Exchange houses set for a fresh burst of trading during DSF 2006

As any visitor to the emirate of Dubai during DSF will testify, the professional services rendered by the country's currency exchanges have been a vital link in visitors being able to get their currencies converted to the dirham, thus allowing them to fully enjoy the many attractions of the festival.

With the arrival of the high rate of tourists, especially families from the Gulf countries, the demand on the dirham has risen, and exchange centres across the emirate predict a rise between 20 to 30 per cent in their different operations in comparison to regular non-DSF days.
Speaking on their association with the DSF, Issa Al Ansari, Vice-Chairman of Redha Al Ansari Exchange, said,

"The DSF is a global event and it is able to attract more tourists from all over the world, giving the tourism sector a great impetus, and reflects positively on other economic sectors, including the exchange markets."

Ansari said he expected a great deal of trading in the Euro and the Pound Sterling, just like last year with a rise in the number of European tourists to Dubai at this time of the year, adding that Dubai is a prime attraction for tourists from Europe, especially at this time of the year when the weather in European countries takes a turn for the worst.

"Tourism is integrally related to money-changing, and we expect the local money exchange market to witness a 20 per cent rise during the event. For remittances, the rate will be almost the same. The demand on the dirham during DSF rises specially from the people coming from the Gulf countries, where we accrue great amounts of Gulf currencies such as Saudi Riyal, Kuwaiti Dinar, Omani Riyal etc."

Osama Hamza Al Rahme, First Manager at Al Fardan Money Exchange, said that Dubai has become an important tourist destination in the area and it also has got a global reputation, which contributes in pulling in people to Dubai. The demand on the dirham greatly rises during the DSF. "The establishment of over 100,000 hotel rooms under the directives of HH General Sheikh Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and UAE Minister of Defence, has greatly contributed in reinvigorating the tourism sector in the emirate, and this has reflected positively on the exchange markets."

Osama expects a 30 per cent rise on the demand on dirham and remittances compared to other months of the year.

The Dubai Shopping Festival 2006 runs between January 4 and February 4, 2006.