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| IFEC 2010: Saudi’s franchising market reaches SAR 3.75 billion, to grow by up to 12 per cent annually |
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Posted on 28 Jul 2010 |
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The Kingdom of Saudi Arabia’s (KSA) franchising market has been estimated to be worth SAR 3.75 billion and is expected to grow by up to 12 per cent annually according to recent industry figures.
The robust growth forecast underlines the increasing economic contributions of the franchising industry in Saudi Arabia and its strong potential to become the most popular non-oil business sector in the region.
The Saudi International Franchise Exhibition and Conference 2010 (IFEC 2010), the third international exhibition and conference for the franchise industry in Saudi Arabia, seeks to complement the surge in franchising activity by providing a platform for international franchisers, entrepreneurs, agents, business owners and investors from all over the Middle East to discuss the most promising franchising opportunities and address emerging industry challenges. IFEC 2010 will be held from October 26 to 28, 2010 at the Riyadh International Convention & Exhibition Centre.
Diya Abdo, Project Manager of IECF in Riyadh Exhibitions Company, said: “Franchising in the Kingdom of Saudi Arabia is fast becoming one of the most popular non-oil businesses in the region. The growing number of franchising businesses has been influenced by the government’s proactive efforts to encourage foreign direct investments and promote the growth of SMEs in the country. The government has offered value-added business incentives and has developed world-class infrastructure for basic resources such as water, oil, communication and electricity, which has helped greatly reduce the operational costs for the franchisees. Moreover, up to 60 per cent of the Saudi population are under the age of 25, making them a prime target market for various international brands and subsequently creating a wide range of franchising opportunities in the country.”
IFEC 2010 will include seminars targeting foreign franchisors that have enjoyed success and are looking to expand their franchising activities in Saudi Arabia. The seminars will cover legal and financial issues when developing businesses in Saudi Arabia, while cross-cultural issues will also be discussed.
Press release
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