Saudi seafood chain secures investment for expansion

Jeddah:  A Saudi-based private equity firm, Olive Rock Partners, has announced a significant investment in Shrimp Nation, a popular seafood restaurant chain originating in the Kingdom.

Olive Rock has acquired a 30 per cent stake in the fast-growing food and beverage brand, in a move that is expected to fuel its expansion across the Middle East and potentially beyond.

Shrimp Nation, founded in late 2018, has rapidly established a strong presence in the Saudi Arabian dining scene and has since expanded to operate 35 branches across Saudi Arabia, Jordan, Qatar, Bahrain, and Egypt by 2025. It gained popularity for its relaxed, family-friendly dining experience offering a variety of seafood dishes.

The investment from Olive Rock Partners, one of the first independent private equity firms in the Gulf Cooperation Council (GCC) region, marks a strategic alliance aimed at accelerating the brand's innovation in the food and beverage sector.

Mohammed Abualizz, the Founder and Chief Executive Officer of Shrimp Nation, described the partnership as a "strategic alliance" that would enable the company to "scale with purpose." He highlighted Saudi Arabia's high-growth market and the company's ambition to become the region's leading seafood dining destination.

Muhannad Qubbaj, a Founding Partner at Olive Rock Partners, commented on the investment, stating that Shrimp Nation is a business of "real substance" rooted in Saudi culture. He emphasised the firm's commitment to supporting exceptional local entrepreneurs as the Kingdom's investment and small and medium-sized enterprise (SME) landscape evolves under Vision 2030.

Another Founding Partner at Olive Rock, Abdullah Shahin, said that Shrimp Nation is "uniquely positioned" to contribute to Saudi Arabia's economic diversification by expanding its footprint, creating jobs, and nurturing local talent.