Daman, ICON Legacy to invest $40m in GCC F&B sector
DUBAI, September 7, 2015
Daman Investments, a leading financial services company in the Arab world, has teamed up with a consortium of partners to bring as many as 15 food and beverage (F&B) industry brands and invest more than Dh150 million ($40.8 million) in the GCC market over the coming three years.
The signature restaurants will be operated by ICON Arabia, a joint venture between Daman Investments and prominent regional and international partners including ICON Legacy Hospitality, a principal Canadian hospitality and entertainment player with F&B concepts in a number of North American cities, said a statement.
Each restaurant concept will be launched under a dedicated investment vehicle, which will offer investors the opportunity to take part in the region’s growing F&B sector, it said.
An investment of Dh1 million or more will allow discerning investors the opportunity to take part in niche F&B ventures, with Daman Investments playing a strategic role in fundraising and seeding the projects.
Sumit Mehta, head of deal structuring and advisory, Daman, said: “The food and beverage sector in the GCC continues to develop rapidly, with the UAE and Dubai in particular evolving into an international culinary destination for restaurateurs and diners alike.
“We are using the UAE as a launch-pad to roll out concepts across the region, while offering investors the opportunity to participate in our dynamic fund ”
Daman Investments and its joint venture partners will be equity participants in each of the concepts brought to the region, while investors will enjoy not only solid financial returns but also exclusive benefits of an ‘Owner’s Club’ that include discounts, VIP bookings, special owners’ tables and invitations to exclusive events, said the statement.
Hanif Harji, chief executive officer, ICON Legacy Hospitality, said: “We are excited to partner with Daman Investments to bring our brand of hospitality to the UAE. Our restaurants are committed to create unforgettable experiences through innovative design, uncompromising service standards, exceptional food quality and an unwavering passion to be best in class”
The three restaurants to be opened under the joint venture early next year are Weslodge, a rugged yet refined contemporary American saloon; Canadian-based Byblos, an Eastern Mediterranean restaurant rooted in coastal cuisine; and the molecular gastronomy bistro, Farzi Café.
The award-winning Farzi Café’s Dubai restaurant will be the modern spice bistro’s first outlet outside India.
Zorawar Kalra, founder and managing director of Massive Restaurants, said: “Farzi Cafe will bring molecular gastronomy to Dubai in a fun and creative way by incorporating popular foods from across the globe with a modern twist on the traditional Indian dishes that people know and love.”
“Our new partnership positions us to leverage opportunities created by Dubai’s vibrant and dynamic restaurant scene to expand across the GCC and further the development of the F&B sector,” Daman Investments chairman Shehab Gargash added. - TradeArabia News Service
