BEIRUT: Pizza Hut could re-open in Lebanon within six months after the chain was forced to close its outlets in the country, said its country boss.
General Manager Riad Sabbagh revealed that a Lebanese expatriate investor based in Africa may help to revive the business, in an exclusive interview with Arab News.
“We faced an issue in importing our raw materials and transferring our money abroad and we tried to resist the pandemic impact as much as possible,” he said in a telephone interview from Beirut. “There will be a return to Lebanon within five to six months. Pizza Hut agency owners found another investor, a Lebanese investor who works in the restaurant field in Africa, who can take the lead in Lebanon.”
He declined to identify the potential investor as the matter is still confidential.
Pizza Hut said on Sunday it was closing in Lebanon as the fast food chain succumbed to the country’s deepening economic crisis.
The family food favorite posted a notice on social media thanking its customers for their support and asking them to “hold on to these memories until we make new ones.”
Rocketing inflation, power blackouts and the closure of a number of institutions have all contributed to the collapse of the country’s economy and a mass exodus of Lebanese seeking work abroad.
For foreign food and beverage franchises that rely on imported goods priced in dollars, the collapse of the Lebanese pound has been especially difficult to absorb.
In a notice posted on its Facebook page, Pizza Hut Lebanon said: “We will never forget the excitement on your face whenever you get your cheese stuffed crust pizza . . . Offering you the best quality and experience has always been our top priority. Until we are able to do that, with a heavy heart, we say goodbye!”
The country’s economic situation has deteriorated rapidly over the last year, especially since a massive explosion at Beirut Port last August when improperly stored materials detonated and destroyed residential areas nearby — killing 211 people and leaving thousands homeless.
The blast led to the closure of dozens of businesses in the capital and made a bad situation even worse for the city’s residents.
The closure of Pizza Hut represents the latest business casualty of the ongoing crisis.
Customers mourned the loss of the restaurant chain on social media with some bitter sweet comments.
“We hope to follow you soon,” said Hayssam Hnayneh on the company’s Facebook page.
“My memory is that pizza we ordered on the 4th of August and arrived a few minutes right before the Beirut explosion and we couldn’t eat it because it got full of shattered glass,” said Charbel Khoury
Lebanon Pizza Hut boss expects return of chain
https://arab.news/833bn
Lebanon Pizza Hut boss expects return of chain
- The family food favorite posted a notice on social media thanking its customers for their support
Saudi Arabia opens 3rd round of Exploration Empowerment Program
RIYADH: Saudi Arabia’s Ministry of Industry and Mineral Resources, in collaboration with the Ministry of Investment, has opened applications for the third round of the Exploration Empowerment Program, part of ongoing efforts to accelerate mineral exploration in the Kingdom, reduce early-stage investment risks, and attract high-quality investment from local and international mining companies.
The third round of the Exploration Empowerment Program offers a comprehensive support package targeting exploration companies and mineral prospecting license holders.
The initiative aims to lower investment risks for projects and support a faster transition from prospecting to development.
"The program provides coverage of up to 70 percent of the total salaries of Saudi technical staff, such as geologists, during the first two years, increasing to 100 percent thereafter, in line with program requirements.
This support aims to develop talent, build national capabilities in mineral exploration, promote job localization, and facilitate the transfer of geological knowledge.
The application for the third round opened on Jan. 14, allowing participants to benefit from the Kingdom’s attractive investment environment, its stable legal framework, and streamlined regulatory structures, as well as integrated infrastructure that supports the transition from mineral resources to operational mines.
The ministry has set the timeline for the third round, with the application period running from Jan. 14 to March 31.
This will be followed by the evaluation, approval, and signing of agreements from April 1 to May 31, with the eligible projects set to be announced between June 1 and July 31 of the same year.
The program stages include submitting exploration data during the reimbursement and payment phase from Sept. 1 to Nov. 30, followed by technical and financial verification of work programs and approval of the disbursement of support funds in January 2027.
The exploration data will then be published on the National Geological Database in April 2027.
The ministry emphasized that the EEP focuses on supporting the exploration of strategically important minerals with national priority. It also contributes to enhancing geological knowledge by providing up-to-date data that meets international standards, helping investors make informed decisions and supporting the growth of national companies and local supply chains.
The ministry urged companies to apply early to benefit from the program’s third round, which coincided with the fifth edition of the International Mining Conference, which was held from Jan. 13 to 15.
