The Small and Medium Enterprises General Authority “Monsha’at” delivered the first batch of franchise broker licenses yesterday, handed over by the Governor of Monsha’at, Engineer Saleh bin Ibrahim Al-Rasheed, during a ceremony held in Riyadh on this occasion. The licensing of brokers aims to raise the quality of brokerage and matchmaking in franchise deals, support the transformation of distinguished local brands into the franchise model, and attract distinguished international brands in new and promising sectors. Franchising is a key pillar in achieving the objectives of Saudi Vision 2030 by increasing SMEs’ contribution to the national economy, as it offers a major opportunity for local brands to expand domestically and abroad. The Franchise Center platform displays more than 300 brands and receives nearly 5,000 applications from entrepreneurs seeking franchise rights for the listed brands. Franchise broker licenses will have a major impact on regulating the granting of franchises between franchisors and franchisees and on marketing distinguished brands, in accordance with the Rules Governing the Practice of Franchise Brokerage Activities issued on September 24, 2021, in line with Monsha’at’s tireless work to improve the indicators of the franchise industry in the Kingdom by focusing on several key interventions to reach global rates in the three main indicators by the end of 2030.