#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. ⸻ 👤 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. ⸻ 🔑 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 ⸻ 🎧 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 ⸻ 🧭 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 ⸻ 🔗 Resources Mentioned • Utu — https://utu.global/ • Global Blue & Planet (industry context) Ameer’s Linkedin Profile: https://www.linkedin.com/in/ameerjumabhoy/