The Cheesecake Factory Incorporated (NASDAQ: CAKE) today announced it has entered into an exclusive licensing agreement with the Kuwait-based Alshaya group of companies to build and operate The Cheesecake Factory restaurants in the Middle East. The agreement provides for the development of 22 restaurants over the next five years in five countries – United Arab Emirates, Kuwait, Bahrain, Qatar and the Kingdom of Saudi Arabia – with the opportunity to expand the agreement to include other markets in the Middle East and North Africa, Central and Eastern Europe, Russia and Turkey.
“We are excited to announce a significant step forward in the implementation of our global growth strategy through the development of The Cheesecake Factory brand restaurants in international markets, beginning with the Middle East. The Cheesecake Factory is an iconic brand and a consumer favorite, not only in the United States, but by reputation across the globe. Our agreement with Alshaya provides us with another avenue for growth and will enhance our ability to continue delivering shareholder value,” said David Overton, Chairman and CEO.
“With our menu featuring over 200 items that are prepared fresh daily in our restaurants and our focus on quality and hospitality, our restaurants are extremely complex to operate, and we set the bar very high in terms of our standards. We found the premier partner in Alshaya to operate and execute The Cheesecake Factory restaurants in a manner that is consistent with our existing domestic operations. The portfolio of restaurant and retail brands that Alshaya operates is impressive and speaks to its capabilities in successfully bringing leading brands to the Middle East, a highly desirable and growing market for American brands,” concluded Overton.
“We continuously ask consumers in the Middle East to tell us which U.S.-based casual dining restaurants they want most in their local markets. The Cheesecake Factory is always at the top of the list. We are delighted to be the company’s initial licensee to develop and operate this outstanding restaurant concept internationally. The quality and popularity of The Cheesecake Factory brand, coupled with our local market expertise, as well as our track record of launching and operating high-profile American brands in the Middle East, produces a winning combination,” said Mohammed Alshaya, Chairman of the retail division of Alshaya.