Dubai PR Network, Online Press Release from Dubai and Middle East
 
(Travel & Tourism)
Filter PR by
  
Dubai Tourism Releases AED250 Million in Bank Guarantees of Tourism Companies to Boost Investment in Ecosystem
 
Dubai Tourism Releases AED250 Million in Bank Guarantees of Tourism Companies to Boost Investment in Ecosystem
  • As part of its deregulation focus, Dubai Tourism exempts over 2,000 travel and tour agencies from furnishing bank guarantees, injecting a quarter billion dirhams liquidity into Dubai’s tourism economy
  • Move part of efforts to support the government’s economic stimulus programme aimed at lowering cost of doing business and making the emirate more attractive to investors
DUBAI, United Arab Emirates, 8 January 2019:   Dubai’s Department of Tourism and Commerce Marketing (Dubai Tourism) has initiated efforts to release approximately AED250 million in bank guarantees that have been furnished by tourism-related service providers, following the waiver of this prerequisite regulatory requirement to start a travel and tour business in the emirate. The new deregulatory measure allows for instant liquidity to be injected into Dubai’s economy, lowering the cost of doing business and supporting further investment in the sector ecosystem.
 
Strongly aligned with the directive of His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President and Prime Minister of UAE and Ruler of Dubai to accelerate Dubai’s economy growth through relative strategic and regulatory initiatives, Dubai Tourism seeks to directly benefit over 2,000 travel and tour operators and agencies in Dubai.
 
Announcing the new measure, Director-General of Dubai Tourism, H.E. Helal Saeed Almarri, said: “As we head into 2019 with a commitment to significantly boost tourism arrivals in line with our 2022-2025 tourism strategy and vision to make Dubai the world’s most visited destination, relaxing regulations in support of the business community, especially supporting start-ups and SMEs, is fundamental for sustained sector growth. Tourism is a strong contributor to Dubai’s GDP and we intend to ensure that we sustainably enhance our economic value and aid the diversification agenda for the wider UAE. 
 
“As such, this deregulatory measure that has been delivered with the support of the Department of Economic Development (DED), complements many of our other initiatives to provide much-needed impetus to the industry, based on the landmark economic stimulus initiative launched by the visionary leadership of Dubai earlier this year to make it easier to operate and grow a business in Dubai. Releasing of the bank guarantees generates an immediate cash injection of nearly a quarter billion dirhams for travel and tourism-related service providers to invest back into their businesses and truly drive future growth, in addition to being a very positive signal for prospect investors and new ventures to launch tourism projects by taking advantage of the quick and hassle-free processes in place.”
 
Previously, tourism companies including inbound and outbound tour operators were required to furnish a bank guarantee ranging from AED100,000 to AED600,000, depending on the type of business activity, to Dubai Tourism, as a precondition for DED to grant a trade license. Cancellation of this provision enables Dubai Tourism to refund the bank guarantees to the companies providing much-needed funds to reinvest in their business and grow their services. Similarly, going forward for all new ventures, investors and entrepreneurs will also no longer need to provide such bank guarantees to Dubai Tourism either to open a tourism establishment or to offer specific travel or tour-related services and activities in Dubai.
 
Dubai Tourism had earlier introduced three proposals to support the government’s economic stimulus programme, namely, to attract more transit passengers to visit Dubai, introduce the time share concept to woo more families to the emirate and to encourage more luxury yachts and boats to visit Dubai.


Posted by : Dubai PR Network Editorial Team
Viewed 7784 times
PR Category : Travel & Tourism
Posted on : Tuesday, January 8, 2019  12:02:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : The Department of Culture and Tourism – Abu Dhabi Signs MoU ...
Next Story : Kalima Reading Club Organises Panel Discussion On La Rochefo...
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
Tissot Introduces Chrono XL 3x3 Street Basketball Special Collection [8497-Views]
Chloé Launches The New Cloud-shaped “rosie” Sunglasses [8296-Views]
BYS COSMETICS Now in UAE [8204-Views]
Max Mara Resort 2020 Collection [8028-Views]
Saint Honore [6966-Views]
Hackket's Bags of Style [6606-Views]
Introducing the Swim and Beachwear Summer Collection from Marks & Spencer [6478-Views]
VBQ-presskit-denim-70s Capsule [6118-Views]
New Land Rover Defender Completes Tusk Testing to Support Lion Conservation in Kenya [5362-Views]
Ministry of State for FNC Affairs Launches Forum Titled ‘Political Empowerment in the UAE' [5356-Views]
Natural and gentle haircare essentials for your little ones from Fifi & Friends' [5112-Views]
Eberhard & Co. Alfa Romeo Limited Edition [5081-Views]
Jaguar Land Rover & Bmw Group Announce Collaboration for Next Generation Electrification T... [5020-Views]
OMEGA Rocket Engine - Introducing the Master Chronometer Calibre 3861 [4972-Views]
Rado Captain Cook Automatic Limited Edition with travel case' [4959-Views]
UAE and Oman bodies sign MoU to jointly promote Internal Auditing [4599-Views]
Kickstart your summer workout with Ibn Battuta Mall's free indoor family Fun Run [4544-Views]
Vincitore Realty sells out 108 homes in the Dh375 million Benessere project in just three ... [4538-Views]
Britain's Greatest Test Driver, Norman Dewis Obe, Passes Away [4246-Views]
The Economic Times recognizes Malabar Gold & Diamonds as one of the Best Brands 2019 [4227-Views]
Sony World Photography Awards Reveals New Categories for 2020 and Latest Sony Grant Recipi... [4136-Views]
The Gucci Runway Makeup Looks for Cruise 2020 [4130-Views]
Electricity Most Searched Fuel Energy Term Online in UAE [4081-Views]
Certina DS PH200M collection' [4063-Views]
Aston Martin Produces First Cars at St Athan [4056-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories