Dubai: The ripple effects of the 18th Dubai Shopping Festival (DSF) have been felt in many industries in the emirate including its currency exchange sector which reported a growth rate of about 10 to 15 per cent just about two weeks into the shopping festival.
A lot of people, especially tourists, are exchanging currencies since DSF 2013 has started, creating a higher demand for the Emirati dirham compared to the past months.
Ali Redha Al Ansari, CEO of Redha Al Ansari Exchange, said that they noted an increase in business of between 10 to 15 per cent since the beginning of DSF this year compared to other months.
“The branches of money exchange houses in Dubai’s malls are seeing continuous growth since the beginning of DSF 2013 and this is due to the fact that larger numbers of visitors, tourists and residents are visiting the malls,” Al Ansari said.
Osama Hamza Al Rahma, general manager at Al Fardan Exchange, said DSF is a great crowd-puller because it coincides with school holidays in many countries. The cool and pleasant weather at this time of the year also attracts people to Dubai.
“All these points reflect positively on the exchange houses. Al Fardan Exchange saw a rise of 10 to 15 per cent in transactions in the first two weeks of the DSF and we expect this momentum to continue until the end of DSF 2013,” Al Rahma added.
Mohammad Al Ansari, chairman and managing director of Al Ansari Exchange, said besides the 12 per cent increase in foreign currency exchange transactions since DSF started, he is also anticipating an increase in local market activity.
“This is poised to positively influence the financial and banking sector, which is playing a direct and vital role in the country’s economic development,” Mohammad Al Ansari said.