Dubai Property Tycoon’s Bet on Fast Food Cements Billionaire Status
Mohamed Alabbar is best known as the founder of a Dubai real estate firm that built the world’s tallest skyscraper, but it’s an investment in fast food that propelled him into the leagues of the region’s richest businessmen.
Americana Restaurants, the Middle East operator of KFC and Pizza Hut, is now worth $6.24 billion — well above the $3.5 billion it was valued at when it was taken private in 2017 — after pulling off the region’s first dual listing. Investors flocked to the IPO with $105 billion of orders, and the stock surged 13% in Abu Dhabi on Monday before closing 7.6% higher.
Read more on: