Ports, Customs and Free Zone Corporation (PCFC) has unveiled plans to help boost foreign trade in the UAE by AED27 billion ($7.3 billion) while also using blockchain technology to help advance the industry.
In the meeting with Sheikh Mohammed bin Rashid, UAE's Vice President and Ruler of Dubai, PCFC also announced plans to develop an aluminium downstream industry that uses products manufactured by Emirates Global Aluminium, one of the world’s biggest producers of the metal.
These initiatives will help Dubai develop industry and investment sectors by reducing time and cost, a statement said.
Sultan bin Sulayem, DP World Group chairman & CEO and chairman of PCFC, said the initiatives will be implemented within a specific timeframe.
He said this will help boost PCFC’s performance and deliver a "great value to boost economic growth and attract more foreign investment".
Ahmed Mahboob Musabih, director of Dubai Customs, said using blockchain technology will revolutionise the global trade movement, adding that there will be a platform that connects all components of the world supply chain at its different stages.
There are 775 million containers shipped on board 52,000 vessels via 600 ports in 196 countries around the world annually. PCFC said its initiatives are expected to help facilitate supply chain operations at this large scale and make world trade easier and more efficient.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.