Saudi PIF shortlisted as bidder for stake in Starbucks Mideast

Saudi PIF shortlisted as bidder for stake in Starbucks Mideast

FILE PHOTO: A cup of coffee rests on a counter at a Starbucks coffeehouse in Austin, Texas, U.S., February 10, 2017. REUTERS/Mohammad Khursheed/File Photo

Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has been shortlisted to buy a stake in the Middle East, North Africa and central Asia Starbucks franchise held by Alshaya Group, two sources told Reuters.

The Starbucks franchise in the region has several hundred outlets in 14 countries across the Middle East, Russia, and central Asia.

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