Dubai Customs inks “Virtual Stock Guarantee” MoU with Dubai Free Zones Council
Following the directives of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai of facilitating business procedures, Dubai Customs signed a memorandum of understanding with the Dubai Free Zones Council to help with the implementation of the “Virtual Stock Guarantee” initiative. The new facility was developed by Dubai Customs to support re-export activity from free zones to external markets within Dubai Customs’ efforts to help Dubai maintain a leading position and turn into a world economic capital. This initiative is the first of its kind in the world.
The signing ceremony was attended by HH Sheikh Ahmed Bin Saeed Al Maktoum, Chairman of Dubai Free Zones Council, Sultan bin Sulayem, DP World Group Chairman & CEO and Chairman of Ports, Customs and Free Zone Corporation and was signed by Dr Mohammed Al Zarooni, Secretary General of Dubai Free Zones Council, and Ahmed Mahboob Musabih, Director of Dubai Customs.
More than 18,000 companies based in 24 free zones and 37 customs warehouses can benefit from the Virtual Stock Guarantee facility, in addition to customs warehouse companies willing to use it to re-export their goods solely through Dubai’s air and sea ports, and the UAE land exits.