Dubai: The Dubai Shopping Festival is one of the cornerstones on which Dubai has today become one of the most attractive commercial and tourism destinations of the world.
As any visitor to Dubai during DSF will testify, the professional services rendered by the country's
currency exchanges have been vital for visitors being able to get their home
currencies converted to the dirham, thus allowing them to fully enjoy the many attractions of the festival.
With the high rate of tourist arrivals, especially families from neighbouring Gulf countries, the demand for the dirham has increased, and exchange centres across the emirate predict a rise between 20 per cent to 30 per cent in their different operations in comparison to regular non-DSF days.
Speaking on their association with the DSF, Eisa 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 and Omani riyal."
Osama Hamza Al Rahme, First Manager at Al Fardan Money Exchange, said 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.
Osama expects a 30 per cent rise on the demand on dirham and remittances compared to other months of the year.
