Al Masaood Group, one of the leading business conglomerates in Abu Dhabi, received a joint delegation from the ‘General Administration of Customs in Abu Dhabi’ and ‘Crimson Logic’, the consultation company from Singapore, at its headquarters. During the visit, a high-level meeting was held to assess the operational procedures put in place by Al Masaood Group and to discuss the opportunities for collaboration, particularly in the areas of logistics and bonded warehouses.
This meeting was held as part of the government Affairs department initiatives to strengthen the relationship between the public and private sectors, as well as the collaboration between Abu Dhabi Customs and Crimson Logic to implementing the first phase of the ‘Developing the Tool For Linking Inventory Systems To The Customs Operations System’ project in accordance with the best practices in customs globally.
During the meeting, Al Masaood Group was approved as a certified and accredited company in the free zones, including Zayed Port, Khalifa Port, and Khalifa Industrial Zone Abu Dhabi (KIZAD), which are experts in storing tools and providing logistics services. The Group has also been exempted from the 5 per cent customs tax on all imports and across all of its various divisions. It was also agreed to conduct field visits to ensure the compliance of the Group’s bonded warehouses to the customs standards.
Ahmad Salmeen, Chief Executive of Government Affairs, Al Masaood Group, said: “We, at Al Masaood Group, are committed to strengthen our strategic partnerships with top entities and organisations in both public and private sectors in order to support regional businesses and the competitiveness of the national economy. This is in line with The National In-Country Value Program (ICV), ‘Make It in the Emirates’ initiative, and the Abu Dhabi Economic Vision 2030. We are keen to expand the prospects of this prosperous collaboration between the Group and the Abu Dhabi Customs, in efforts to foster local companies and the country’s logistics sector, thus increasing the diversity, resiliency, and sustainability of the national economy.”
Asserting that the Group is a certified and accredited as a golden supplier for bonded warehouses, he said the company is poised to become the first private company accredited by Abu Dhabi Customs in the field of importing and exporting general goods according to ‘Authorized Economic Operator’ which is a global customs program recommended by the World Customs Organization and implemented by most customs departments around the world.
The program relies on a successful collaboration between the public and private sectors, as well as customs authorities, and it mandates supply chain enterprises involved in international trade to voluntarily comply with norms and obligations. Members of the program can also take advantage of a variety of features and facilitations. The partnership between Al Masaood Group and ‘Crimson Logic’ will create new opportunities for the Group to grow in the logistics, storage, import and export sectors in the UAE and the Middle East.
The Singaporean consultancy company ‘Crimson Logic’ will evaluate the Abu Dhabi Customs Business Warehouse program, which specialises in gathering, transforming, and storing data and making it accessible through reports, business information, analytics tools, and third-party software.