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Saudi fund buys into firm controlling food group Americana

DUBAI, United Arab Emirates — A Saudi government investment fund is buying a big stake in a firm that controls Mideast food giant Americana, which operates nearly 1,700 outlets for regional franchises of Pizza Hut, KFC, Krispy Kreme and other Western brands.

The Saudi Arabian Public Investment Fund said late Monday that it is acquiring a 50 per cent stake in Adeptio AD Holdings SPC Ltd. from Emirati businessman Mohamed Alabbar.

It didn't provide financial terms for the transaction.

Alabbar is chairman of Dubai-based Emaar Properties, the developer of the world's tallest building, the Burj Khalifa. His firm Adeptio bought a controlling stake in Americana, formally known as Kuwait Food Company, in June.

The PIF says Alabbar will keep ownership of half of Adeptio.