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Thursday, Jun 8, 2023

Briefs: DineEquity, Ryland

Applebee’s will add to its portfolio of restaurants in the Middle East by adding at least 20 new outlets by 2017. The casual dining chain owned by DineEquity Inc. in Glendale plans to open an average of seven new outlets every year until 2017, ultimately creating 600 new jobs. Applebee’s already operates 34 restaurants across Saudi Arabia, Kuwait, Qatar, Egypt, Jordan and the United Arab Emirates. The company announced it has experienced 10 percent growth over the last three years as a result of strong sales in that market. “With the increasing appetite for out-of-home dining and growing discretionary wealth in the Middle East, there is plenty of room for restaurant brands to expand their business,” said Gary Moore, Applebee’s regional vice president and general manager, Middle East and North Africa, in a statement. Shares of DineEquity closed up 19 cents or less than 1 percent to $80.08 on the New York Stock Exchange. Ryland Group Inc. on Monday announced it will be constructing a new home development in Cypress, Texas. The Westlake Village homebuilder is set to commence work on the first of four villages, Hidden Creek, where homes will be priced from $290,000 to $350,000 and will boast eight floor plans, allowing homeowners to customize a home to their personal style. Ryland will begin construction on its first model home, the Bradford, in mid-August. Ryland has built more than 300,000 homes in nearly 300 communities. The company operates in 17 states around the country. Shares closed down 79 cents, or 2 percent, to $38.77 on the New York Stock Exchange.

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