Saudi entrepreneurs signed 150 agreements and memorandums of understanding (MoU) with local, Arab and international investors with well-known franchises, during the conclusion of the first “Saudi International Exhibition for Franchise” which took place during the period from 5 to 7 February, at the Riyadh International Conventions and Exhibitions center.
The exhibition attracted more than 15,000 visitors during its three days, it set optimistic expectations for the future of the Franchise before the issuance of its executive regulations by the Ministry of Trade and Investment.
Ahmad Al-Refae’e, the Executive Director of the exhibition, emphasized: “The impressive attendance exceeded 5,000 people per day, with a total of 15,000 visitors in the whole period of the exhibition, this is an indication for the great desire of Saudi entrepreneurs to take advantage from the investment opportunities available in this vital sector, which is one of the pillars of Vision 2030, with the presence of 120 companies representing 9 countries offering a large number of brands, resulting in the signing of 150 agreements and memorandums of understanding, ranging from catering services, advertising, printing and copying services, computer services, hotels, travel agencies, real estate marketing, training and other support services.
Al-Refae’e noted that the Organizing Committee had succeeded in achieving a number of the main objectives of the exhibition, the first is to start exporting Saudi brands to different countries around the world and the establishment of Gulf partnerships to support the foundations of the Saudi vision 2030, while raising awareness among businessmen for the importance of franchise as one of the important economic options that will help the growth of small businesses in Saudi Arabia.
Al-Refae’e praised the support of Dr. Majid bin Abdullah Al Qasabi, Minister of Trade and Investment for the “Saudi International Exhibition for Franchise” and his keen to inspect exhibitors and encourage business pioneers and entrepreneurs, he expressed his happiness with the great interaction for the famous social media figures who interacted significantly with the workshops and the events of the exhibition and motivated entrepreneurs to take advantage from this international event, stressing that the exhibition witnessed an initiative, which is the first of its kind “Twafoq” platform where entrepreneurs and companies offering franchise rights can network and sign agreements at a single pavilion, stressing that the educational program of workshops, seminars and lectures attracted a large number of entrepreneurs and dealt with various topics related to the laws of franchise, business ownership, how to develop local brands and how to meet the challenges facing the sector.
Al Qasabi pointed out that the franchise is suitable for more than 75 different categories of business classification in the Kingdom, explaining that the Saudi market is characterized by a wonderful investment climate also it has many advantages that makes it an excellent ground for local and Gulf franchises, after being saturated with global brands, where consumers are willing to try everything new, also the majority of the population is concentrated in major cities, in the presence of an advanced infrastructure, knowing that franchises entered the kingdom in the late 1970s, when it received a series of American restaurants, then a wide variety of other companies, the opportunity is available now more than ever with the allowance for Saudi women to drive and cinema for the first time.