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Timeshare's Dh14 billion boost to Dubai's economy by 2020

Global timeshare industry is awaiting the release of the Timeshare Law in Dubai, which will propel the industry on a growth path, according to an industry player.

“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,” said Mohannad Sharafuddin, Chairman of Arabian Falcon Holidays (AFH).

Though local media reports have suggested that the 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 added.

The core idea of timeshare is ‘Family Vacation’ and AFH alone brings in over 16,000 of its members to Dubai every year. Shared vacation ownership through AFH generates direct turnover between Dh350 million and 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 said.

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 per cent following a minor slowdown in 2016.

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 said.

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