Dubai Ports, Customs and Free Zone Corporation processes 19 million transactions every year

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Dubai Ports, Customs and Free Zone Corporation processes 19 million transactions every year
Sultan Ahmed bin Sulayem, chairman of Dubai Ports, Customs and Free Zone Corporation, says the entity processes 50,000 transactions a day.

Dubai - The entity accounts for 20 per cent of Dubai's gross domestic product

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Published: Sun 17 Apr 2016, 7:35 PM

Last updated: Sun 17 Apr 2016, 9:46 PM

The Dubai Ports, Customs and Free Zone Corporation (PCFC) processes up to 19 million transactions every year, said Sultan Ahmed bin Sulayem, chairman - PCFC, on Sunday during an annual meeting with journalists in Dubai.
"This achievement, which is in line with the Dubai Smart Government initiative, was based on a tripartite equation: increasing revenue, ensuring the fastest, but most secure transactions, and making people happy and satisfied," bin Sulayem said.
All components of the supply chain, including employees, clients, etc., are involved in the PCFC's growth and development, he added.
"We process some 19 million transactions - all types - which means 50,000 daily transactions. This is a big number which cannot be done by routine paper-based methods."
Bin Sulayem said the PCFC's contribution to Dubai's gross domestic product stands at around 20 per cent.
"All the loans we have are under review and we do not have any extra financial commitments," he said.
He said the PCFC has the capacity to deal with all types of demand. "There is no room for congestion; otherwise, we will not be able to anticipate the market and we will disrupt our business."
Denying economist and analyst forecasts of a slowdown in the world economy, bin Sulayem said the speculation is merely based on growth in the Chinese economy.
He elaborated: "Africa's economy is growing while Europe's economy is not that low. Dubai World is booming in China where they are taking significant measures to overcome the increasing labour costs."
The sharp drop in oil prices is responsible for the economic slowdown, he added.
"Maritime companies have created a big problem for themselves by building bigger ships and adding more containers which have not been used," he said. Dubai's economic growth will exceed all expectations, he said.
Ahmed Mahboob Musabih, the director of Dubai Customs, said the GCC Customs Union is doing well. "All Gulf countries are now enforcing a unified law, procedures and duties which are no longer duplicated."
The customs clearing mechanism adopted in all GCC countries is done electronically, he said. "This has significantly eased and expedited the movement of cargoes within Gulf countries."
- ahmedshaaban@khaleejtimes.com


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