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Jeddah, Saudi Arabia –

Jeddah Chamber, represented by the Tourism and Culture Council, organized an awareness-raising and educational meeting on Sunday, March 19, 2023, on disseminating the culture of commercial franchising. The meeting was attended by representatives of small and medium-sized enterprises, the restaurant, café, entertainment, and hotel sectors, and those interested in this field from investors and the business community.

Mr. Thamer Mohammed Al-Aboud, the representative of the Tourism and Culture Council of Jeddah Chamber welcomed the Chairman of the Board of Directors of the Commercial Franchising Association, Dr. Khalid Amin Yousef, a member of the Association, Shahla Adnan Al-Sharif, and Sarah Salmi Al-Harbi, a specialist in financing establishments at the Social Development Bank.

The meeting comes within the framework of the awareness-raising initiatives of the Tourism and Culture Council to support the business community in the tourism and culture sector. The meeting aims to introduce commercial franchising as a concept and a special culture in light of Saudi Vision 2030, and its relationship to the tourism sector, where it focuses on encouraging and urging small and medium-sized enterprises to expand and work under the commercial franchising system in some promising tourism opportunities, in addition to the importance of qualifying national cadres to work in this sector; since the tourism sector has a close relationship with this field and is in dire need of it.

During the meeting, the role of the Commercial Franchising Association was also reviewed. It is the first official non-governmental association in the Kingdom concerned with this vital and important sector. It works in cooperation with the Ministry of Commerce, the responsible authorities, and the private sector to support and promote the growth of the commercial franchising industry in the Kingdom of Saudi Arabia. The role of the Social Development Bank and the services provided in terms of financing products and the commercial franchising product to obtain local or foreign trademarks, the conditions that must be met for individuals and establishments, in addition to other non-financial services provided by the Bank such as qualifying national brands, training in the field of commercial franchising, and financial, legal, and operational consultations.

At the end of the meeting, the floor was opened for discussion and interventions on commercial franchising and its impact on business sectors and their development.

It is noteworthy that the commercial franchising market in the Kingdom is witnessing significant growth, as local brands have reached approximately 600 granting brands, with expectations to double this number in the coming years with the increasing demand for investment in brands; thanks to government support for this sector, represented by the new commercial franchising system, and what the Ministry of Commerce and the General Authority for Small and Medium-Sized Enterprises " Monsha'at " provide to support national brands and encourage these brands to grant franchising rights locally and regionally in the Arab Gulf countries and different countries of the world.