Based in Riyadh, Jadwa Investment KSA has successfully secured full ownership of Black Spoon via its food and beverage opportunities fund.
Over the years, Black Spoon has developed several concepts. For instance, it transformed Ibn AlBahr into one of the most sought-after seafood experiences. Additionally, it introduced Allo Beirut in Dubai and Abu Dhabi, establishing it as a favorite Lebanese street food spot. Furthermore, it played a key role in the growth of Masti and Bombay Bungalow.
Inspired by Beirut’s street food culture, Allo Beirut had successfully opened two locations in Abu Dhabi by the end of 2022. Introduced in 2018 by Black Spoon Group, it became the brand’s fourth UAE location after gaining popularity in Dubai at Hessa Street, City Walk and Al Warqa City Mall. The group later initiated expansion plans throughout the GCC. The goal is to franchise more than 30 new Allo Beirut outlets across the region in the next five years, primarily in Saudi Arabia.
The recent acquisition marks the company’s second acquisition in the consumer sector this year. It previously purchased a 35 percent stake in Gissah Perfumes Company.
Tariq Al-Sudairy, managing director and CEO of Jadwa Investment, said: “This investment is an extension of our strategy. Thus, we aim to capitalize on the increasingly attractive consumer sector across the GCC. Furthermore, we’ve begun to reap the fruits of transformational government initiatives. As well as the impact of a young and growing population and rising income levels.”
Jadwa Investment oversees SAR 75 billion (USD 20 billion) in client assets across public equity, private equity, real estate, private credit, fixed income and money market investments.