Deal signed to develop region’s first freezone market in Dubai

DUBAI / WAM

DP World has announced a partnership with Zhejiang China Commodity City Group (CCC Group) to develop a ‘Traders Market’ at Jebel Ali Freezone (Jafza).
DP World will hold a majority share in the 70/30 joint venture. The Traders Market project will span approximately 800,000 square metres, with Phase 1 development covering about 220,000 square metres.
Phase 1 Capex is estimated at $150 million, with construction expected to start in the fourth quarter of 2019 and will take 24 months to complete.
According to a statement released by DP World, the Traders Market will create the first smart freezone market place in the Middle East for the retail and wholesale industries and aims to serve the wider region with a population base of over two billion.
The market will allow traders to benefit from lower supply chain costs by using the world-class multi-modal infrastructure available in Jebel Ali and Dubai. International traders will be able to procure bulk products in Dubai at wholesale prices with the shortest delivery times and will be able to service demand more efficiently.
Sultan Ahmed bin Sulayem, DP World Group Chairman and CEO, said, “We are excited to announce this partnership with China Commodity City to develop the Traders Market. This investment showcases our trade-enabling strategy as we look to catalyse trade and the movement of goods through removing inefficiencies and lowering supply chain costs.”
“We are delighted that CCC has chosen Jebel Ali Freezone as its exclusive investment in the region, highlighting DP World’s ability to attract trade through its best-in-class infrastructure and emphasising Dubai’s position as the regions premier trading hub,” he added.
CCC Group Chairman Zhao Wenge said, “The Middle East and Africa region is critical for the Belt and Road Initiative, and we aim to serve this high-growth market through the Traders Market in Jebel Ali, Dubai. We have chosen Jebel Ali for its efficient infrastructure, business-friendly environment and significant trade with China.”