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Time share

TimeShare means participation in the time of leave or joint utilization rights at the time of leave, its legitimate definition introduced instruments of utilization at the time. It is a world order that is more than 30 years old and began in Europe and America between 1973-1977. The annual growth and success of the TimeShare system is 22.5% of the world’s total tourism and travel industry. Figures indicate that there are more than 5 million families worldwide who own the TimeShare system. There are more than 4,987 hotels, resorts and tourist villages around the world that share this system.

The Saudi Council of Ministers authorized more than two years ago the project of a time-sharing system in tourist real estate units submitted by the Supreme Tourism Authority, which enhanced the rate of acceleration of the tourism property boom in the Kingdom in general and in Makkah and Medina specifically.

Timeshare means each contract or group of contracts entered into for a certain amount of money for a period of not less than 3 years, whereby a right of benefit is created or waived or any other right relating to the use of one or more tourist property units for a specified period or periods.

While TimeShare is important for both investor and beneficiary, a survey (Riyadh) showed a lack of awareness of this importance, with 43% of the 8,102 individuals saying they did not know of the importance (TimeShare), while 37% linked this product to housing near the Mecca Mosque (which is characterized by high prices), 12% saw its importance globally for housing through this regulation in luxury housing, and 9% saw it as a useful international investment.

The 12-article system enables the buyer to exercise all the rights arising from the timeshare contract, including its rights and obligations, the terms of withdrawal from the contract, cancellation of the contract, advance payments, if any, cancellation of future agreements, hygiene and maintenance of the property, and gives the buyer the right to withdraw within 10 days of the purchase without requiring any advance payment to the contract, and entrusts the Enforcement Tourism Authority.

The system is designed for those who want beaches, places away from noise and the hustle and bustle of cities. It is designed for those who can travel in 365 days. These two things do not apply to Gulf people. Most Gulf households do not want to stay in resorts far from cities. The second consideration is that Gulf students for the conditions of study and work leads

The 12-article system enables the buyer to exercise all the rights arising from the timeshare contract, including its rights and obligations, the terms of withdrawal from the contract, cancellation of the contract, advance payments, if any, cancellation of future agreements, hygiene and maintenance of the property, and gives the buyer the right to withdraw within 10 days of the purchase without requiring any advance payment to the contract, and entrusts the Enforcement Tourism Authority.

This system is designed for beaches and places away from noise and the hustle and bustle of cities It is designed for those who can travel within 365 days. These do not apply to the Gulf. Most Gulf households are unwilling to stay in resorts far from cities. The second consideration is that Gulf students prefer to travel often during summer vacations. From every year they do not like the travel report for a minimum of 4 or 3 months, which they sign in TimeShare contracts.

The study predicted that the number of families benefiting from the TimeShare tourism system in the Middle East will reach 200 thousand, and its market size will reach $1 billion out of 10 billion in annual sales worldwide.

Experts and officials in the tourism and travel sector confirmed that the holiday ownership or time-sharing sector, known as TimeShare, is spreading in the Gulf region and that Dubai, which has come an important step in becoming a tourist destination, will be the starting point for these investments.

Experts predicted that Egypt and Lebanon would be destinations for two seasons of holiday ownership in the region, while Saudi Arabia, Abu Dhabi, Bahrain, Qatar and Jordan would be the following destinations. A study by Global Fitches and Forsite revealed that 170 million tourists were visiting the region by 2020. Global studies have projected regional investment in the coming years to reach $3.6 trillion. with plans to create a new hotel 900 providing 750 thousand rooms by 2020, She noted that the capacity to accommodate airports that will see an additional 320 million passengers flow by 2020, and Dubai is particularly important in the sector. In the light of its plans to attract 15 million tourists annually by 2012.

The report stressed that the growth of the TimeShare industry is closely linked to legislative reforms that enhance confidence and remove uncertainty

Experts predicted that Egypt and Lebanon would be destinations for two seasons of holiday ownership in the region, while Saudi Arabia, Abu Dhabi, Bahrain, Qatar and Jordan would be the following destinations. A study by Global Fitches and Forsite revealed that 170 million tourists were visiting the region by 2020. Global studies have projected regional investment in the coming years to reach $3.6 trillion. with plans to create a new hotel 900 providing 750 thousand rooms by 2020, She noted that the capacity to accommodate airports that will see an additional 320 million passengers flow by 2020, and Dubai is particularly important in the sector. In the light of its plans to attract 15 million tourists annually by 2012.

The report stressed that the growth of the TimeShare industry is closely linked to legislative reforms that enhance confidence and remove uncertainty on TimeShare in general, noting that recent years have witnessed significant reforms in entrenching this concept at the regional level.

Another report noted a rise in real estate optimism, developers and workers in the tourism and hospitality sector, about the future of the time-sharing industry or known as the TimeShare industry; As a result of increased government interest and heightened awareness of the importance of industry in revitalizing tourism and providing local economies with huge revenues from both domestic and foreign tourism – both.

The report said governments and responsible regulators have adopted clear and transparent legislation regulating TimeShare, helping dozens of major companies working in the field to open a presence in the region because of their tourism potential and cultural and heritage attractions.

The report stated that the expansion of hotel investments and resorts eligible to attract TimeShare tourists will increase the share of the region’s sales compared to the world, noting that TimeShare is as prosperous in the region as it has achieved in the world.

The Middle East’s share of TimeShare sales globally is very small, not exceeding 2% so far. This type of investment is concentrated in the United States, which accounts for between 72 and 75% of total sales volume, amounting to $13 billion as in 2007.

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