What price for a burger in Iraq? Kiwi company has the answer
NZX-listed BurgerFuel Worldwide is hoping to cash in on the liberated diets of Iraqis, opening its first store in Sulaymaniyah, in Northern Iraq, home to 5 million people.
BurgerFuel [NZX:BFW], which reported an operating profit of $224,554 for the six months to 30 September 2011, said it opened the store after signing a master licence agreement with a consortium that also owns Pepsi Iraq.
“We are heading into a very busy year in terms of the company’s development,” said Josef Roberts, BurgerFuel’s chief executive.
“Getting new territories up and running fast is a major focus for BurgerFuel this year and we have already nailed our first target of getting Iraq open in January".
Some changes to the menu have been deemed necessary – you wont find a Flame Thrower, Burn Out or Bastard Burger in Sulaymaniyah – but most of the ingredients are the same.
Ring Burner Index
And as the Economist uses its Big Mac index to assess a country’s purchasing power, NBR can now apply the BurgerFuel Ring Burner Index to see how Iraq’s currency fares.
According to BurgerFuel’s Iraq menu, the average burger price is 7500 Iraqi Dinars with the most expensive burger, the Bio Fuel with Cheese, costing 10,000.
Converted to New Zealand dollars that’s $7.80 for the average burger rising to $10.50 for the top nosh.
That’s roughly 30% less than the prices charged at our local stores.