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Fieldfisher has advised Ping Pong, the casual dining dim sum concept, in relation to the grant of franchise rights for the U.A.E.
Ping Pong has already established a presence in the U.A.E through a joint venture, which opened its first restaurant in the Dubai Mall a few years ago. Having decided that further expansion in the U.A.E would be best served through a franchising structure, Ping Pong folded the joint venture structure and transferred the existing restaurant to Al Khayyat Investments LLC (AKI) and granted AKI franchise rights to grow the business in the U.A.E.
Fieldfisher IP senior associate Gordon Drakes led the team which advised Ping Pong on exiting the joint venture and its negotiations with AKI, who are experienced operators in the U.A.E hospitality sector. The parties agreed a franchise development agreement which will see the roll out of up to eight Ping Pong restaurants over the next eight years.
Gordon Drakes said: "We are delighted to have had the opportunity to advise Ping Pong on this deal and help them strengthen their presence in this important market. This deal demonstrates Ping Pong's growing international reputation and highlights our expertise in structuring and advising clients on their international expansion programmes."
Ping Pong's Interim CEO, Art Sagiryan said: “We are thrilled to have secured this partnership in the U.A.E and are incredibly grateful to Field Fisher Waterhouse LLP for their assistance. As Gordon Drakes rightly said, this deal marks the beginning of our development plans in the U.A.E. and makes an impressive addition to our international portfolio."