Sale of stake in Mideast Starbucks franchise held up by protests

The sale of a minority stake in the Middle East Starbucks franchise owned by Kuwait’s AlShaya Group, which has drawn interest from Apollo Global Management and other international firms, appears to have been paused.

AlShaya, which owns some 2,000 Starbucks coffee outlets across the MENA region and eastern Europe, has watched the business’s market value dwindle in the face of widespread boycotts against the brand, Reuters reports.

Starbucks, McDonalds, KFC and other U.S. brands have been the target of protests in the region since the Gaza war started almost a year ago because of their perceived ties to Israel even though Starbucks has no outlets in the country.

AlShaya’s coffee business has been valued at between $4 billion and $5 billion, the news agency said.