Dubai and Saudi Customs Discuss Mutual Trade

Dubai Customs and Saudi Customs have agreed on more mutual trade cooperation between Dubai and Saudi Arabia while streamlining customs procedures in response to the coronavirus outbreak.

In the video meeting between Ahmed Mahboob Musabih, Director General of Dubai Customs and H.E. Ahmed Alhakbani Governor of Saudi Customs, the two sides discussed lessons learned from the coronavirus experience to create more innovative customs procedures.

Mutual trade between Dubai and the Kingdom reached $3.3 billion in Q1, 2020, with imports contributing $650 million, exports $175 million, and re-exports $2.5 billion.

“Our regular meetings with customs organizations in brotherly and friendly states is part of our endeavors to mitigate any impacts of coronavirus on the global supply chain,” said Musabih.

Saudi Arabia Hikes VAT to 15% from July

Following the stimulus package plan announced by Chairman of the Executive Council of Dubai Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Dubai Customs extended a refund of 20% on the customs fees imposed on imported products sold locally in Dubai markets from 15th March to 30th June.

The package also includes the cancellation of the $14000 bank guarantee or cash required to undertake customs clearance activity. Bank guarantee or cash paid by existing customs clearance companies will be refunded.

H.E. Ahmed Alhakbani Governor of Saudi Customs expressed his happiness for this fruitful meeting and reiterated the two parties’ keenness to achieve more mutual trade, and to work together through thick and thin.

Saudi Arabia has launched a number of stimulus initiatives including postponing payment of customs duties on any goods imported to the local market.

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