Latest news with #AED4.3bn
Arabian Business
25-03-2025
- Business
- Arabian Business
Dubai Chambers issued ATA Carnets for $1.2bn of goods last year – what is the ‘passport for goods'?
Dubai Chamber of Commerce has announced that a total of 5,357 ATA Carnets were issued and received during 2024 for goods and commodities valued at AED4.3bn ($1.2bn). These figures reflect the steady momentum behind Dubai's exhibitions, conferences, and events sector, to which ATA Carnets are closely linked. ATA Carnets are sometimes labelled a 'passport for goods' and are an international customs document that play a vital and highly effective role in attracting and organising global events. ATA Carnets in Dubai They enable the duty-free and tax-free temporary import of goods for up to one year. This significantly enhances the ease of participation for exhibitors and contributes to the smooth operation of international exhibitions and conferences. Khalid AlJarwan, Vice President of Commercial and Corporate Services at Dubai Chambers, said: 'The ATA Carnet system is designed to simplify customs procedures related to the movement of goods for exhibitions. This creates numerous benefits for the exhibitions and conferences sector, reinforcing Dubai's growing reputation as a destination for global events.' The ATA Carnet system is the result of impactful collaboration between Dubai Chamber of Commerce and its partners in Dubai Customs, the Federal Customs Authority, and chambers of commerce across the UAE. An ATA Carnet can be described as a 'merchandise passport' that allows goods to temporarily cross international borders for up to one year without being subject to customs duties. Eligible items include goods for use at trade fairs such as: Commercial samples Professional equipment Audiovisual equipment Computers Repair tools Photographic and film equipment Musical instruments Industrial machinery Vehicles Jewellery Clothing Medical appliances Aircraft Racehorses Artwork Prehistoric relics Items that are not covered by the documents include perishable or consumable items and goods for processing or repair. The ATA Carnet system forms part of a standardised international mechanism created by the Istanbul Convention in 1990 under the guidance of the World Customs Organisation (WCO) for the temporary importation of goods. The system allows marketing representatives, exhibition participants, and business travellers to complete customs procedures in advance at a fixed cost and offers the flexibility to visit multiple countries using a single carnet. This ensures seamless customs clearance while allowing goods to be re-exported without delays or unexpected costs. ATA Carnets offer significant cost savings by exempting exporters from VAT and customs duties.
Arabian Business
05-02-2025
- Business
- Arabian Business
ACRES 2025: Sharjah Real Estate Exhibition sees record $1.2bn of transactions
The Sharjah Real Estate Exhibition (ACRES) saw transactions worth AED4.3bn ($1.2bn) in a record year. ACRES successfully reinforced its position as one of the most prominent real estate events in the UAE and the region, marking a significant milestone with substantial property deals for projects on display. Organised by the Sharjah Chamber of Commerce and Industry (SCCI) from January 22 to 25 at Expo Centre Sharjah, in collaboration with the Sharjah Real Estate Registration Department (SRERD), ACRES 2025 recorded real estate transactions worth AED4.3bn ($1.2bn) for development projects. ACRES 2025 Sharjah Real Estate Exhibition It represents a growth of more than 207 percent compared to last year's edition, while drawing more than 15,000 visitors. This year, the Sharjah Real Estate Exhibition featured a remarkable record-breaking participation of over 110 exhibitors, representing major real estate development and investment companies and top-tier property developers from across the UAE and the region, alongside first-time participants drawn by the exhibition's prominent status and stellar reputation. The ACRES Exhibition also witnessed a significant turnout from real estate agents, brokers, banks and financial institutions, in addition to architectural design service providers, legal consultancy firms, security and safety solution providers, project management companies, and relevant government entities. The exhibition presented a diverse portfolio of real estate projects, from luxury residential units and modern villas to innovative commercial and industrial properties and land parcels. The 2025 edition also featured the official launch of several new and groundbreaking real estate projects, making their debut in the UAE and beyond. Exhibitors offered exclusive incentives on a diverse selection of properties, including flexible payment methods and attractive pricing, while also showcasing state-of-the-art developments that incorporate the latest technologies and contemporary architectural designs. Abdulaziz Ahmed Al Shamsi, Director-General of the Sharjah Real Estate Registration Department (SRERD), stated that Sharjah Real Estate Exhibition 'ACRES 2025' achieved remarkable milestones this year, with SRERD recording real estate transactions worth AED4.3bn ($1.2bn) during the exhibition period. He said: 'This reflects the vibrancy and sustained growth of the real estate sector in Sharjah and the UAE. SRERD successfully processed 2,505 initial and final sales transactions during the exhibition, underscoring the heightened investor confidence in the real estate market'. Mohammad Ahmed Amin Al Awadi, Director-General of SCCI, emphasised that the success of this year's Sharjah Real Estate Exhibition 'ACRES' solidified its position as one of the most significant real estate events in the UAE and the region. He noted that the exhibition played a key role in highlighting the thriving real estate market in the emirate.
