 4 percent of gross revenue, plus inauguration fees of SAR 112,500 ($30,000) per branch.
Abdel Hafez Ahmed Co. was incepted in 2000 with a multi-purpose business portfolio.
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