Abu Dhabi-based Al Masaood Group has completed the first two phases of its bonded warehouse system in cooperation with the General Administration of Customs in Abu Dhabi, according to a press release. The system will help ease port-to-warehouse operations for the business giant, and streamline the process of shipment clearances for all of the company’s goods and vehicles, the statement said, without disclosing the warehouses’ storage capacity or the investment value. The timeline for completion — and how many phases are left — have also not been disclosed.

The warehouses provide customs + VAT exemptions: The warehouses will provide special customs and VAT exemptions, which results in some 25-30% in deferred taxes in comparison to non-bonded warehouses, according to the statement.

SOUND SMART- Private companies set up bonded warehouses, which are customs-controlled, in foreign countries to store imported goods and defer customs payments.

Background: Al Masaood Group had formed a strategic partnership with the General Administration of Customs in 2022 to create new avenues for Al Masaood to expand their logistics, storage, and import and export sectors across the UAE and the Middle East, according to the statement.

About the company: Abu-Dhabi based Al Masaood Group is a business conglomerate operating across 18 industries, including oil and gas, marine, utilities, heavy equipment and machinery, logistics and modular construction, the statement said.

OTHER STORAGE & WAREHOUSING NEWS-

Edamah completes Sitra warehouse project: Edamah — Bahraini sovereign wealth fund Mumtalakat’s real estate arm — completed a USD 7 bn warehouse project at Sitra Industrial Park, according to a press release. The facility will allow Trident Warehousing and parent company Hoover to expand regional operations.

Tags: