By Innovation-sa on February 20, 2020 in News
Saudi Arabia is all set to implement the new franchise regulations formulated to improve transparency and encourage entrepreneurs to invest in various sectors across the Kingdom.
The regulations are expected to make the entrepreneurs more aware of their rights and encourage them to individually acquire a franchise and expand their businesses.
Muhammad Ibrahim Al-Mojel, the chairman of the Franchise Committee, revealed that under the new law the franchiser will be required to disclose all relevant information like employee numbers,profits and losses, and the number of its outlets that have closed before the committee.
“Franchising allows a franchisee to run and own an investment and get support from the franchiser, who enjoys considerable experience and has the power to help the franchisee to market the product profitably. This system will help small and medium enterprises prosper and survive in today’s markets.” he said.