Retail City to examine USD 30 billion Mid East franchise market
Franchised and licensed businesses have penetrated many industry sectors, including education, transportation and tourism, but perhaps it’s most significant and evident impact has been in the region’s booming retail sector.
Second only to real estate, retail is driving the non-oil economy and leading the charge is retail franchising, with fast food outlets now accounting for up to 40 per cent of the retail franchising sector. Fashion, lifestyle and high-tech accessory brands are also attracting an increasing number of image and fashion-conscious regional consumers, presenting further franchise opportunities.
‘The aim of featuring retail franchising opportunities on the conference agenda is to create awareness of the great potential for franchising throughout the Middle East. With a double-digit annual growth rate, franchising in the region undoubtedly has a key role to play in the burgeoning retail sector,’ commented Naomi Koningen, Project Manager, Retail City 2007.
In Dubai for example, the Mohammed Bin Rashid Establishment for Young Business Leaders, is actively promoting the franchise sector. With public sector jobs no longer a ‘given’ and GCC nationals still reluctant to become private sector employees, near government organisations (NGO) are eager for young entrepreneurs and fledgling investors to take advantage of the business proposition franchising affords.
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