Smoother trade looms between UAE and Kuwait

(Posted on 30/03/22)

AD Ports Group has announced the signing of a Memorandum of Understand (MoU) with the Kuwait General Administration of Customs to establish a new virtual trade corridor between the UAE and Kuwait, under the supervision of Department of Economic Development – Abu Dhabi (ADDED).

The signing took place in Kuwait following a visit by DED’s Logistics Committee, under the auspices of His Excellency Abdulwahab Al-Rushaid, Minister of Finance and Minister of State for Economic Affairs and Investments - Kuwait and in presence of His Excellency Dr. Matar Hamed Al Neyadi, Ambassador of the United Arab Emirates to Kuwait, and was signed by Capt. Mohamed Juma Al Shamisi, Managing Director and Group CEO of AD Ports Group, and Suleiman AbdulAziz Al-Fahd, Director of the General Administration of Customs - Kuwait.

The MoU builds on existing cooperation between the UAE and Kuwait. Under its terms, Maqta Gateway, AD Ports Group’s digital arm will develop the new virtual trade corridor based upon its Advanced Trade & Logistics Platform (ATLP), under the supervision of the Department of Economic Development- Abu Dhabi, establishing new policies, procedures and systems integrations to support a virtual trade corridor that will further simplify and facilitate cross-border trade.

With the establishment of the new virtual trade corridor and implementation of integrated solutions, customs authorities in both countries will be able to access pre-arrival information for international cargo movements, making cross-validation of information significantly faster and promoting pre-clearance of goods.

The MoU will also provide for accelerated procedures for expediting shipments of perishable goods, reducing dwell time at borders.

The digital integration also has significant safety and security benefits, improving visibility for authorities over any possible risks associated with goods that move between the two nations, as well as reducing the inspection rate and simplifying procedures for authorisation holders.

His Excellency Dr. Matar Hamed Al Neyadi, Ambassador of the United Arab Emirates to Kuwait, said: “The UAE and Kuwait have a vast cooperation opportunity as they both have exceptionally promising markets. We are confident that the cooperation between AD Ports Group and Kuwait General Administration of Customs to establish the first virtual trade corridor between The United Arab Emirates and Kuwait, will enhance trade exchange between the two countries, and will support their efforts in achieving digital transformation goals, streamlining shipping procedures to reduce transportation and shipping costs, as well as expanding economic cooperation, facilitating the development of the supply chains, and encouraging business investment, by building on the best digital solutions and logistics services provided by the virtual trade corridor.”

Dr. Noura Al Dhaheri, CEO of Maqta Gateway, Head of the Digital Cluster, AD Ports Group, said: “Building upon the bilateral trade ties that have long existed between Kuwait and the UAE, the newly announced virtual trade corridor aims to realise a host of enhanced policies, procedures, and system integrations that will accelerate cross-border movements of goods traded between the two countries.

“Since its founding, Maqta Gateway has committed its efforts towards advancing the digitalisation of the region’s trade, logistics, and industrial landscape through the implementation of novel solutions that are transforming industry.

“By digitalising clearance and shipment delivery through this virtual trade corridor, we will be able to deliver real benefits for importers and exporters in Kuwait and the UAE, while simultaneously enhancing security and realising new levels of efficiency.”

Established in 2006, AD Ports Group today serves as the region’s premier facilitator of logistics, industry, and trade, as well as a bridge linking Abu Dhabi to the world. Listed on the Abu Dhabi Securities Exchange (ADX: ADPORTS), AD Ports Group’s vertically integrated business approach has proven instrumental in driving the emirate’s economic development over the past decade.