Business & Money | Thursday 1 November, 2018 5:18 am |

Saudi Customs and the Saudi Arabian Basic Industries Corporation (SABIC) signed a memorandum of understanding (MOU) last Oct. 29 to transform an area at SABIC’s site in Al Jubail Commercial Port into a Bonded and Re-export Zone, during the Logistics Portal Executive Committee meeting. 

According to this agreement, SABIC Services Supply Company, will provide all the requirements for bonded zones as per the rules and regulations stated within the GCC Common Customs Law.

The agreement was signed in the presence of each of Dr. Nabil Al-Amoudi, Minister of Transport, and Ahmed Alhakbani, Governor of Saudi Customs, and Dr. Abdulaziz Saleh Aljarbou, SABIC Chairman, and Yousef bin Abdullah Albinyan, Vice Chairman and CEO of SABIC, Eng. Abdulrahman Al-Fageeh, Executive Vice President, Petrochemicals, SABIC, Eng. Saad Alkhalb, Saudi Ports Authority “MAWANI”, and Dr. Dr. Rumaih Mohammed Al-Rumaih, President of the Saudi Transport Authority.

Faisal Albedah, Saudi Customs Acting Deputy Governor for Trade Facilitation and Eng. Fayez Almalki, Vice President for Global Supply Chain at SABIC, signed the agreement at the Ministry of Transport headquarters in Riyadh.

Alhakbani praised the efforts of SABIC and outlined the benefits of transforming this area at Al Jubail commercial port into a Bonded and Re-export Zone which aims to facilitate trade exchange and enhance customs procedures. He clarified that this agreement comes in line with Saudi Customs’ initiative to allow local exporters to use these bonded zones as bonded warehouses.

Aljarbou valued Saudi Customs’ efforts in concluding this agreement, stating that it presents a giant leap in the import and export activities and the customs clearance procedures which will have a direct positive economic effect, and helps in achieving the goals of Vision 2030.