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Dubai expected to release Timeshare Law by end of 2016
Timeshare industry expected to add Dh14 billion to Dubai's economy by 2020
New law to open up the market and lead to exponential growth as Dubai gears to host Expo 2020 and aims to attract 25 million visitors
Dubai, UAE, August 3, 2016: The timeshare industry in Dubai and globally is eagerly awaiting the release of the new Timeshare Law, which will propel the industry on a growth path. This is according to the Chairman of Arabian Falcon Holidays (AFH), the largest independent timeshare player in the Middle East.
Chairman of Arabian Falcon Holidays, Mohannad Sharafuddin, said: "We are hoping that the Timeshare Law in Dubai will be released as early as end of the year. We, along with the timeshare industry, have been eagerly awaiting the release of this legislation for the past few years. We are really confident that the presentation of the Law will create a positive impact in the industry."
The hospitality segment in Dubai has been quite active with several companies announcing new hotels and commencing construction of their projects as Dubai gears up to host Expo 2020 and aims to attract 25 million visitors by then.
Though local media reports have suggested that the ground-breaking Timeshare Law has been in the draft stage for some time now, no concrete news on its release date has been issued so far.
"We have our 16,000 members visiting the emirate every year. We are confident that the market will flourish as soon as the Timeshare Law comes into play, allowing us to unleash new marketing campaigns across the globe to increase tourism to Dubai," Sharafuddin said.
The core idea of timeshare is 'Family Vacation' and Arabian Falcon Holidays alone brings in over 16,000 of its members to Dubai every year. Shared vacation ownership through AFH generates direct turnover between Dh350 million - Dh500 million, which expands to Dh1 billion when indirect and induced impacts are included. The timeshare industry is expected to add Dh14 billion to Dubai's economy by 2020.
"We believe that the timeshare market will also replicate the growth witnessed in the hospitality sector seeking to increase the inflow of international tourists since timeshare owners are guaranteed vacationers, " Sharafuddin added.
The upcoming Law will unlock the potentials of the industry participants to extend amazing Dubai deals that offer "value-for-money" to timeshare buyers from all across the world.
The International Monetary Fund (IMF) is confident that Dubai's economy will experience a period of "rapid acceleration" ahead of Expo 2020 with the annual growth expected to average over 5% following a minor slowdown in 2016.
The Washington-based fund expects Dubai's economy to record 3.7% growth in 2016, up from 3.6% in 2015, far above the Gulf Cooperation Council growth forecast of 1.8% for the current year.
Dubai has made it to the top 25, according to the Travellers' Choice Destinations 2016 list published by TripAdvisor. The emirate has likewise, been named in the 2016's "6 hottest destinations" by Air Canada's in-flight magazine, terming shopping centres in Dubai as "legendary."
Timeshare is also fast catching up among the millennial generation.
"The concept echoed loudly amongst younger people. In the US, the median age was 39 and half of them have children younger than 18 living at home. We also have seen the Generation X showing more interest in timeshare as their disposable income has increased and as they desire spending holidays in foreign countries," Sharafuddin concluded.
About Arabian Falcon Holidays
Arabian Falcon Holidays (AFH), the largest independent timeshare sales and marketing company in the Middle East, was founded in 1999 when the potential of the UAE, Dubai in particular, as a market for vacation ownership was recognised.
Arabian Falcon is a premier international service provider to the timeshare industry in the Middle East and has been delivering excellent client services and providing the best vacation products in the GCC market since 2003.
AFH has timeshare properties in Royal Club Bonnington Hotel, Jumeirah Lakes Towers, Dubai; Royal Club at The Palm, Palm Jumeirah, Dubai; Serenity in Les Jardins de Zyriab, Marrakech, Morocco; Palace of the Golden Horses, Kuala Lumpur, Malaysia; Golden Palm Tree, Kuala Lumpur, Malaysia; and Elysium Vacation Club, Istanbul, Turkey.
The company is licensed to market and sell timeshare in the UAE and has deposited the required AED 1 million bank guarantee with the Department of Economic Development, Dubai. Arabian Falcon Holidays is an active member of Dubai Chamber of Commerce and Industry, Membership No. 53170.
At the Vacation Ownership Investment Conference (VOIC) 2007, Arabian Falcon Holidays was honoured to receive the Interval International Pioneer's Excellence Award, which was presented to AFH Chairman, Al Mohannad Sharafuddin by Interval International Chairman and CEO Mr. Craig M. Nash. The award was given "for visionary foresight and recognition of the timeshare potential of Dubai, and for pioneering the marketing and selling of the city's first timeshare resort."
About Royal Club Dubai
The Royal Club Dubai is a luxury brand of vacation ownership resorts based in Dubai, United Arab Emirates. The Royal Club's resorts are owned by two sister companies, Caryatid Properties Ltd and Dermarr Properties Ltd. Dermarr Real Estate Brokers LLC, a company based in Dubai, is the authorised representative for all of these resorts and any future resorts created under the Royal Club brand. In 2010, we also opened a satellite office in Victoria Island, Lagos, Nigeria called Dermarr Properties Nigeria Ltd.
At the Royal Club, we believe in delivering the best, therefore we appoint only the best companies to look after you and your investment.
About Interval International
nterval International is a world renowned exchange company with over 2,500 resorts worldwide. We have appointed Interval International as we feel that their resorts are of similar quality to ours, all offering 5 star standards so that the clients can enjoy them.
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§ Ana Margarita Espineli
New Perspective Media
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© Press Release 2016
