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DUBAI / WAM
HH Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Airport Freezone Authority (DAFZA), witnessed the launch of ‘Dubai CommerCity,’ an AED2.7-billion ($735mn), 2.1-million square feet joint venture between DAFZA and wasl Asset Management Group, in the Umm Ramool area.
Dubai CommerCity, the first free zone dedicated to e-commerce in the MENA region, is strategically intended to promote Dubai’s position as a leading platform for international e-commerce and to support economic diversification and smart transformation strategies.
The project will accelerate the growth of the e-commerce market which is expected to reach $20 billion in 2020 in the GCC countries. It will provide an environment that stimulates creativity and attracts more direct foreign investments in line with Dubai Plan 2021 which aims to create a unique and sustainable economy based on innovation.
HH Sheikh Ahmed bin Saeed Al Maktoum expressed his confidence that the joint venture will add a new dimension to Dubai’s commercial activity and will help attract more foreign direct investments to the emirate.
The project is led by the inspiring vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, to establish a unique and sustainable economy based on growth, innovation, diversification, and competitiveness.
These are features of the post-oil stage which are in line with Dubai Plan 2021’s goal of making Dubai first globally in ease of doing business as well as a preferred investment destination by 2021.
The new free zone will also drive steadily growing private investment activities supporting
the region’s start-ups which have already exceeded $870 million, especially as most start-ups are
involved in e-commerce, IT and
Internet-based services, of which the UAE has the largest share in the region.
Over the next five years, the e-commerce sector is projected to account for 10 percent of the Emirate of Dubai’s retail sales, which are in turn expected to reach AED200 billion by the end of 2017.
Dubai CommerCity has exceptional competitive advantages that make it one of the most attractive free zones for foreign direct investment in the regional markets, and a unique gateway for Dubai and the UAE to access a promising international economic sector.
The new free zone is strategically located near the Dubai International Airport, well-conne-
cted to major local and national highways.