#534 The $5B Tax-Free Travel Tech Opportunity: Ameer Jumahboy on Digitizing Tourist Spending

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/