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GALLERY
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Business
with GCC Countries
The six-nation Gulf Cooperation Council (GCC) includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. According
to the AGCC Unified Economic Agreement drawn up on 8
June 1981, products originating from a GCC state is
free to move to any other state without attracting
Customs duty.
However,
to qualify as national products, there should be a
minimum 40% value addition
to the product in the member state and the
factory or the producer should have registration
with the Ministry of Finance and Industry.
In addition, the share of the member state
citizens in the ownership of the producing plant
must not be less than 51% unless the ownership is
100% AGCC.
Every
item for which exemption is claimed must be
accompanied by a Certificate of Origin duly
authenticated by the appropriate government agency
such as the Chamber of Commerce.
Tenders
In
Dubai, generally,
works are awarded for execution
by issuing Tenders.
These tenders can either be issued globally
or locally.
Pre-qualification
criteria of the Tenders are determined by the nature
of the projects concerned.
But in the case of local tenderers, only those companies licensed
and registered with the department concerned are
eligible to bid.
In
order to qualify to participate in a tender one or
more of the following may apply:
- The
tenderer shall be a firm wholly owned by UAE
nationals. In the case of a partnership, at
least 51% of the equity in Capital
must be owned by UAE nationals. A foreign
party may only tender if it has a UAE
representative or agent with the necessary
documents;
- The
tenderer should hold a valid license from the
Economic Department;
- The
tenderer must be a registered member of the
Dubai Chamber of Commerce and Industry.
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The Creek,