utu Boosts Tourist Spending Power with New Tourist Refund Vouchers in Dubai's Gold Souk
- utu launches a new program allowing tourists to gain up to 25% more value from their tourist refunds with vouchers valid for additional purchases in the same store
- The program kicks off with key partnerships with renowned merchants in Dubai's Gold Souk, which accounts for 30-35% of tourist refund volume in the UAE
- Anchor partner Thangals Jewellery is debuting the voucher program in eight stores across the UAE, with integration already planned for an additional 15 stores
- The initiative aligns with Dubai's long-term strategy to boost overall tourist spending and retail sales
DUBAI, UAE, April 15, 2025 /PRNewswire/ -- Travel fintech utu today launched the region's first downtown tourist refund voucher program in Dubai's iconic Gold Souk. Alongside the existing method of receiving tax refunds in cash or to a credit card at the airport, tourists can now choose to convert their refunds into vouchers worth up to 25% more than the original refund amount. These vouchers are instantly accessible through utu's web app and redeemable in-store.
Operating seamlessly alongside the UAE's mandated tourist refund process, utu's solution offers travelers an optional, immediate benefit without altering any official procedures. When making an initial purchase at participating Gold Souk stores, tourists can choose to purchase a higher-value voucher based on their tourist refund amount via a quick process on utu's web app, with guidance from store staff.
While the program launches in the Gold Souk, it represents the first step in utu's broader vision to enhance tourist spending across the UAE's full retail ecosystem - both downtown and at the airport. Building on its partnership with global travel retailer Avolta in Milan, utu is working to extend its solution to serve more travelers across key retail touchpoints throughout the city.
Once a purchase is made, a digital voucher is generated within seconds, allowing shoppers to increase their purchase value on the spot at that specific store. Tourists complete the standard tax refund validation process at the airport before departure as usual.
The program is launching with select merchants in the historic Gold Souk market in Deira, a major international hub for gold and jewellery trading. Thangals Jewellery, a respected name in the Souk since 1974, is the anchor partner, debuting the utu system in eight stores in the initial launch phase with plans to roll out to an additional 15 stores including Dorrado by Thangals, its exclusive diamond section.
Fazil Thangals, Chief Executive Officer of Thangals Jewellery, said: "utu's innovative voucher program gives tourists extra spending power immediately, encouraging larger basket sizes or entirely additional purchases while shopping in our stores. We expect this will significantly boost sales and contribute to Dubai's goal of higher tourist spending, while also enhancing the shopper experience and vibrancy of the Gold Souk, with Thangals leading the way."
Asad Jumabhoy, Co-Founder and CEO of utu said: "This launch gives tourists more spending power while they are still enjoying Dubai, and in one of the world's most significant gold markets. By providing instant, in-store vouchers, we're creating a seamless way for shoppers to maximize their refunds on the spot while driving incremental sales for merchants. This approach not only enhances the shopping experience for travelers but also delivers clear benefits for our retail partners, and directly supports Dubai's aim of maximizing tourist spending, all while staying fully aligned with regulatory frameworks."
With over 380 traders, the Gold Souk is a prime location for this initiative. Gold and jewellery purchases represent a substantial portion (30-35%) of the UAE's tourist refund volume, driven by the market's international appeal and high transaction values. Dubai welcomed almost 19 million overnight visitors in 2024, making it one of the world's most-visited destinations.
utu is pioneering a new approach in tourist retail by capturing the value typically lost when tourist refunds leave the country. By enabling shoppers to instantly access and spend this enhanced value with partner merchants before departure, utu is helping to create a more vibrant local retail community and is driving higher tourist spending within Dubai, enhancing its reputation as a world-class shopping destination.
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utu (pronounced "you-too") is creating a new category in global travel retail. By unlocking the value of tourist refunds worldwide, enabling immediate in-country spending, utu empowers travelers with more value while driving significant incremental sales for retailers, and contributing to a more dynamic retail ecosystem. With over 25 years of expertise in VAT and GST refunds worldwide, the utu management team is bridging the worlds of refunds and rewards, unlocking new value for travelers and retailers alike. Founded in 2016, the company is headquartered in Singapore.
SOURCE utu Global
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