Sharjah – Research, Events and Training Department – 01 November 2021:
In cooperation with the Emirates Association for Franchise Development (FAD), the Sharjah Foundation to Support Pioneering Entrepreneurs (Ruwad), a subsidiary to Sharjah Department of Economic Development, has organized a virtual panel discussion titled “Q&A on the World of Franchising” to discuss commercial franchising in the private sector.
A group of government experts in entrepreneurship, enterprise development and franchising participated in the session, including Ms. Salma Al Mansouri, Executive Director of Entrepreneurs and Small and medium Business Department at the Abu Dhabi Chamber and Director of FAD; Mohamed Al Madani, Chairman of the Consultation Committee of FAD; Mr. Jasem Al Bastaki, Deputy Chairman of the Consultation Committee of FAD and SMEs Consultant, SMEs Development Expert, and Entrepreneur in the aviation industry, tourism, hospitality and franchising development.
Moderated by Maryam Al Suwaidi from the Department of Support and Projects Funding, 34 men and women entrepreneurs, interested in delve into the experience and learn about the rights and regulations governing franchising.
His Excellency Hamad Ali Abdullah Al Mahmoud, Director of Ruwad, said that holding the session comes within the framework of the Foundation's keenness to define and motivate male and female entrepreneurs to engage in various franchising activities and projects. “We have seen a rise in franchising projects around the world and across the UAE in particular coinciding with the development of the local economy and the ease of doing business in the country,” he said.
During the session, H.E. Al Mahmoud praised the role FAD plays in enriching such events and its efforts in developing an entrepreneurial environment in the country as well as forming successful partnerships, cementing a creative cooperation with franchise supporting entities, encouraging Emirati entrepreneurs to enter into the world of franchising, launching joint initiatives and programs to spread awareness, ensuring the success of projects and protecting the rights of all franchise parties.
The session discussed, among its topics, the concept of commercial franchise rights, and the difference between a normal commercial project and a franchise project, and the most important services provided "FAD" to franchise initiatives in the country through the provision of support, advisory and support services.
The panel also discussed the key methods of transforming a commercial project into a franchise, specifying the key articles in franchising contracts, and differentiating between the duties and responsibilities of each the franchisor and the franchisee.
The discussion panel also tackled the most important challenges entrepreneurs face while transforming their startups into projects that operate under franchising rules.
The panel concluded the session by giving advises for entrepreneurs before entering the world of franchising, which is filled with opportunities, ideas, and unlimited success prospects.
For their part, the participating entrepreneurs expressed their thanks and appreciation for the information and guidance they received during the session, asking the organizers to hold similar seminars and panel discussions on a regular basis.
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