The chief executive of the UAE-based street food chain Just Falafel has stepped down after a four-year aggressive international expansion that has taken the brand to Europe, the United States and Asia, including into India later this year.
Fadi Malas has overseen the growth of the company from four outlets in the UAE to more than 50 restaurants across world.
In a statement yesterday, Just Falafel said Mr Malas, who remains a shareholder and board member, had stepped down "to pursue new business incubation opportunities in the SME sector".
The group’s founder and managing director, Mohammed Bitar, has taken on the day-to-day running of the company, which employs 700 people and has plans to open another 35 franchises before the end of the year. Mr Malas said last month that Just Falafel wanted to own and operate more outlets, altering its current franchise-led model. It owns only two of its operating stores.
Last year Mr Bitar said that the company was targeting the sale of 1,500 franchises in 2013.
The group had also been weighing an IPO.
In 2012, Mr Malas said that “our objective … is to give our brand the highest possible visibility. The only way to achieve that is by taking the company public. For us it’s a huge marketing play to go public”.
Yesterday, Sarah Cocker, the head of investor relations and corporate communications at Just Falafel, said Mr Malas’s exit would not have an effect on its plans for a listing.
“An IPO is still very much a possibility for us. It’s not something in the short term. It is not on our immediate agenda as we are running so fast with the expansion,” she said.
Other food brands in the region have sought to emulate Just Falafel’s growth, including Man’oushe Street, which yesterday said it had opened its first international outlet in Marassi Village, Egypt.
The manakeesh retailer, with eight outlets in the UAE and a further two under construction, has a target of 1,000 franchised outlets by 2020.
“1,000 outlets is not an ambitious target, many street food franchises have far, far, more than that,” said Jihad El Eit, the founder and chief executive of Man’oushe Street. “We have the technology in place and the menu. We have secured a supply chain and we have a strong partnership with Wadi Degla Holding, our master franchiser. The first restaurant will soon be followed by six more restaurants in Egypt, three in Qatar, two each in Abu Dhabi and Dubai and one in Europe – all before the end of the year. We will focus on the GCC in the next few years. I expect 200 to 250 in Saudi Arabia alone.”
ascott@thenational.ae
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It's Monty Python's Crashing Rocket Circus
To the theme tune of the famous zany British comedy TV show, SpaceX has shown exactly what can go wrong when you try to land a rocket.
The two minute video posted on YouTube is a compilation of crashes and explosion as the company, created by billionaire Elon Musk, refined the technique of reusable space flight.
SpaceX is able to land its rockets on land once they have completed the first stage of their mission, and is able to resuse them multiple times - a first for space flight.
But as the video, How Not to Land an Orbital Rocket Booster, demonstrates, it was a case if you fail, try and try again.
Company Profile
Name: JustClean
Based: Kuwait with offices in other GCC countries
Launch year: 2016
Number of employees: 130
Sector: online laundry service
Funding: $12.9m from Kuwait-based Faith Capital Holding
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Springtime in a Broken Mirror,
Mario Benedetti, Penguin Modern Classics
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Expert input
If you had all the money in the world, what’s the one sneaker you would buy or create?
“There are a few shoes that have ‘grail’ status for me. But the one I have always wanted is the Nike x Patta x Parra Air Max 1 - Cherrywood. To get a pair in my size brand new is would cost me between Dh8,000 and Dh 10,000.” Jack Brett
“If I had all the money, I would approach Nike and ask them to do my own Air Force 1, that’s one of my dreams.” Yaseen Benchouche
“There’s nothing out there yet that I’d pay an insane amount for, but I’d love to create my own shoe with Tinker Hatfield and Jordan.” Joshua Cox
“I think I’d buy a defunct footwear brand; I’d like the challenge of reinterpreting a brand’s history and changing options.” Kris Balerite
“I’d stir up a creative collaboration with designers Martin Margiela of the mixed patchwork sneakers, and Yohji Yamamoto.” Hussain Moloobhoy
“If I had all the money in the world, I’d live somewhere where I’d never have to wear shoes again.” Raj Malhotra
Killing of Qassem Suleimani
Auron Mein Kahan Dum Tha
Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar
Director: Neeraj Pandey
Rating: 2.5/5
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
TO A LAND UNKNOWN
Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
Company%20Profile
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Venom
Director: Ruben Fleischer
Cast: Tom Hardy, Michelle Williams, Riz Ahmed
Rating: 1.5/5
