UAE | General
Franchise expo aims to attract nationals
The Mohammed bin Rashid Establishment for Young Leaders now has division focused on the development of franchises in the UAE and is organising the Franchising Middle East Exhibition 2004 next February 17 to 19 to encourage young UAE nationals to participate in this commercial activity.
- By Samir Salama
- Published: 00:00 June 4, 2003
The Mohammed bin Rashid Establishment for Young Leaders now has division focused on the development of franchises in the UAE and is organising the Franchising Middle East Exhibition 2004 next February 17 to 19 to encourage young UAE nationals to participate in this commercial activity.
"The regional and national economy is entering a new stage with the small and medium enterprises (SME), and the franchise sector is playing a crucial role in the economy.
"The SMEs and franchise sectors are one of the fastest growing economic sectors and offer one of the biggest sources of new business opportunities and employment," said Abdul Baset Al Janahi, director of establishment.
"Our plan is to make the UAE the franchise hub of the Middle East. We believe there is tremendous opportunity here for franchisers interested in expanding to the UAE and other Gulf countries and the Establishment is here to aid them in certain aspects of their expansion efforts."
"We will be inviting mature and growing franchise companies to participate in this event. We will also be providing an opportunity for master licensees across the Middle East to exhibit and sell sub-franchises to interested potential franchisees," added Al Janahi.
Mohammed Falaknaz, owner of International Expo-Consult-ants (IEC), the organisers, estimated that more than Dh 3.6 billion was invested in the sector in the region in 2002.
With sales topping $10 billion (Dh36.5 billion) at the end of 2002, the Middle East is one of the hottest franchising markets in the world. There are literally dozens of franchise companies operating in many sectors, serving a regional market of over 380 million consumers.
"Franchising in the Middle East is on the threshold of substantial growth. While fast food accounts for 40 per cent of the total market, other sectors are growing rapidly.
"One industry estimate puts annual growth at a remarkable 27 per cent. Exhibitors from the U.S., Europe and the Far East are already expressing strong interest in Middle East Franchising.
"The event will be a catalyst, not only for investment in the UAE's economy but also for job creation. One estimate says that 15 direct or indirect jobs are created by each new franchise," he added.
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