Chipotle Mexican Signs Up First Franchise Partner To Expand In Middle East

Chipotle Mexican Grill CMG has signed its first-ever development agreement to open restaurants in the Middle East and boost its international expansion efforts. 

In partnership with international franchise retail operator Alshaya Group, the Company will initially open new restaurants in Dubai and Kuwait early next year.

The parties also have plans to expand further across the region.

"Leveraging Alshaya's market expertise will enable us to quickly gain access to these vibrant economies," said Chairman and CEO Brian Niccol.

Also Read: Chipotle Tests Autocado: An Innovative Cobot To Streamline Avocado Preparation

Chipotle's existing international portfolio of owned and operated restaurants includes 33 locations in Canada; 15 in the United Kingdom, with three more opening this summer; six locations in France; and two in Germany. 

In North America, Chipotle owns and operates over 3,200 restaurants and is targeting 8 to 10% growth per year.

It plans to open more than 255 new restaurants this year, with a long-term target of 7,000 locations in North America.

Price Action: CMG shares are trading higher by 0.12% at $2,130.15 on the last check Tuesday.