Apr 10 2007 |
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Fanfare for regional franchise body
April 2007Middle East franchise sector growing at 27% a year say experts
Falak Holding , organizers of the recent Franchising Middle East exhibition, is hoping to forma UAE Chapter of the International Franchising Association, Mohammed Falaknaz, VP told GMR.
Franchise-driven revenues globally are estimated at $30 billion. The Middle East ranks as one of the fastest growing franchising sectors in the world growing at 27% a year.
"As far as franchising local brands internationally is considered, the region is still considered to be far from the maturing phase, with the exception of a very few brands, as by and large, the business structures are still evolving into well structured systems that can be replicated successfully," said Falaknaz,
In addition, the concept is limited to products although the concept of franchising services is slowly catching up.
"Ownership issues are also an obstacle as no business can be set up without a local sponsorship," he said. Here is where further education and awareness on the issues is still required he added.
Other concerns from the global franchise sector include issues of intellectual property rights and the lack of qualified professionals.
Despite these issues, the Middle East still offers tremendous opportunities for both international and regional companies.
According to reports by Retail International "cash tills will ring to the tune of $3500 per sqm by 2009. Fastfood makes 40% of the total (franchise) market. Other sectors in high demand include fashion, education training, human resource development, consultancy services, retail & convenience stores and laundry & dry cleaning.
This is in addition to other potential high growth sectors such as automobile, fashion, education, beauty, IT , hotels and car rentals.
© Gulf Marketing Review 2007
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