Dubai Customs is set to launch a new digital platform that will enable warehouse owners in the UAE to list their properties for leasing. Known as the 'Airbnb of warehouses', the Warehouse Platform was unveiled at Gitex Global 2024 and will soon be operational, offering a comprehensive solution for warehouse owners across the country to lease their properties. The platform will streamline the process of registering and leasing various types of warehouses through a centralized system. Warehouse owners, regardless of whether they own refrigerated, dry, or air-conditioned facilities, can list their properties on this platform for leasing purposes.
The new platform will offer multiple options for selecting an appropriate warehouse based on size, location, type, and required duration, thereby saving time and effort in searching for available storage spaces. This initiative comes at a time when demand for warehouses is outstripping supply in Dubai. According to a December 2023 report by global real estate consultancy Knight Frank, the supply of under-construction warehouse stock in Dubai’s industrial market stood at just 1.56 million square feet, while new requirements reached 9.9 million square feet during the first nine months of 2023. Due to exceptionally high demand, occupiers are increasingly leasing secondary stock, leading to continued strong growth in rents within Dubai’s industrial and logistics sector. The highest rental growth has been recorded in Jebel Ali Industrial, with average Grade B rates surging 38.5 percent over the past 12 months, according to Knight Frank.
Owners of both bonded and non-bonded warehouses, both within and outside free zones, can list their properties for leasing on the platform against a fee, which will be announced in due course. The rates for leasing warehouses will be determined by the owners, using secure blockchain technology. An official at Gitex Global noted that once the platform goes live, many warehouse owners are expected to join, likening it to the 'Airbnb of warehouses', where owners can list their unused spaces for leasing. Certain requirements must be met for the listing to be approved by Dubai Customs, with photos and other content uploaded by the landlord onto the platform.
The new platform also offers the option of leasing a customs warehouse dedicated to storing goods under suspended customs duties, which aids in expediting customs clearance procedures and reducing costs. These bonded warehouses will be subject to customs inspection at any time and will be under the control of customs. Goods stored in a bonded warehouse are treated as if they are in a mini-free zone, with duties suspended for up to three years. A deposit will be collected for the goods in the warehouse, and if the goods are sold into the local market within three years, the duty will be paid. However, if the goods are re-exported outside the UAE, the deposit will be released.
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