Tourism is becoming a strategic economic engine for cities like Dubai, Singapore, Riyadh, and Milan. But one massive gap has been untouched: tax-free shopping.
Every year, billions in VAT refunds leave local economies instead of being reinvested into retail and travel ecosystems.
Ameer Jumahboy, Co-Founder & CEO of Utu, is changing that.
He shares:
• How digital tax-free systems work under the hood
• Why airports are the next major retail battleground
• How AI and data will transform travel spending behavior
• Lessons from building with a second-generation founder and global retail pioneer (his father)
This is a deep dive into a misunderstood, under-innovated, $5B opportunity.
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👤 About Ameer Jumahboy
Ameer Jumahboy is the Co-Founder & CEO of Utu, a travel-fintech platform reimagining tax-free shopping.
From Singapore to Dubai and Europe, Utu modernizes VAT refunds by turning them into instant retail value — boosting tourism spend and upgrading traveler experience.
His co-founder is his father — the industry veteran who built two global tax-free giants (Global Blue & Planet). Together, they are scaling a third-generation travel retail model across continents.
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🔑 Key Takeaways
• The tax-free refund system is a massive under-innovated fintech layer
• Digitization unlocks new value for travelers, governments, and retailers
• Airports are evolving into data-first, conversion-driven retail hubs
• Middle East destinations are redefining tourism infrastructure
• Legacy industries need youthful vision + institutional experience
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🎧 What You’ll Learn
• How tax-free systems actually work — and why digital matters
• Role of AI in travel retail personalization & spend prediction
• Expansion strategy across GCC, Europe, and global hubs
• How to build a business with family — and win
• The psychology of travel spending and loyalty mechanics
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🧭 Episode Highlights
• (01:30) Ameer’s journey & building with his father
• (05:00) The problem with legacy tax-free systems
• (09:15) Product-market fit after multiple iterations
• (12:50) Stakeholders in tax-free innovation
• (18:20) Why GCC is primed for travel tech leadership
• (23:10) Cracking the UAE retail ecosystem through Gold Souk
• (27:40) Data, AI, and the next evolution of airport retail
• (34:10) Competition, first-mover advantage & innovation culture
• (39:00) Vision: a global travel-commerce layer
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🔗 Resources Mentioned
• Utu — https://utu.global/
• Global Blue & Planet (industry context)
Ameer’s Linkedin Profile: https://www.linkedin.com/in/ameerjumabhoy/