Wyndham Worldwide CEO cites new timeshare law as the foundation for growth in the Middle East

Holmes said, "We are extremely pleased that this new timeshare law is now in place as we know that this is an essential step to establishing the timeshare industry in this new market. These protections will serve the interests of both developers and consumers alike while fostering a healthy growth environment. With this law in place, the vacation ownership industry should make a significant economic contribution to the market".

Group RCI was a major contributor as part of the industry group working with the Dubai Lands Department and Real Estate Regulatory Authority, (RERA), in the creation of the newly announced timeshare laws.

As interest in timeshare escalates, it is expected that Middle Eastern residents will spend an estimated $1.2bn a year on shared ownership properties by 2020, with top markets including Saudi Arabia, Kuwait, Iran, Egypt and the UAE.

Developers have been quick to respond to the potential of value-added timeshare offers. Most recently Group RCI formed an affiliation with Al Ghaith Holdings to operate a timeshare exchange program at the Bavaria Executive Suites resort.

This development will have over 2000 units available in two towers on either side of Dubai's Sheikh Zayed Road.

Another example is the exclusive Ivory Grand development owned by Al Sawadi Real Estate, located close to Mall of the Emirates.

Steve Holmes is the vice chair of the World Travel and Tourism Council and will be a part of the panel on "Travel and Tourism - It's Good and Getting Better" taking place on day one of the Global Travel and Tourism Summit in Dubai on April 21. His comments will outline his views on the economic stability of the travel and tourism industry and in particular, the Wyndham Worldwide family of companies.

"Travel and tourism continues to be a stable and growing industry around the globe. We are one of the world's largest employers and engines of economic growth. We have seen that when it comes to taking time off, people will adjust their travel plans to fit their budgets, but rarely cancel their vacations altogether.

At Wyndham Worldwide we have hotels, timeshare resorts and vacation rentals and exchange, with great product, price and geographic diversity.

Historically, our portfolio has benefited from people tightening their wallets as so much of our product is in the mid-price and economy segment.

While we would like to see the U.S. economy rebound, our company is well poised to succeed, even in this economic environment," added Holmes.

"The United States has been losing market share to other countries for that lucrative international visitor, but I hope to see narrow the gap this summer as we are on sale given the low value of the dollar against other currencies".