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BurgerFuel expands into Qatar, shares jump

Friday 10th February 2012

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Burger Fuel Worldwide, the local fast-food chain targeting growth in the Middle East, has signed a master license agreement to roll out stores in Qatar. The shares rose almost 5 percent.  

The burger chain, which went public in 2007, has signed an agreement with Al Siddiqi Group, which operates hospitality and retail clothing chains across the Middle East.

“Qatar is another significant market for BurgerFuel as it’s developing quickly and further substantial expansion is under way over the next decade in preparation for the upcoming FIFA World Cup,” Chris Mason, chief executive of international markets.

BurgerFuel exports New Zealand grass-fed beef to the Middle East and recently opened its first store in Iraq, with further stores currently under construction in Dubai and South Arabia. It will open a store in Egypt later this year.

Shares of Burger Fuel rose 4.8 percent to 66 cents and have climbed 23 percent this year.

(BusinessDesk)

BusinessDesk.co.nz

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