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Sun 1 Apr 2007 12:21 PM

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VOIC knowledge shared

The timeshare industry is still waiting with baited breath for proposed industry regulation legislation to be introduced in Dubai, but the signs are optimistic for developers, consumers and the government.

The timeshare industry is still waiting with baited breath for proposed industry regulation legislation to be introduced in Dubai, but the signs are optimistic for developers, consumers and the government.

That was the message from last month's Vacation Ownership Investment Conference held in Dubai.

Interval International managing director for Europe, Middle East, Africa and Asia David Clifton said legislation could be introduced as early as the end of the second quarter this year.

"Dubai is destined to become one of the super-cities of tourism and vacation ownership," he said. "Wherever tourism starts to flourish in the world, vacation ownership becomes an important element contributing to the tourism success of that region."

Interval governmental affairs senior vice president Tom Bell said his company had received proposals and provided input on the proposed legislation.

He said examples of good timeshare legislation internationally had three common elements: a guaranteed cooling off period for buyers, a protection of the purchase deposit by an independent third-party, and ongoing protection for the product - the resort or hotel - itself.

"The drafts indicates all three of these will be part of the laws, along with other types of provisions," he said.

Any legislation should protect consumers, developers and the government, he said, adding that the impact of timeshare could also assist the local economy. He cited the example of Nevada, which had US $950 million output,$290 million income and 9600 jobs as a direct result of the industry in 2002. The indirect impact was $490 million output, $190 million income and 5200 jobs.

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