Saudi Arabia Implements Int’l Customs System to Facilitate Temporary Import of Goods

Jeddah Islamic Port (Asharq Al-Awsat)
Jeddah Islamic Port (Asharq Al-Awsat)
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Saudi Arabia Implements Int’l Customs System to Facilitate Temporary Import of Goods

Jeddah Islamic Port (Asharq Al-Awsat)
Jeddah Islamic Port (Asharq Al-Awsat)

Saudi Arabia has started implementing an international customs system that facilitates the temporary import of goods for up to one year without the need to pay any fees, taxes, or undergo customs procedures.

In June, the Zakat, Tax, and Customs Authority started accepting the ATA Carnet temporary admission document at all its land, sea, and air customs points. This step is part of the Kingdom's commitment to the Istanbul Convention on Temporary Admission, supporting the business sector and enhancing Saudi Arabia's status as a global destination for events, exhibitions, and activities.

On Thursday, the Federation of Saudi Chambers announced the issuance of the first ATA Carnet since the official adoption of this system, making Saudi Arabia the 80th country worldwide to implement this international customs system. The document was delivered to Swiss company Richemont.

Logistics expert Zaid Al-Jarba told Asharq Al-Awsat that adopting the ATA Carnet system is a pivotal step in enhancing Saudi Arabia’s logistics environment, adding that the move aligns with the Kingdom’s national transportation and logistics strategy, facilitating international trade by streamlining customs procedures.

He stressed that this system strengthens the country’s infrastructure readiness, supports the growth of the logistics services sector, increases Saudi Arabia’s global competitiveness, and boosts its ability to attract and host international events and exhibitions.

Businesses and interested parties can apply for the ATA Carnet through the Federation’s website and collect it from their headquarters in Riyadh.

The Zakat, Tax, and Customs Authority clarified when announcing the start of the ATA Carnet that eligible goods include items intended for display or use in exhibitions, markets, meetings, or similar events, professional equipment, containers, pallets, packing materials, samples, and other goods related to commercial operations. Additionally, goods imported for educational, scientific, or cultural purposes can also be temporarily admitted under the system.

The Federation of Saudi Chambers has been designated as the authorized guarantor in the Kingdom for the ATA Carnet, approved by the Zakat, Tax, and Customs Authority. The Federation is also the issuing body, with the right to delegate others. Beneficiaries can import goods temporarily under the ATA Carnet without needing to provide financial guarantees.



Gold in Holding Pattern as Markets Await US Data

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
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Gold in Holding Pattern as Markets Await US Data

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo

Gold prices slipped in thin trade on Monday, as markets awaited next week's US economic data and the potential impact of President-elect Donald Trump's return to office on the Federal Reserve's 2025 outlook.

Spot gold was down 0.1% to $2,618.99 per ounce as of 1315 GMT. US gold futures were steady at $2,632.30.

"Quiet day with lower liquidity across all asset classes likely due to the holiday season," UBS analyst Giovanni Staunovo said, adding that market participants will track upcoming US economic data to see if the economy is slowing, which would allow the Fed to keep cutting interest rates.

Fed Chair Jerome Powell said earlier this month that US central bank officials "are going to be cautious about further cuts" after a quarter-point rate reduction in December, in line with expectations, Reuters reported.

For insights into the health of the world's economy, traders await next week's US job openings data, the ADP employment report, the Fed's December FOMC meeting minutes, and the US employment report.

"We still see the same factors in place which supported gold in 2024 - ongoing central bank purchases with a desire to diversify their reserves and ongoing US rate cuts supporting investment demand," Staunovo said.

Gold has gained around 27% so far this year. It hit an all-time high of $2,790.15 on Oct. 31.

Markets expect significant US policy shifts in 2025, including potential tariffs, deregulation, and tax changes, after Trump returns to the White House in January.

Gold is considered a hedge against economic and geopolitical turmoil.

Spot silver was steady at $29.37 per ounce, platinum edged lower by 0.5% to $915.07, having hit an over three-month low on Friday.

Palladium fell 0.1% to $911.10.