UAE. Travel fintech company utu has launched an innovative downtown tourist refund voucher programme with selected merchants in one of Dubai’s most popular shopping destinations, Gold Souk.
Alongside the existing method of receiving tax refunds in cash or to a credit card at the airport, shoppers at Gold Souk can now choose to convert their tax refunds into vouchers worth up to +25% more than the original refund amount.
The vouchers are instantly accessible through utu’s web app and redeemable in-store.
Operating alongside the UAE’s mandated tourist refund process, utu’s solution offers travellers 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 app, with guidance from store staff.
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.
The Gold Souk move represents the first step in utu’s broader vision to enhance tourist spending across the UAE’s full retail ecosystem.
Building on its partnership with global travel retailer Avolta (see our story here), utu said it is working to extend its solution to serve more travellers across key retail touchpoints throughout Dubai city.
The programme is launching with select merchants in Deira’s historic Gold Souk market, a major international hub for gold and jewellery trading.
Thangals Jewellery, a well-known retail name in the Souk since 1974, is the anchor partner, debuting the utu system in eight stores in the initial launch phase. There are plans to roll out the programme to an additional 15 stores. These include Dorrado by Thangals, its exclusive diamond store.
Thangals Jewellery Chief Executive Officer Fazil Thangals said: “utu’s innovative voucher programme 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.”
utu Co-Founder and CEO Asad Jumabhoy commented: “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 maximise their refunds on the spot while driving incremental sales for merchants.
“This approach not only enhances the shopping experience for travellers but also delivers clear benefits for our retail partners, and directly supports Dubai’s aim of maximising tourist spending, all while staying fully aligned with regulatory frameworks.”
With over 380 traders, the Gold Souk is a prime location for the 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.
Utu noted Dubai welcomed almost 19 million overnight visitors in 2024, making it one of the world’s most-visited destinations. ✈
