MADINAH (Rahnuma): With a market value of $30 billion and an annual growth rate of 27 percent, franchising is the fastest-growing non-oil sector in the Middle East region, according to Munir Mohammed Nasser, chairman of the Madinah Chamber of Commerce and Industry.
Nasser was speaking at the World Franchise Exhibition held at the chamber’s exhibition center in Madinah. The event, which the chamber has organized in cooperation with Three Dimensions for Events and Exhibitions, coincides with the UN’s Micro, Small and Medium-sized Enterprises Day.
Nasser said that the exhibition promotes local talent and products, gathers international brands and develops investment in the province. He said franchising is the ideal model for both the small and medium enterprise (SME) sector as it contributes 4 to 5 percent of a country’s GDP and provides 6 percent of private sector jobs in countries with advanced franchising systems.
The Kingdom has acquired 50 percent of the market value of the franchising market in the Middle East and North Africa, which has become the fastest-growing non-oil sector, he said.
The exhibition has expanded its presence, with 56 participants from around the world, 12 from Madinah and 17 from outside Saudi Arabia. SPA Madinah