RIYADH: Saudi Arabia’s franchise sector is set to enhance its contribution to the Kingdom’s gross domestic product with an initiative by the Small and Medium Enterprises General Authority. This initiative aims to unlock multiple opportunities within the sector.
Also known as Monsha’at, the authority has organized the Commercial Franchise Week, a part of a series of business weeks, in collaboration with various government agencies, banks, and sectors dedicated to trademark allocation for small and medium enterprises.
Scheduled from Aug. 20-24, the event is designed to showcase key initiatives and programs that offer support to entrepreneurs, the Saudi Press Agency reported.
The activities of the franchise week will provide visitors and interested parties with the opportunity to learn about successful entrepreneurial experiences through specialized meetings with prominent business leaders.
The weeklong event will tap on the opportunities presented in the field of entrepreneurship and discuss the challenges as well as ways to address them effectively, with the aim of highlighting the openings that the franchise sector entails.
Earlier this month, Saudi Arabia’s thriving small and medium enterprises ecosystem received a further boost as the Kingdom successfully concluded an interactive week that helped SMEs access various financing solutions to drive their businesses.
The Finance Week, organized by Monsha’at, witnessed a set of agreements signed between the authority and a group of financing agencies and specialized companies.
The weeklong event was organized at four support centers in Riyadh, Jeddah, Alkhobar and Madinah, where entrepreneurs obtained advice and financing support from exhibitors.
It hosted over 22 meetings and workshops, directly benefiting 8,000 participating entrepreneurs.
Under the Vision 2030 goals, the Saudi SME sector aims to make a 35 percent contribution to the Kingdom’s national gross domestic product by 2030.
In addition to this, SMEs are set to play a significant role in achieving Saudi Arabia’s objectives of lowering the unemployment rate from 11.6 percent to 7 percent, and increasing women’s participation in the workforce from 22 percent to 30 percent.