Dubai – 19 / 7 / 2018: The Department of Planning and Development, an entity of the Ports, Customs and Free Zone Corporation (PCFC), has announced that it will exempt Chinese traders in Dragon Mart 1 and Dragon Mart 2 from late licence renewal fines accumulated before July 19, 2018.
The move is in line with the official visit of China’s president Xi Jinping to the UAE, and aims to relieve Chinese businesses based in the Dragon Marts of extra charges provided that they renew their licence during the period of exemption which starts on July 19, 2018 and will last until December 31, 2018.
Around 87% of Chinese trading establishments are expected to benefit from the exemption, which will enable them to renew their business licences with more convenience, and further enhance the competitive investment environment and ease of doing business that are conducive to economic growth and expansion in the UAE.
The exemption will surely give a boost to the trade of Chinese goods in local and regional markets. Dragon Mart is the largest trading hub for Chinese products outside mainland China and offers a unique platform for traders of Chinese goods in the Middle Eastern and North African Markets. Dragon Mart 1 is a 150,000 sq.m, dragon-shaped retail complex divided into seven zones with a total of more than 3,500 outlets. Dragon Mart 2 offers one million sqft of retail space, and features nearly 1,000 shops, restaurants and entertainment outlets.