McDonald's Korea sold to owner of Qatari conglomerate Al Mana

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McDonald's Korea sold to owner of Qatari conglomerate Al Mana

Published: 30 Sep. 2024, 19:27 Updated: 30 Sep. 2024, 19:39

KIM JU-YEON
kim.juyeon2@joongang.co.kr

From left, Kamal Al Mana, McDonald's Korea's managing director Kim Ki-won and McDonald's head of Asia Business unit Stijn Heytens pose for a photo. [HAHM PARTNERS]

McDonald’s Korea has been sold to Kamal Al Mana, one of the owners of Qatari conglomerate Al Mana, the burger chain said Monday.

Kamal Al Mana became the operator of Korea’s some 400 McDonald’s, 80 percent of which are company-owned, after signing a contract with McDonald’s Corporation for an undisclosed amount on Monday, according to McDonald's Korea. He is also the Developmental Licensee for McDonald's in Qatar and Turkey.

According to local reports, the amount was in the range of hundreds of billions of won. Local firm Dongwon Group had reportedly offered 200 billion won ($152 million) for the Korean license last year, which did not meet McDonald’s pitch of 500 billion won.

McDonald’s Korea’s managing director, Kim Ki-won, will continue to lead the business.

The Korean branch aims to increase the number of stores from 400 to 500 by 2030, according to Jo Sempels, President of International Developmental Licensed Markets at McDonald’s Corporation.

“Building on our existing brand's strengths and momentum in the market, I am confident we will create exciting experiences for our customers,” Sempels said through McDonald’s press release.

“I am honored by the opportunity to lead McDonald’s Korea in the next phase of its growth journey,” said Al Mana. “With our market leadership position and growth potential, this is an exciting time to build upon the strong fundamentals in place and grow the business and brand to the next stage.”

The change in ownership comes 38 years after McDonald’s opened its first store in Seoul in 1988. The U.S. McDonald’s had full ownership of McDonald’s Korea through McDonald’s APMEA Singapore Investments, its Asia Pacific market headquarters, since the Korean branch was established until now.

BY KIM JU-YEON [kim.juyeon2@joongang.co.kr]