JEDDAH: Herfy Food Services Company, Saudi Arabia’s largest fast-food chain, has opened its fifth restaurant in Bangladesh, following the success of previous branches in the capital city.
The financial impact from the opening will reflect in the first quarter of 2021, the company said in a Tadawul statement.
Herfy inaugurated its first branch outside the Middle East under a franchise system in Bangladesh in December 2017.
According to an agreement signed with Bangladeshi private-sector company Greenland Services Ltd. in 2016, Herfy aims to open 30 outlets within “a few years.”
In 2020, Herfy reported an estimated annual net profit after zakat and tax of SR 53.6 million ($14.29 million), a drop of 73 percent year-on-year, as revenue for the year fell 16.6 percent to SR 1.074 billion.
Herfy was hit by the closure of its restaurants in malls and shopping centers. Moreover, working hours at stores had been reduced while administrative and general expenses had increased.
At its Bangladesh branches, Herfy offers training for employees and provides its franchisees with its own products, including meat, chicken and sauces — all made in its Saudi-based factories.
Herfy Food Services Company was established in 1981, and the first Herfy restaurant opened in Riyadh that same year. As of September 2020, the company owns a total of 40 restaurants and leases 345.
Saudi fast-food chain Herfy expands in Bangladesh
https://arab.news/bc8e8
Saudi fast-food chain Herfy expands in Bangladesh
- Herfy inaugurated its first branch outside the Middle East under a franchise system in Bangladesh in December 2017
- Herfy Food Services Company was established in 1981, and the first Herfy restaurant opened in Riyadh that same year
Record $14.4bn rise in Saudi holdings of US Treasuries
RIYADH: Saudi Arabia increased its holdings of US Treasuries by 10.71 percent in November in what was the largest increase since data tracking began in 1974, according to the latest official data,
The Kingdom’s US Treasury portfolio stood at $148.8 billion in the month, up $14.4 billion from October.
Following the increase, Saudi Arabia moved up one place to 17th place among the largest foreign holders of US Treasuries.
Countries including Saudi Arabia invest in US Treasuries for their perceived safety, liquidity, diversification benefits, and alignment with economic ties to the US.
The Kingdom’s holdings were 17.25 percent higher in November compared with January 2025.
The allocation highlights Saudi Arabia’s preference for longer-dated US government debt as part of its foreign reserve strategy, focused on capital preservation, liquidity, and diversification amid global market volatility.
Saudi Arabia’s holdings included $106.8 billion in long-term securities, accounting for 72 percent of the total, while short-term holdings stood at $42 billion, or 28 percent.
Globally, Japan remained the largest foreign holder of US Treasury securities at $1.2 trillion, followed by the UK at $888.5 billion, mainland China at $682.6 billion, and Belgium at $481 billion.
Canada ranked fifth with holdings of $472.2 billion, followed by the Cayman Islands and Luxembourg in sixth and seventh positions, with portfolios valued at $427.4 billion and $425.6 billion, respectively.
France placed eighth with $376.1 billion, followed by Ireland at $340.3 billion and Taiwan at $312.5 billion.
Other countries included in the top 20 list include Switzerland, Singapore, Hong Kong, and Norway, as well as India and Brazil.
The trade relationship between Saudi Arabia and the US remains strong, with the Kingdom exporting SR5.20 billion ($1.39 billion) worth of non-oil goods in October, data from the General Authority of Statistics showed.
Speaking to Arab News in October, Nasser Saidi, founder and president of economic and financial advisory services firm Nasser Saidi & Associates and a former minister of economy and trade in Lebanon, said US Treasuries are a critical pillar of stability.
“Holding treasuries allows Saudi Arabia to meet its international payment obligations — finance imports, service external debt, portfolio, and capital flows — provide a buffer against oil revenue shocks, while also generating a steady, low-risk stream of income,” he said.
