|17 October, 2019

Saudi Customs, Agility ink MoU to build bonded area

Boursa Kuwait-listed Agility will enjoy all of the benefits and services offered by Saudi Customs to foreign investors, particularly without the unnecessity of having a commercial registry

Image used for illustrative purpose. Rendering of Senaeyat lease-to-own industrial warehouses project launched by Lootah Real Estate Development

Image used for illustrative purpose. Rendering of Senaeyat lease-to-own industrial warehouses project launched by Lootah Real Estate Development

New Perspective Media Group handout via Thomson Reuters Zawya

Riyadh – The Saudi Customs signed a Memorandum of Understanding (MoU) with Agility Public Warehousing to transform some of the firms’ warehouses in Riyadh into bonded and re-export zone.

Accordingly, Agility will prepare the new zones and warehouses as per the rules and conditions approved by the Saudi Customs, the Saudi Press Agency (SPA) reported on Thursday.

Boursa Kuwait-listed Agility will enjoy all of the benefits and services offered by Saudi Customs to foreign investors, particularly without the unnecessity of having a commercial registry.

Furthermore, the procedures will allow free transfer of goods from and to the bonded zones or warehouses across the GCC region in the first entry point.

This new deal will boost Saudi Customs’ efforts in transforming into a logistic platform, while empowering and supporting the private sector.

The singing of the MoU comes in line with the objectives of the Saudi Vision 2030 that aims at creating an environment that is attractive to both local and foreign investors.

Source: Mubasher

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