Dubai exchange houses upbeat despite global economic gloom - 10 per cent growth expected during DSF 2009

Published January 11th, 2009 - 02:00 GMT

Exchange centres in the emirate are upbeat about Dubai Shopping Festival 2009 despite the current global economic turmoil and officials believe that the fourteenth edition of DSF will definitely reflect positively on all economic sectors directly and indirectly associated with the region’s major shopping festival.

Expecting their businesses to record a 10 per cent increase during the month-long event over other months of the year, the exchange sector is aiming to take advantage of lucrative DSF promotions that will consequently result in higher inbound visitors and consumer spending.

“The distinction earned by DSF over the past years will ensure considerable tourist inflows from all around the world into Dubai, particularly in light of the lucrative promotions provided to shoppers and tourists,” said Issa Al Ansari, chairman of Al Ansari Exchange.

“Dubai is endeavouring to keep the high economic growth rates it has been recording over the past years,” he added, expressing his belief that the emirate will weather the current crisis thanks to the “high tourist potential and top-notch services and facilities available to all those visiting the shopping magnet of the Gulf.”

“During such unstable economic circumstances, consumers get tight-fisted about spending and tend to get braced for the worst possible scenarios,” said Usama Hamza Al Rahma, Al Ferdan Exchange General Manager.

“The DSF is a much-needed event in such circumstances to inject more confidence into the market through large-scale promotions it is famous,” he said.

“The recent decline in prices after the incredible hikes witnessed over the past years is a strong incentive for tourists, especially those coming from the Gulf, to fly into Dubai and take advantage of shopping promotions and the moderate climate enjoyed by the emirate during this time of the year,” stressed Al Rahma.

He expects exchange transactions to increase during DSF 2009 between 5 and 7 per cent compared to other periods of the year.

Ahmed Reda Al Ansari, General Manager of Reda Al Ansari Exchange, noted that the impact of the current global turndown on the exchange sector is much less than that on other economic sectors.

“But there must be preventive measures in place to prepare for any further slide during the first quarter of the new year,” he added, expecting a 10 per cent increase in exchange deals over other periods of the year.



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