{"id":72535,"date":"2023-08-03T00:00:00","date_gmt":"2023-08-03T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2023\/08\/03\/uaes-al-masaood-group-completes-first-two-phases-of-bonded-warehouse-project-edamah-completes-warehouse-at-bahraini-industrial-park\/"},"modified":"2023-08-03T00:00:00","modified_gmt":"2023-08-03T00:00:00","slug":"uaes-al-masaood-group-completes-first-two-phases-of-bonded-warehouse-project-edamah-completes-warehouse-at-bahraini-industrial-park","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2023\/08\/03\/uaes-al-masaood-group-completes-first-two-phases-of-bonded-warehouse-project-edamah-completes-warehouse-at-bahraini-industrial-park\/","title":{"rendered":"UAE\u2019s Al Masaood Group completes first two phases of bonded warehouse project + Edamah completes warehouse at Bahraini industrial park"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">Abu Dhabi-based <\/span><span style=\"-webkit-text-decoration-skip:none;font-weight:700;text-decoration-skip-ink:none\"><a href=\"https:\/\/www.masaood.com\/\" style=\"\">Al Masaood Group<\/a><\/span><span style=\"font-weight:700\"> has completed the first two phases of its <\/span><span style=\"font-weight:700\">bonded warehouse system <\/span><span style=\"\">in cooperation with the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.adcustoms.gov.ae\/\" style=\"\">General Administration of Customs<\/a><\/span><span style=\"\"> in Abu Dhabi, according to a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/al-masaood-group-completes-implementation-of-phases-1-and-2-of-bonded-warehouse-system-with-abu-dhabi-customs-s34da3d5\" style=\"\">press release<\/a><\/span><span style=\"font-weight:400;\">. 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\u2019s goods and vehicles, the statement said, without disclosing the warehouses\u2019 storage capacity or the investment value. The timeline for completion \u2014 and how many phases are left \u2014 have also not been disclosed. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The warehouses provide customs + VAT exemptions:<\/span><span style=\"\"> The warehouses will provide special <\/span><span style=\"font-weight:400;\">customs and VAT exemptions, which results in some 25-30% in deferred taxes in comparison to non-bonded warehouses, according to the statement. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">SOUND SMART-<\/span><span style=\"\"> Private companies set up bonded warehouses, which are customs-controlled, <\/span><span style=\"font-weight:400;\">in foreign countries to store imported goods and defer customs payments. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Background: <\/span><span style=\"\">Al Masaood Group had formed a strategic partnership with the General Administration of <\/span><span style=\"\">Customs in <\/span><span style=\"\">2022<\/span><span style=\"font-weight:400;\"> 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.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">About the company:<\/span><span style=\"\"> Abu-Dhabi based Al Masaood Group is a business conglomerate <\/span><span style=\"font-weight:400;\">operating across 18 industries, including oil and gas, marine, utilities, heavy equipment and machinery, logistics and modular construction, the statement said.    <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">OTHER STORAGE & WAREHOUSING NEWS-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Edamah completes Sitra warehouse project:<\/span><span style=\"\"> Edamah \u2014 Bahraini sovereign wealth <\/span><span style=\"\">fund <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.mumtalakat.bh\/\" style=\"\">Mumtalakat\u2019s<\/a><\/span><span style=\"\"> real estate arm \u2014 completed a USD 7 bn warehouse project at Sitra Industrial Park, according to a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/building-for-bahrain-edamah-delivers-sitra-warehouse-ah40kdd2\" style=\"\">press release<\/a><\/span><span style=\"\">. The facility will allow Trident Warehousing and parent company Hoover to expand regional operations. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The customs-controlled warehouses will help the company speed up customs clearance operations and save costs<\/p>\n","protected":false},"author":1,"featured_media":72536,"comment_status":"","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[912],"tags":[17,588,151,129],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-72535","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-storage-warehousing-3","tag-enterprise-logistics","tag-storage","tag-storage-warehousing","tag-uae","wpautop","entry"],"acf":{"mongo_id":"a00f6842-d3a3-4bc4-9683-694fecbc3ef0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/8\/113.jpg","photo_position":"above","homepage_title":"","full_issue_title":"UAE\u2019s Al Masaood Group completes first two phases of bonded warehouse project + Edamah completes warehouse at Bahraini industrial park","related_issue":[72526],"teaser":"The customs-controlled warehouses will help the company speed up customs clearance operations and save costs","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/8\/.a20ba933-f453-4f36-8ad1-48c0586d953a.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>UAE\u2019s Al Masaood Group completes first two phases of bonded warehouse project + Edamah completes warehouse at Bahraini industrial park - Logistics<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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