UAE In-Focus — Dubai issues eight new customs policies and announces DubaiPay as a new payment method

UAE In-Focus — Dubai issues eight new customs policies and announces DubaiPay as a new payment method
“These customs policies issued by the Tariff & Origin Department aim at the first place to facilitate trade
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Updated 26 May 2022

UAE In-Focus — Dubai issues eight new customs policies and announces DubaiPay as a new payment method

UAE In-Focus — Dubai issues eight new customs policies and announces DubaiPay as a new payment method

Dubai issues eight new customs policies and announces DubaiPay as a new payment method : UAE Wrap 

Eight new customs policies issued

Dubai Customs has issued eight new policies, in order to secure the flow of trade and facilitate the flow of goods and shipments to commercial markets without delay, according to a statement issued by the Dubai Media Office.

Over a period of time between January 2020 and April 2022, the Department of Tariff & Origin released eight major customs policies relating to passengers’ disclosures of currencies, negotiable financial instruments, precious metals and precious stones.

“These customs policies issued by the Tariff & Origin Department aim at the first place to facilitate trade by defining controls and procedures applied at Dubai Customs to implement customs measures related to trade agreements with member states that have agreements with the GCC countries,” said Ahmed Al-Khrousi, Director of Tariff & Origin Department in a statement.

The customs policies issued during this period dealt with enabling a country’s free trade agreements with other countries and determining the origin of its products for the purposes of applying non-preferential and preferential treatment to the originating products.

Additionally, the department established a customs policy which governs exchange conditions and controls for trade, as well as an Arab free trade zone, to facilitate the implementation of this agreement.

Furthermore, the organization released a customs policy on the conditions and controls for applying the Free Trade Agreement to the countries of the European Free Trade Association.

Additionally, the policies described the procedures for applying the TIR Carnet, which outlines how to deal with land-transported trade following TIR arrangements.

The TIR Carnet allows road transport of goods in transit between countries that are members of the TIR Convention without the payment of duties and taxes. 

Dubai announces DubaiPay as a new payment method for Al Ansari Exchange

DubaiPay’s payment services will be made available to Al Ansari Exchange users through its partnership with the Government of Dubai, represented by the Department of Finance (DoF) and Dubai Smart Government Establishment (DSG), according to a statement issued by the Dubai Media Office.

The agreement was signed by Wesam Al Abbas Lootah, CEO of DSG, Jamal Hamed Al Marri, executive director of Central Accounts at DoF, and Rashed A. Al Ansari, CEO of Al Ansari Exchange, at the headquarters of Digital Dubai.

Al Ansari Exchange, one of DubaiPay’s first private companies, will become one of the company’s service providers. DubaiPay is now available on Al Ansari Exchange’s mobile app as an alternative payment method.


Saudi Advanced Petrochemical’s profits down 37% as raw material costs bite

Saudi Advanced Petrochemical’s profits down 37% as raw material costs bite
Updated 13 sec ago

Saudi Advanced Petrochemical’s profits down 37% as raw material costs bite

Saudi Advanced Petrochemical’s profits down 37% as raw material costs bite

RIYADH: Saudi Arabia’s Advanced Petrochemical Co. saw its profit decline by 37 percent during the first half of 2022, hit by higher raw material prices.

The Jubail-based company’s profit dropped to SR274 million ($73 million), compared to SR436 million for the same period a year earlier, according to a bourse filing.

The decline was propelled by a rise in propane and outsourced propylene prices by 51 and 20 percent, respectively, and a decrease in profit share from its South Korean unit SK Advanced Co. by SR75 million.

This was coupled with an increase of 174 percent in offshore logistics costs, despite a 24-percent higher sales volume.

Sales of the Saudi-listed petrochemical producer surged to SR1.68 billion during the six-month period.

In a separate announcement, Advanced Petrochemical said it will distribute a cash dividend of SR142.53 million at SR0.55 per share for the second quarter of the year on Sept. 18. 

 


TASI falls to its lowest level in 2022 as fear grips the market: Opening bell

TASI falls to its lowest level in 2022 as fear grips the market: Opening bell
Updated 16 min 41 sec ago

TASI falls to its lowest level in 2022 as fear grips the market: Opening bell

TASI falls to its lowest level in 2022 as fear grips the market: Opening bell

RIYADH: Saudi Arabia's main index, TASI, fell 0.77 percent to 11,257, its lowest level at the opening bell in 2022 amid rising investor concerns of a possible global recession.


US food company Tyson to buy Tanmiah subsidiaries’ stakes for $70m

US food company Tyson to buy Tanmiah subsidiaries’ stakes for $70m
Updated 27 min 28 sec ago

US food company Tyson to buy Tanmiah subsidiaries’ stakes for $70m

US food company Tyson to buy Tanmiah subsidiaries’ stakes for $70m

RIYADH: Tyson International Holding Co., a wholly-owned subsidiary of New York-listed Tyson Foods, has reached an agreement to acquire equity stakes in two of Tanmiah Food Co.’s subsidiaries for SR262.6 million ($70 million).

Tyson will acquire 15 percent of shares in Agricultural Development Co. and 60 percent of shares in Supreme Foods Processing Co., according to a bourse filing.

In partnership with Tyson, Tanmiah will double its production capacity and develop new halal products for the international market, expanding its product portfolio and enhancing its supply chain and procurement processes.

The agreement with Tyson will also strengthen and boost the Tanmiah brand in the Gulf Cooperation Council and other regions.

With SR20 million in registered capital, Agricultural Development Co. rears and produces broilers, feed mills, and operates hatcheries. It also raises fresh chicken.

Supreme Food Processing Co. produces pre-prepared chicken and beef products. It has a registered capital of SR8.6 million.


Advanced Polyolefins secures $1.6bn loans for 3 plants at Jubail Industrial City

Advanced Polyolefins secures $1.6bn loans for 3 plants at Jubail Industrial City
Updated 06 July 2022

Advanced Polyolefins secures $1.6bn loans for 3 plants at Jubail Industrial City

Advanced Polyolefins secures $1.6bn loans for 3 plants at Jubail Industrial City

RIYADH: Advanced Polyolefins Industry Co., a unit of Saudi-listed Advanced Petrochemical, has secured loans worth SR6.1 billion ($1.6 billion) to finance the construction of three plants at Jubail Industrial City II in Saudi Arabia.

The Shariah-compliant facility deals are repayable in 22 installments until November 2035, while SR956 million of the amount is payable by May 2026, a bourse filing revealed.

The company said the proceeds will be used to set up three plants for propane dehydrogenation, polypropylene, and isopropanol, with a capacity to produce 843,000, 800,000, and 70,000 tons per annum, respectively.

Alinma Bank, Al Rajhi Banking and Investment Corp., Arab National Bank, and the Saudi National Bank were among the financing entities for the facilities. 


Saudi-listed shipping firm Bahri closes $1.04bn sukuk issuance

Saudi-listed shipping firm Bahri closes $1.04bn sukuk issuance
Updated 06 July 2022

Saudi-listed shipping firm Bahri closes $1.04bn sukuk issuance

Saudi-listed shipping firm Bahri closes $1.04bn sukuk issuance

RIYADH: National Shipping Co. of Saudi Arabia, better known as Bahri, has completed the issuance of SR3.9 billion ($1.04 billion) sukuk, denominated in Saudi Riyals and maturing in seven years.

The offering, led by Al Rajhi Capital, HSBC Saudi Arabia, and SNB Capital, started by mid-June, and the settlement was done on July 5, the firm said in a bourse filing.

The Saudi-listed company earlier said it will use proceeds to refinance the existing sukuk which will mature this month.

Bahri is a joint venture between Saudi Aramco and the Public Investment Fund, operating a fleet of 89 tankers and container ships that transport oil, petrochemicals, and other types of cargo.