Ports Customs and Free Zone Corporation to Implement 3 Major Initiatives to Boost Economic Growth

Ports, Customs and Free Zone Corporation (PCFC) developed an integrated work plan to help in the implementation of its initiatives in support of economic and business activity in Dubai.

In the meeting of Sheikh Mohammed bin Rashid, UAE's Vice President and Ruler of Dubai with a group of government officials PCFC put forward plans to facilitate foreign trade procedures to help boost foreign trade by Dh27 billion and use blockchain technology to help advance the industry.

The corporation also announced plans to develop an aluminium downstream industry that uses products manufactured by Emirates Global Aluminium, one of the world’s biggest producers of the metal.

These initiatives will help Dubai develop industry and investment sectors by reducing time and cost.

Sultan bin Sulayem, DP World Group Chairman & CEO and Chairman of Ports, Customs and Free Zone Corporation pointed out a work plan has been set to implement the initiatives within a specific timeframe.

This will help boost PCFC’s performance and delivers a great value to boost economic growth and attract more foreign investment following the directives of the wise leadership, he said.

On his part, Ahmed Mahboob Musabih, Director of Dubai Customs pointed out the plan will ensure best results delivered in reducing costs. “This adds up to the numerous attractive advantages Dubai has, and helps achieve the wise leadership’s vision of turning the UAE into a world unique model”.

Using blockchain technology will revolutionize the global trade movement. There will be a platform that connects all components of the world supply chain at its different stages.

There are 775 million containers shipped on board 52,000 vessels via 600 ports in 196 countries around the world annually. PCFC’s initiatives are expected to help facilitate supply chain operations at this large scale and make world trade easier and more efficient.

The pre-clearance initiative through the Authorized Economic Operator (AEO) reduces time and boosts growth in sea and air shipping sectors.

Establishing an aluminium complex in Jebel Ali Free Zone aims at increasing local production of this important material which lies at the heart of modern life from the smartphones in our hands to the planes we fly in, to the buildings where we live and work.