Franchising contributes 2.7% to the world economy of members in the World Franchise Council (WFC), as announced at its summit, held over five days in Abu Dhabi.
Contributing over $1.75 trillion per annum, with the United States leading the way, over $650 billion. These statistics were compiled in the World Franchise Council Survey on the Economic Impact of Franchising Worldwide, created by the WFC to monitor the global franchise landscape.
The WFC met in Abu Dhabi to continue its pursuit of best practice and ethical franchising. Its 47 member associations have an aligned global vision to drive the global economy. The meeting also coincided with the International Franchise Exhibition 2019, organised by Emirates Associates for Franchise Development (FAD), showcasing opportunities for prospective franchisees and potential master licensees to explore franchising opportunities.
Hatem Zaki, Secretary General of the World Franchise Council, stated: “Every time members of the WFC meet up, the purpose is to ensure the global franchising landscape remains healthy and to allow innovation on a worldwide scale.
“Franchising is thriving globally and ever since the WFC was formed, franchising has continued to grow and thrive, particularly within member nations. This I believe is because it is a tried and tested business model, and a safer route into business. Our job is to ensure the industry continues to grow ethically.”
The meetings received updated reports on risks and implications of joint employer liability, using digital marketing and social to attract, communicate and to new members, best practice in regards to governance structures within each association.
His Excellency Mohamed H. Al Muhairi, Director General of Abu Dhabi Chamber of Commerce & Industry and Chairman of FAD, who hosted the WFC meeting, stated:
“FAD is committed to its work with the WFC. In the UAE, we started franchising in 1979, and since then the industry has rocketed. We now have over 100 franchise systems in the country and just as we predict globally, we expect this to rise considerably.”
“The future of franchising is extremely exciting.”
For more information or a selection of images, please contact Patrick Hulbert, PR Manager at the British Franchise Association, working on behalf of the World Franchise Council.