Moody’s Investors Service forecasts a genuine EXPANSION of the UAE’s GDP of 6% to 7% in 2022 and a non-oil economy of 4% to 5%.
Dubai: His Excellency Sultan bin Sulayem, CHIEF Executive Officer of DP World Group and Chairman of Ports, Customs and Free Zone Corporation, said the UAE’s economic sectors are showing positive functionality and are likely to experience further growth.
The UAE’s foreign industry during the first 6 months of this year exceeded one trillion dirhams, and the tourism sector recorded revenues of more than 19 billion dirhams. oil economy from 4% to 5%.
His Excellency at the assembly of the 3rd Dubai Customs Advisory Council (DCCC), in the presence of His Excellency Ahmed Mahboob Musabih, Director General of Dubai Customs, CEO of Ports, Customs and Free Zone Corporation, and emirate commercial and industrial teams, that the comprehensive economic partnership agreements concluded through the UAE will further increase foreign industry rates and consolidate the country’s position as a center of foreign industry.
He noted that Dubai Customs strongly supports those agreements through the continued progression of its Smart Customs Systems, resulting in a significant backlog of customs transactions to 12. 7 million in the first part of 2022, to 11. 3 million in the corresponding era in 2021, which is growing. 12. 3%.
“Dubai’s economic sectors are confidently evolving towards exceptional progress in line with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, to identify Dubai as the preferred destination for the industry. and a global capital for business. Expo 2020 Dubai highlighted the emirate further and showed the world the extent of progress and progression and the huge investment and tourism opportunities it has.
H. E. Ahmed Mahboob Musabih, Managing Director of Dubai Customs, Chief Executive Officer of Ports, Customs and Free Zone Corporation, said the UAE has demonstrated agility, dynamism and power in managing the COVID-19 pandemic, and has been among the fastest to triumph over its repercussions. maintaining good levels of expansion before the pandemic.
“Authorized Economic Operator agreements deserve to breathe more life into this growth. We also expect a strong recovery in the tourism sector, especially the winter season and the arrival of the World Cup in Qatar. The UAE is expected to get more than one million visitors the World Cup season. It is very vital at this level to reaffirm the importance of cooperation and partnership between the Government and the personal sector in supporting national development.
Several presentations were made at the meeting. Rashed Rahma, IT Director of the Ministry of Foreign Affairs, presented the new smart certification formula. Merchants from 01/02/2023 can have their documents and invoices qualified and approved online without any human intervention. the formula is incorporated with the banks, which would facilitate the procedure and decrease the time and charge required for certification and approval.
Mirza Hamid, senior analyst at Dubai Customs, gave a presentation on the Export Trader Report service, which will help investors apply a 0 rate to goods exported through customs clearance agents or designated freight forwarders through foreign buyers. These investors faced a challenge in which they were unable to assess exported goods at 0 due to the lack of documentary evidence of export. The new online service aims to provide the mandatory official proofs required by VAT law for those investors to apply a 0 rate to the export of goods within the specified era. The trader must still comply with all other 0 rate requirements, adding the withholding of the exit certificate and business documents proving export, and ensure that the goods are exported within the prescribed era of 90 days from the date of supply. This trader’s export report will only apply to imported goods, which were exported, and does not apply to locally purchased goods.
In his presentation, Shashi Shekhar, chairman of the Supply Chain and Logistics Group (SCLG), said the foreign retail sector is expected to succeed by $40 trillion through 2040, opening up massive investment opportunities for investors in the region. He said that the multinational corporations have recovered from the pandemic, but the SME sector still faces some challenges.
“Dubai Customs is exceptional and dynamic, and flexible policies are in place for companies in other sectors. The DCCC initiative is a seamless platform through which Dubai Customs listens to its consumers and responds to their needs.
Nadia Abdul Aziz, president of the National Transport and Logistics Association (NAFL), spoke about Dubai as a competitive city and highlighted the emirate’s advantages, adding the ease of doing business and the unique amenities provided to investors and traders, noting that Dubai is among the cities of living and doing business.
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