The timeshare industry is expected to add 14 billion dirham to Dubai’s economy by 2020! A new law will be put into place which will open up the timeshare industry and this is expected to lead to aggressive growth as Dubai gets ready to host Expo 2020 and bring in an estimated 25 million visitors. The hospitality segment in Dubai has been very active recently with many different companies announcing new hotels and starting to build new projects in readiness of the Expo 2020.
The Chairman of Arabian Falcon Holidays Mohannad Sharafuddin has said the following about the new law to be released “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 timeshare players in Dubai and across the world are anxiously waiting for the release of a new timeshare law that should propel the whole industry onto a huge growth path. 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.
Sharafuddin has said that they plan to unleash new marketing campaigns all over the world to increase the tourism levels in Dubai, and the new Law should unlock the potentials of the industry participants to extend amazing Dubai deals that offer “value-for-money” to timeshare consumers from all across the world.
The central idea of timeshare is that it is family holiday time and Arabian Falcon Holidays alone brings in over 16,000 of its members to Dubai every year.
“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.
It is said that The International Monetary Fund (IMF) is very 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%.
Dubai is now in the top 25 of Travellers’ Choice Destinations and has also been named in the ‘6 hottest’ destinations by Air Canada’s in-flight magazine, confirming that the shopping in Dubai is legendary!
Different generations, Millennials and Generation X are displaying more interest in timeshare holidays, this is due to people’s disposable income being more and wanting to explore the world and different foreign countries.
Arabian Falcon Holidays 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. It is the largest independent timeshare sales and marketing company in the Middle East and it was founded in 1999 when the potential of the UAE, Dubai in particular, as a market for vacation ownership was recognised. It 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.
During 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. 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.”
The government in Dubai is also supporting the movement within the industry and they understand that supporting the development of a timeshare market in Dubai is vital as it will help to increase real estate tourism in Dubai by providing a new service that meets the needs of investors and visitors. Dubai possesses all the elements it needs to succeed in the timeshare sector. They are aiming to develop a truly world-class timeshare market in Dubai, governed and supported by clear and fair legislation that benefits all parties involved. These are exciting times ahead in the timeshare industry, but it seems especially in Dubai who boast of wonderful shopping, dining, and live music experiences and of course, visiting its pristine, white-sand beaches.
This all sounds amazing and we here at ABC Lawyers are happy that the timeshare industry are still trying to open up across the world. If you are a timeshare owner who still enjoys your timeshare teh please make sure that you know your contractual rights before getting involved even more.
See our recent blog post regarding timeshare benefits.