Dubai scraps bank guarantees required to set up tourism companies
Dubai will waive bank guarantees required to set up tourism companies as the emirate seeks to lower the cost of doing business and attract investments in line with government initiatives to stimulate the economy. The move will exempt more than 2,000 travel and tour operators from bank guarantees worth a total of c.AEDD250mn and free up capital to reinvest in their businesses, Dubai Tourism and Commerce Marketing said in a statement on Tuesday. Dubai has set a target to attract up to 25 million visitors annually by 2025 and to become the world’s most visited destination. Tourism numbers remained flat Y-o-Y at 11.58 million visitors in 9M18, according to Dubai Tourism data.
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