Business | Economy
FCA shares revenue with other Gulf nations
The Federal Customs Authority (FCA) on Monday announced that it had transferred the equivalent to Dh169.2 million to other Gulf Cooperation Council (GCC) countries as custom fees collected on goods shipped to these countries through the UAE.
- Staff Report
- Published: 00:17 June 10, 2008
Abu Dhabi: The Federal Customs Authority (FCA) on Monday announced that it had transferred the equivalent to Dh169.2 million to other Gulf Cooperation Council (GCC) countries as custom fees collected on goods shipped to these countries through the UAE.
The total amount of fees transferred to GCC countries increased with this latest transfer to Dh1.3 billion since January 2003, and including some amounts due for 2007, the authority said.
"According to the collected and transferred custom fees, the total value of goods entering the GCC through the country amounts to Dh27 billion throughout the period from January 2003 to December 2006," Mohammad Khalifa Bin Fahed Al Muhairi, FCA's director-general, said.
"The settlement committee was successful in approving all the amounts due up to the end of 2006 as well as some amounts due for 2007, while the remainder amounts for 2007 will be approved in the coming meeting to be followed by the transfer," he added.
The increasing volume of goods shipped to GCC countries through the UAE, together with the increase in exports reflects the growing role of the country in regional trade, according to Al Muhairi.
"Saudi Arabia accounted for Dh49.7 million of the latest settlements to rank the first among GCC countries in terms of goods shipped through the UAE, while the total fees settled for the kingdom amount to Dh537.6 million," Ahmad Saeed Al Daheri, FCA's director of customs affairs, said.
"Oman followed with a total of Dh285.8 million followed by Kuwait, which received Dh148.5 million in custom settlements," he added.
Business Editor's choice
-
Do unemployment figures flatter to deceive?
Jobseekers and recruiters give out mixed signals ranging from optimism to downright despair even as official data show recovery
-
Banks can increase their share
Longer opening hours, more locations outside cities and lower charges can help
-
Geepas idea blossomed in Dubai
The journey led from a small shop in Bahrain to a $1.27b company in the UAE
