Dine Brands Global rises on expansion in western Saudi Arabia

Dine Brands Global

19/07/2022 16:14

** Shares of Applebee's owner Dine Brands Global  DIN.N 
rise as much as 4% to near two-week high of $69.96; last up 3.1%
    ** Company plans to open five new IHOP restaurants in
western Saudi Arabia – including Jeddah, Mecca, Medina, and
cities along the Red Sea coast – over the next five years
 urn:newsml:reuters.com:*:nFWN2Z01D5
    ** The first location is scheduled to open in Jeddah in
early 2023
    ** IHOP restaurants owned by Dine Brands is known for its
pancakes and other breakfast items
    ** The company has seen strong consumer demand in the Middle
East and believes Saudi Arabia to be a critical market for
continued growth in the region says Tony Moralejo, President,
International at Dine Brands  urn:newsml:reuters.com:*:nBw8F6c4va
    ** Stock has fallen ~8% this year

 (Reporting by Ananya Mariam Rajesh in Bengaluru)
 ((AnanyaMariam.Rajesh@thomsonreuters.com ; Twitter: https://twitter.com/AnanyaMariam))