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KUWAIT CITY, Feb, 10 : An undisclosed Saudi company has acquired 25 percent ownership of JOLT café which is owned by a group of young Kuwaiti entrepreneurs, reports Al- Qabas daily quoting informed sources.
They indicated that this new deal is an affirmation of the capabilities of the Kuwaiti youth to enter the European markets after they launched the project in Saudi Arabia, revealing that the value of investment deal, which was concluded recently between the two parties, reached 22 million Saudi riyals. The sources highlighted the efforts of the parties to build a strategic company that is capable of expanding to Saudi Arabia followed by a number of countries in the region and then the world.
They explained that JOLT café currently has eight branches in Saudi Arabia and Europe, and will soon inaugurate three new branches, one of which is in London, before the end of the first quarter of the year 2020.
The project was first launched in the Saudi capital Riyadh based on a purely-Kuwaiti initiative after which it expanded to cover new areas such as Sharqiya and Jeddah. They then hit the European market with the first branch being inaugurated in London, followed by a branch in Marbia, Spain, and now it is currently preparing to open another branch in London