Dubai scraps bank guarantee requirement for tourism firms
Nearly AED 250 million in bank guarantees will soon be returned to travel and tour operators in Dubai.
More than 2,000 companies are expected to benefit from the move announced by the Department of Tourism and Commerce Marketing (DTCM).
It’s also decided to waive the bank guarantee requirement for all new businesses in the sector.
Previously, tourism companies had to put up AED 100,000 to AED 600,000 to get a trade licence.
The DTCM’s latest decision is aimed at lowering the cost of doing business and attracting fresh investments into the emirate.