Dubai’s Gold Souk Gets a Boost as utu Launches First-Ever Tourist Refund Voucher Program to Maximize Tourist Spending: Here is What You Need to Know Before You Plan

Written By: Anirban Bhattacharya

Anirban Bhattacharya

I am a Content Writer at Travel And Tour World, where I have been covering the global travel and tourism industry since June 2024. With five years of experience in digital journalism and SEO-focused content, I specialize in reporting on travel, tourism, aviation, hospitality, railways, and international developments. My work is built on thorough research, fact-checking, and clear, reader-focused reporting that transforms complex industry updates into accurate and accessible news. I am committed to producing credible, informative, and timely content that helps travelers and industry professionals stay informed about the latest trends, destinations, policies, and developments shaping the global travel landscape.

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April 15, 2025 5:32 PM

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Global travel fintech company utu has launched a pioneering initiative in Dubai’s historic Gold Souk, aiming to transform the tourist tax refund experience into a more rewarding and immediate shopping benefit. The company’s new “Tourist Refund Voucher” program allows travelers to unlock up to 25% additional value from their VAT refunds when shopping at participating merchants in Dubai — starting with one of the city’s most iconic and high-spending destinations.

A New Way to Shop and Save for International Visitors

Instead of receiving standard tourist tax refunds in cash or via credit card at the airport, tourists now have a third, more lucrative option: convert their refund into instant in-store vouchers via the utu web app. These vouchers can be used immediately at the same store where the original purchase was made, effectively giving travelers more spending power on the spot.

The program, which operates alongside the UAE’s official tax refund process, allows tourists to select the voucher option with assistance from in-store staff. Once a qualifying purchase is made, a digital voucher is issued within seconds and can be used to upgrade purchases, buy more items, or enjoy additional perks — all before even leaving the store.

Gold Souk Partnership Sets the Stage for City-Wide Expansion

The initiative launches with strong support from leading Gold Souk merchants, including anchor partner Thangals Jewellery, a brand established in 1974 with deep roots in the Deira district. Thangals is rolling out the voucher system across eight stores initially, with expansion already planned to an additional 15 stores, including its premium diamond boutique, Dorrado by Thangals.

This move targets the 30–35% share of the UAE’s tourist refund volume generated by gold and jewelry purchases — one of the most valuable segments of Dubai’s luxury retail economy.

Retail and Government Goals Aligned for Tourism Growth

Fazil Thangals, CEO of Thangals Jewellery, emphasized the potential: “This new voucher program empowers tourists with greater value and encourages higher spending, creating a win-win for both customers and merchants. It enhances Dubai’s shopping vibrancy while contributing to our long-term growth goals.”

The program is part of a wider strategy to align with Dubai’s long-term tourism and retail development goals, particularly by keeping tourist spending within the city before departure, rather than allowing it to leave the economy as a tax refund payout.

CEO of utu Sees Broader Potential for the Region

Asad Jumabhoy, Co-Founder and CEO of utu, remarked, “By launching this initiative in Dubai’s Gold Souk, we’re enhancing the travel retail experience at one of the most iconic shopping destinations in the world. It’s a seamless solution that benefits tourists and retailers alike, while also supporting broader goals for increased in-country tourist spend.”

Toward a More Dynamic Shopping Destination

Dubai welcomed nearly 19 million overnight visitors in 2024, reaffirming its status as one of the world’s most visited cities. With over 380 active traders in the Gold Souk alone, the pilot launch of utu’s voucher program has immense potential to reshape the retail and tourism dynamic in the city.

This innovation is part of utu’s broader mission to redefine global travel retail by connecting the value of tax refunds with in-country rewards. Rather than letting refunds be claimed after travel, utu captures that value instantly, allowing for increased retail activity before departure and creating a more dynamic, immersive shopping experience.