REEF Leads Global Expansion of Virtual Kitchens with Acquisition of UAE Based Kitchen Platform “iKcon”

Dubai, United Arab Emirates – (COMMERCIAL THREAD) – REEF Technology Inc. (“REEF”), the largest operator of delivery kitchens, logistics and convenience hubs in North America, today announced its entry into the Middle East and North Africa through the full acquisition of iKcon Restaurant LLC (Innovative Kitchen Concepts). The acquisition of iKcon marks REEF’s first major transaction in the MENA market and is part of its broader strategy for global expansion.

“We are delighted to welcome iKcon and its team members to REEF’s global outreach platform,” said Tommy Rosen, Business Development Manager at REEF. “The Middle East and North Africa are critical markets in the rapidly evolving restaurant and retail industries, and our acquisition of iKcon will position REEF to become a leader in the region. ”

With a network of innovative kitchens in prime locations and more than 800 employees, iKcon uses its modern facilities, smart technology solutions and highly skilled chefs and customer service teams to extend the reach of its portfolio of +100 local restaurants. well-known regional and international. partners such as Just Salad, YO Sushi, Dunkin ‘, California Pizza Kitchen, German Doner Kebab and local flagship brands such as PINZA and Pizza Di Rocco.

“Since its inception, iKcon has consistently focused on operational excellence and creating a unique customer-centric business model,” said Khalid Baareh, co-founder and CEO of iKcon. “The past three years have taught us the importance of pursuing our vision with commitment and passion, led by a world-class team. Today, we are delighted to join the REEF team and continue our adventure to bring innovation to neighborhoods around the world. REEF’s leadership in terms of proximity will play a major role in accelerating our regional expansion plans. We are fully committed to driving the development of REEF in the MENA region. ”

REEF, backed by a group of investors comprising Mubadala Capital, the asset management subsidiary of Mubadala Investment Company, SoftBank Vision Fund 1, funds managed by Oaktree Capital Management, LP, UBS Asset Management and Target Global, focuses on the transformation of urban spaces into local hubs that create jobs and bring new goods, services and experiences to neighborhoods around the world.

REEF has already established a presence in Abu Dhabi Global Market (ADGM), Abu Dhabi’s international financial center, with plans to continue expanding throughout the region.

To learn more about REEF, visit www.reeftechnology.com.

About REEF

REEF transforms urban spaces into community hubs that create jobs and bring new goods, services and experiences to the neighborhood. With an ecosystem of 5,000 locations and a team of over 18,000 people, REEF is the largest operator of parking real estate and delivery restaurants in North America. By connecting the world to your neighborhood, we make the place where you live, the place where you love to be.

About iKcon

iKcon is a leading operator of technology-based delivery kitchens based in Dubai and focused on the MENA region. It was founded in early 2019 by Khalid Baareh and Kareem Abughazaleh, to meet the growing demand for food delivery. iKcon provides kitchen-as-a-service solutions to restaurants and food operators enabling them to rapidly expand their operations and expand their delivery coverage and customer base.

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