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Dubai to waive bank guarantee, to inject $68m in tourism ecosystem

Posted On: Jan 14, 2019   |   Posted By: Travel and Tourworld

Dubai to waive bank guarantee, to inject $68m in tourism ecosystem

For tourism-related service providers Dubai Tourism has released approximately $68 million in bank guarantees to start travel and tour business in the emirate. This is followed by the waiver of the prerequisite regulatory requirement.
Dubai's economy will get instant liquidity via the new deregulatory measure that will facilitate in lowering the cost of doing business and help further investment in the sector.
Through this the Dubai Tourism wants to directly benefit more than 2,000 travel and tour operators and agencies in Dubai. This is in complete alignment with the directive of HH Sheikh Mohammed bin Rashid Al Maktoum, the Vice President and Prime Minister of UAE and Ruler of Dubai to bring about a surge in Dubai's economic growth through regulatory initiatives.
Announcing the new measure, director-general of Dubai Tourism, Helal Saeed Almarri said that as they were heading into the new year with the promised of boosting tourism arrivals keeping in mind 2022-2025 tourism strategy and vision to turn Dubai...

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