Al-Wefaq Transportation Solutions Company “Yellow” officially registered its name in the car rental sector as a leading national company that grants the right to franchise its brand for investment in front of those wishing for its distinguished capabilities and broad experience in this influential field in various vital economic and tourism sectors. For transportation, Eng. Fawaz Al-Sahli, and the Vice-Chairman of the Board of Directors of Al-Wefaq Transport Solutions Company “Yellow” Mr. Bashir Al-Qahtani, the signing ceremony of the first franchise agreement granted by the company, which was the share of the investor, Mr. Malik Al-Faraj, and the CEO of Al-Wefaq Transport Solutions Company “Yellow” Mr. Muhammad Al-Najran signed the agreement With Mr. Malik Al-Faraj, in the presence of a number of officials in the Authority and the company.
It is noteworthy that the car rental sector in the Kingdom is one of the most prominent sectors witnessing increasing growth, driven by the great movement in the economic and tourism sectors in the Kingdom in light of Vision 2030, as one of the recent studies estimated the growth of the car rental sector in the period from 2023 to 2028, and it is expected that It rises from $2.01 billion to $3.12 billion, at a compound annual growth rate of 9.21%.
It is expected that Yellow’s franchise program will contribute to attracting more local, regional and international partners interested in investing in this promising sector and building successful partnerships.
The transport sector is also one of the elements of tourism development that has an important role in the growth of the national economy.
It should be noted that the Kingdom of Saudi Arabia received 93 million tourist visits in 2022, and 8 million in the first quarter of 2023, double expectations, adding that the number of Umrah visits during the first three months of this year amounted to 4 million and 100 thousand visitors.
For his part, the Vice President of the Public Transport Authority, Eng. Fawaz Al-Sahli, thanked Al-Wefaq Transport Solutions Company “Yellow” for its continuous development steps in all its services. Among them today is the launch of commercial concession grants, wishing success for this initiative, and that we will witness in the near future more investment entities that benefit from obtaining commercial concessions.
For his part, the CEO of Al-Wefaq Transport Solutions Company “Yellow”, Mr. Muhammad Al-Najran, said: We have an ambitious strategy in “Yellow” that keeps pace with the Kingdom’s Vision 2030 for the deliberate expansion of our activity and the investment of the prestige and confidence that we have obtained during the past years in achieving this goal, which is accompanied by continuous improvement And developing our services, updating our fleet with everything new that appears in the world of the automotive industry, and we are investing heavily in the technical aspect to create a rich experience for our customers every time they choose “Yellow”.
After a complete study of the project and the completion of all internal preparations, we have taken the step of announcing the launch of the car rental franchise project. We, in Yellow, have all the ingredients that would enhance the provision of efficient and high-quality vehicle rental services in all cities and regions of the Kingdom, which helps support the tourism and economic movement in our country. It also provides a real investment opportunity for entrepreneurs wishing to obtain the franchise and start Their journey in this field, benefiting from the experience and support that the company will provide for their success.
For his part, Mr. Malik Al-Faraj, the holder of the first commercial franchise for the “Yellow” brand, thanked the company for this pioneering investment step, which would help those wishing to invest in the rental transport sector to start their journey in the right way, benefiting from the experience and support of a leading company in this field. Yellow size.
It is noteworthy that Yellow has more than 90 branches covering different cities and airports throughout the Kingdom of Saudi Arabia, in addition to its presence in the United Arab Emirates and the Arab Republic of Egypt, and it has strategic partnerships that allow customers to book their cars across 140+ countries with more than 3,800 branches.
With more than 20 years of experience in this field, Yellow provides its customers with an innovative concept and an integrated experience, not just a car, but a service that suits the needs and desires of its customers and takes into consideration every step of their journey to make it easier and faster.