Strategic development in Saudi Arabia
ECF Group announces a strategic development in Saudi Arabia under the Restofair brand and the opening of a first Cash & Carry store in Riyadh by the end of 2023. This first store will be operated in partnership with the Abed and Al-Babtain families, exclusive partners for the Group’s future development in the most dynamic market in the Middle East. The partnership agreement was formalized at the French - Saudi Investment Forum, held on 19 June 2023 in Paris. ECF Group aims to open at least three stores in Saudi Arabia by 2025.
A new Restofair store in Riyadh, which will open in the second half of 2023, will complete the network of the Restofair International brand, the 1st specialized distribution platform for professionals in the Hotel and Catering industry, A subsidiary of ECF Group, with a strong presence in the United Arab Emirates, Morocco, Oman, Seychelles and Maldives. Saudi Arabia’s first Restofair store is located in an existing building being renovated on King Salman Bin Abdulaziz Avenue, in the capital’s hyper-centre. The store & showroom with a surface of 2000m² on two floors, will benefit from a unique, wide and deep range of equipment products for the Hotel & Catering industry. Almost all the suppliers listed by ECF Group worldwide will support this expansion project.
To develop the Saudi market, ECF Group has partnered with two local families with unique expertise in Food Service. This association takes place within the framework of a management contract. This type of asset light contract had already enabled the Group to establish operations in Oman, the Maldives and the Seychelles.
The Al-Babtain Group was founded and remains managed by entrepreneurs strongly established in the Kingdom of Saudi Arabia, and which develops leading companies in agri-food distribution of semi-finished products, but also in Infrastructure, Telecommunications and Tourism. The future structure will also draw on the experience of the Abed Group, one of the most important actors of the Saudi Kingdom in the Bouche, Bakery and Pastry professions, as well as on all the Logistics expertise and the development of 35 Cash&Carry. ECF Group is pleased to partner with the Abed and Al-Babtain families in a project forged around common values, serving current and future customers of a country that is one of the most dynamic in the development of the Tourism, Hotel and Restaurant sector.
My Restofair International brand was established in the Middle East in 2004 with the opening of the first Restofair-Rak store in Dubai (in partnership with Rak Porcelain). The opening in 2023 of the Riyadh store reflects an ambitious growth strategy around structuring projects for ECF Group in the area. The 2030 vision of the Kingdom of Saudi Arabia is based in particular on the growing tourism industry, around cultural events (universal exhibition), sports (football World Cup) or religious (holy places of Mecca and Medina), with the construction or renovation of 300,000 hotel rooms, the tripling of the share of tourism in the country’s GDP and reaching 100 million tourists per year.
The development of Restofair in the Middle East, Africa and India region is part of the profound evolution of ECF Group committed since 2017 with the support of its shareholders, notably Naxicap Partners. The Group’s expansion project in Saudi Arabia is supported by PAI Partners, a pre-eminent private equity firm, which is currently in exclusive negotiations for the acquisition of a majority stake in ECF Group.
Christophe ALAUX, Chairman & CEO of ECF GROUP, said :
« We have been working for 3 years on the project to open Saudi Arabia, which is already the most promising tourism market in the world for the next 10 years. Restofair International is the most recognized brand in the Middle East for the supply of equipment & hygiene of the HoReCa sector. Our arrival with a leading brand, a unique product offering of 6,000 stored references, an omnichannel distribution and already a portfolio of large BtB accounts in tourism is likely to transform the sector ».
Abdullah AL-BABTAIN, CEO ALBABTAIN FOOD & Board member of HIC (Hospitality International Company), said :
« We are pleased to have this partnership with ECF, the main aim of that partnership is to develop the hospitality sector in line with The Saudi Vision for 2030 , specially in Tourism and Quality of Life programs ».
Mohanad ABED, CEO ABED TRADING & Board member of HIC (Hospitality International Company), concluded :
« ECF Group and HIC Company, two leading entities in the field of hospitality and culinary equipment solutions, are proud to announce the launch of Restofair Saudi. This strategic collaboration aligns perfectly with the Kingdom's Vision 2030, which emphasizes the diversification of the economy , development of tourism and hospitality sectors. By offering a comprehensive range of cutting-edge culinary products, equipment, and services, the joint venture aims to elevate the standards of the HORECA market, enhance customer experiences, and contribute to the overall growth of the industry ».