Exchange houses vie for DSS cake

During the most celebrated summer event in the region, to take off on June 21, exchange houses in Dubai are expected to secure a 20-25 % increase in their revenues, comparatively to last year owing to the anticipated big turnout of visitors, especially from the Gulf region.

The high tourist inflow usually witnessed during the DSS festivities, a high season for exchange houses all over the Emirate, injects new life into the exchange market in general and boosts the demand for the UAE Dirham in particular, besides activating other transactions, including individual remittances.

According to informed market sources, a large number of exchange houses vie this year for securing the largest possible yield of the DSS 10th edition by launching promotions featuring valuable prizes tailored to ensure customer satisfaction.

"The DSS Office leaves no stone unturned to add more fun and excitement to this year's edition, so that the tourists make the most of their time and never feel bored," said Layla Suhail, the DSS Executive Director".

The financial exchange and transfer market is one of the key sectors that invigorate businesses during the summer season, with exchange outlets always sparing no effort to render optimal services for the DSS audience, coming year after year in greater numbers, added Suhail.

She noted that the promotions launched by exchange houses during the fiesta virtually add to the prizes offered during the whole event and double the chances of winning.

DSS's Positive business impact
On his part Issa Al Ansari, Deputy Board Chairman of Al Ansary Exchange, said: "DSS has rendered Dubai a sought-after summer tourist destination, a fact that has reflected positively on other business sectors, notably the exchange market."

"Although exchange houses usually do brisk business during the summer months, a vacation season for expatriates, yet the DSS comes to accelerate the pace of work due to the big turnout of visitors, especially from the Gulf region."

Singling out a key promotional campaign featuring valuable prizes to be introduced by Al Ansary Exchange during the summer fiesta, the official expected a 15-20% increase in exchange transactions during this summer, comparatively to the same period last year as well as a higher demand for the UAE Dirham.

Dubai, a mouth-watering destination
Usama Hamza Al Rahma, the director general of Al Firdan Exchange, noted that the establishment of mega projects in Dubai has rendered the Emirate a mouth-watering destination for larger numbers of tourists, adding that the miscellaneous, multi-faceted festivities organized during the DSS contribute considerably to the tourist inflow witnessed during this leading summer event.

Highlighting a 'large-scale' promotion campaign to be launched by his company in cooperation with National Sukuk during the DSS, Al Rahma stressed that the summer season occasions manifold business activities on the exchange market, which he expects would record higher growth rates, compared to last year.

On his part Ahmed Redha Al Ansari, the director general of Reda Al Ansary Exchange, said "the DSS has made the idea of lean business activity, associated with the summer season, a thing of the past, as we now witness a surge in economic activities during the summer months all over the Emirate."

"Any person who now experiences the growing number of visitors descending on Dubai can safely say that the coming period would record higher growth rates, especially after the end of the school year and the start of the holiday shopping season."

He expects a 5-10% increase in exchange transactions, comparatively to the 2006 summer, referring to a three-month promotion, to be launched by his company featuring valuable prizes, including cars.