While the ministerial decree issued by the Deputy Prime Minister Lt. General Sheikh Saif bin Zayed Al-Nahyan has different implications across facets of public and private sectors, it particularly presages good news for the retail sector. The decree allows multiple visit visas to cruise tourists, property owners and their families, businessmen and professionals.
An Old Equation
The new visa law stipulates that foreign businessmen associated with a local organization, or running own business in the UAE, are eligible for multiple entries for six months. Non-Emiratis who own a property here are also eligible for the same during a six months stay, family included.
While that carves an opportunity to increase sales for Emirates’ world-class retail sector, it also implies strategizing more. Considering the melting pot of cultures that has been pouring into the Emirates, owing to favorable policies, retailers might want to analyze sales strategies from the same standpoint. Particularly take the Fashion genre, that will be taking into account a lot of local and foreign factors such as shifting weather seasons, variation of purchasing power according to tourist background, as well as global supply-chain dynamics. Ultimately, for the retail sector, it’s the old equation of more tourist, more sale. For tourists, it’s about comfortably having diverse shopping options in the same place.
Emirati Shores High On Radar for Chinese Globetrotters
According to official figures from Abu Dhabi Tourism & Culture Authority, hotels in UAE registered 15,297 visitors from China during the first six months of 2012, an 84% increase over the same period in 2011.
Take into account facts from a survey recently conducted by the World Luxury Association. Chinese shoppers indulged in a whopping $5 billion worth of luxury goods, whilst travelling abroad during the National Day Golden Week holidays. Interestingly, another study by Visa Asia highlighted the increasing percentage of young entrepreneurs springing up in the nation of 1 billion folks, who have the exotic tastes and purchasing power that sounds like more than just melody to retailer ears across the globe.
From an Emirati perspective it is stimulating news, that the recent visa facilitation will enable local retailers to grab a significant chunk of the global consumer, heading out with real deep and jingling pockets.