Increasing investor confidence raises business registration requests by 109%
Dubai customs transactions grow 38.5% in the first half
Dubai has played a vital role in connecting markets and supporting the global supply chain.
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Ahmed Mahboob Musabih: "Dubai Customs completes 40,000 transactions daily thanks to investing in smart technologies."
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Dubai customs transactions recorded a strong growth of 38.5%, to reach 7.2 million transactions during the first half of this year, compared to 5.2 million transactions for the same period in 2019.
The Dubai Customs Department confirmed, in a statement yesterday, that this growth shows the importance of the role that the emirate plays, as a global hub in international trade, supporting the regularity of supply and supply chains, and the ability of its economic structure to contain the effects of global precautionary measures to confront the emerging corona virus (Covid) -19).
Investor confidence
Dubai Customs revealed that applications for registering businesses and companies that have completed them increased by 109% to 134 thousand during the first half of 2020 compared with 64 thousand applications for the same period last year, in a global testimony to the status of Dubai's economy, and increased investor confidence in the measures approved by the government. To stimulate the economic sectors, and in preparation for the start of import and export operations.
She explained that the incentive packages launched by the Dubai government to support the foreign trade sector included refunding 20% of the total customs duties collected, amounting to 5% of the value of imported goods sold locally, canceling the bank or cash guarantee for practicing customs clearance activity, and granting reductions and exemptions from duties. On a number of services provided to the foreign trade sector, to enable the sector to play its vital role in overcoming the repercussions of the current global economic health crisis, and to progress with confidence to promote the process of sustainable economic development.
Customs data
According to the statement, the customs data recorded strong growth during the first half of this year by 48%, to reach 6.2 million customs statements, compared to 4.2 million customs statements for the same period last year, an average of more than one million customs statements per month.
Dubai Customs described the number as huge, and it indicates the ability of the Emirate of Dubai and the dynamism of its economy to contain the effects of the various challenges hitting the global economy, as the first half of this year witnessed a significant economic slowdown as a result of strict measures in most countries of the world to limit the spread and spread of the virus. .
Axis Dubai
The Chairman and CEO of Dubai Ports World Group and Chairman of the Ports, Customs and Free Zone Corporation, Sultan Ahmed bin Sulayem, said that the transformations caused by the repercussions of the emerging corona virus, and the accompanying closure of economic activities, and disruption in supply and supply chains, showed the importance of the pivotal role of the main centers. In global trade, pointing out that Dubai has played, according to the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, a vital role in linking markets, supporting the global supply chain, and consolidating its position as a major hub in international trade, as well as Supplying the local market with its needs of food and medical commodities necessary to achieve food and health security.
Capabilities and investments
For his part, Director General of Dubai Customs, Ahmed Mahboob Musabih, said: “We were able to fully meet the requirements of the precautionary measures phase to confront (Covid-19), while continuing to work around the clock without being affected by these measures, thanks to the capabilities and efficient human resources. And also thanks to the huge and accumulated investment that we have made over the past years in developing and using smart information technology systems and applications in accordance with the directives of the leadership for a complete smart transformation of government services.
He added: “Our advanced systems have been able to complete more than 40,000 transactions per day, which is a great number that would not have been achieved without our sustainable investment for many years in advanced technology and artificial intelligence to automate customs procedures easily and conveniently, and to provide interconnected smart services.”
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