Saudi Edition 
Egypt Edition 
UAE Edition 
MENA <> India Corridor 
Logistics (MENA) 
Climate (MENA) 
Share
TBS’s baked goods are coming to Saudi Arabia: Iconic Egyptian bakery brand TBS Holding is set to open a commercial-scale bakery in the Kingdom in partnership with homegrown food and beverage player Shahia Investments after the two companies inked a strategic partnership, according to a joint statement (pdf). The project, whose first phase is slated to kick off in 2026, aims to capture growing demand for baked goods in the Kingdom and has received assistance from the Saudi Investment Ministry.
Some details are still under wraps: Company representatives were not immediately available to discuss the project’s value, how it would be phased out, or the respective roles of each partner.
What’s cooking? Baked goods produced by the factory will include frozen products. Under the agreement, TBS will supply Shahia brands — such as Dunkin’, which it franchises here — as well its clients in the food and beverage sector.
Saudi is a hotbed of growth: “We consider our entry into the Saudi market as the beginning of a new phase of growth, as we seek to provide high-quality bakery products that meet the needs of the Saudi market,” said TBS Holding Chief Investment Officer and co-founder Sameh El Sadat. Shahia is looking to grow its market share in the Kingdom and outside as it expands in the nation’s bakery sector.
Further expansion in the cards? The partnership is a stepping stone for future expansion into the Gulf and European markets, according to the statement.
BACKGROUND- TBS was an overnight sensation back in 2008 after its summertime pop-up in Diplo on Egypt’s North Coast created a new market for high-end baked goods. It now employs more than 7k people and operates a portfolio of four brands. Its primary shareholder is Ayman Abbas, who invested in the company through his Intro Group in 2017. TBS is named for three partners — Tamer, Basel, and Sameh.
ADVISORS- Our friends at Beltone Holding were financing partner on the transaction, while Gen-X acted as financial advisor and Bayt Alnomow Capital served as the intermediary between the two companies. K&L Gates provided legal counsel to TBS Holding, while Al Zamil & Al Kharashi Law Firm offered counsel to Shahia Investments.
