Day: August 16, 2022

Deposit refund requests at Dubai Customs grew 37% in value (AED3.7 billion) in the first half of 2022 compared to the corresponding period in 2021.

The Smart Refund System, which allows clients to submit their refund claim requests 24/7 handled 559,000 in H1 2022 growing 17.4% from 476,000 refund requests in the same period in 2021. The creative system helps save clients’ time and reduce costs for companies. It also helps with simpler and more accurate refund calculation.

The facilities provided by Dubai Customs to clients in terms of claims for refund of deposit or release of guarantee paid in lieu of customs duty keep pace with the development achieved through clearing (automated direct transfer) between the countries of the Cooperation Council for the Arab States of the Gulf. In the first half of 2022, there were about 33,000 refund claims, with a value of transferred customs duties amounting to AED 224 million.

The direct automatic transfer of customs duties system is one of the most important technical tools that contribute to enhancing Gulf customs cooperation by shortening the time of customs duties transfers.

Yousef Al-Hashmi, Acting Executive Director of Customer Management Division said; “This strong growth is an indication of recovery of trade in Dubai and the emirate’s active contribution to the recovery of the trade sector at the international level. Dubai Customs keeps developing and enhancing their systems applying the latest and most advanced technological applications in order to further facilitate customs procedures for clients. The Smart Refund System, which Dubai Customs built, is the first of its kind in the world and can handle more than 2 million requests annually.

Clients can request refunds of their deposits anytime, anywhere, and this has contributed to raise clients’ happiness to 91.8% on the Dubai Government Customer Happiness Index 2021. Dubai Customs is the first customs department at the GCC level that provide refund of customs duties service online.”

On her part, Fatma Saqr, Acting Manager of Customs Claim and Refund Section; “Closing claim and refund requests in less than two days help companies with faster liquidity, which is essential to grow and enhance their business. Regular enhancements of the refund platform helped with faster refunds thanks to a centralized unit in place for processing the applications.”

Source: DUBAI CUSTOMS

ABU DHABI, The net investments of non-Arab foreigners in local stocks rose to over AED15.54 billion since the start of 2022, in light of the UAE’s investment attractiveness and the strong performance of listed companies, supported by the strength and robustness of the country’s economic foundations.

According to Abu Dhabi and Dubai financial markets, non-Arab foreign investors purchased local stocks worth AED70.276 billion from the beginning of the year to the end of last week, compared to sales of some AED54.733 billion during the same period, with a net investment of AED15.54 billion as purchase proceeds.

The figures also showed that the purchases of non-Arab foreign investors in the Abu Dhabi Securities Exchange amounted to some AED51.517 billion since the start of this year, compared to sales of about AED37.843 billion, with a net investment of AED13.673 billion as a purchase outcome.

The purchases of non-Arab foreign investors in the Dubai Financial Market totalled some AED18.758 billion since the start of this year, compared to sales of about AED16.889 billion, with a net investment of more than AED1.86 billion as a purchase outcome.

Source: Emirates News Agency

DUBAI, The Department of Planning and Development – Trakhees, the regulatory arm of the Ports, Customs and Free Zone Corporation, completed about 16,000 transactions through its Licencing Department during the first half of 2022, registering a growth of 22 percent as against the same period last year.

The Licencing Department provides corporate licencing services to local and free zones and government bodies including issuing work permits, establishment cards and no-objection certificates (NOC).

Abdulla Belhoul, CEO of the Department of Planning and Development – Trakhees, explained that Trakhees achieved remarkable growth with all services provided by the Licencing Department in the commercial licencing sectors in its private development areas.

He noted that Trakhees is keen to promote economic growth and achieve the Ports, Customs and Free Zone Corporation’s vision, to strengthen Dubai’s position as a leading sustainable hub to support the economic sector at the global level.

Belhoul pointed out the keenness of the Trakhees to implement the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to support the economy and enhance Dubai’s position as a preferred global investment destination. In addition, for the benefit of individuals and companies and in cooperation with various partners, Trakhees seeks to develop and expand the services it provides, such as issuing commercial licences, work permits, and other documents, to keep pace with the aspirations of business leaders and investors in the emirate.

Belhoul added, “To reassure the support of the Department of Planning and Development – Trakhees towards providing the required services for projects and small and medium enterprises according to the highest standards, the department received 1,029 transactions to reserve a new trade name, at the level of local and free zone licences, during the first half of 2022 in private development areas that fall under the supervision of the Ports, Customs and Free Zone Corporation.”

The official statistics issued by the Licencing Department indicated growth in the demand for local licencing services by customers, both individuals and companies, to reach 7,067 transactions from January to June of this year. The local licence renewal service ranked first with 3,426 transactions, followed by local licence amendments with 1,063 transactions. Booking a new trade name registered 951 transactions, followed by new local licences with 627 transactions.

In the same context, International City ranked first in the list of sites that obtained local licencing transactions with 203 licences, followed by Jumeirah Village Circle in second place, Palm Jumeirah, Dragon Market, and finally Palm Deira.

At the level of government services transactions, the statistics indicated a growth during the first half of 2022, which was accompanied by a rise in the number of work permits issued by the department, reaching 3,440 approved in Dubai, followed by 1,270 transactions related to permit renewal.

In terms of free zone licences, the license renewal service ranked first in the list of services requested by dealers in this speciality, reaching 527 transactions from January to June 2022. This was followed by 185 commercial permits and 78 transactions for reserving a trade name under the category of free zone licences.

Belhoul stressed that Trakhees is keen to facilitate the process of requesting and extracting various commercial licences by implementing a package of procedures and improvements carried out by the department in its unified electronic system for issuing commercial licences, in addition to adopting a culture of excellence in performance to ensure the happiness and satisfaction of customers by reducing the customer’s time to obtain these services.

Source: Emirates News Agency