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Dubai / WAM
Vice President and Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, has launched Dubai Wholesale City, the largest global wholesale hub, set to span over 550 million sq. feet, with an expected development cost of AED30 billion over ten years.
The new development aims to increase the UAE’s share of the global wholesale trade sector, which is valued at $4.3 trillion and expected to grow to $4.9 trillion in the next five years.
“The UAE is moving on with its strategic plan to diversify the national economy away from a dependence on oil. It has its unique economic vision that enables the creation of new economic sectors to contribute to the nation’s growth, even while upgrading existing sectors to ensure they are on par with highest global standards,†Sheikh Mohammed made the statement during the official launch of Dubai Wholesale City.
The new global hub will comprise specialised integrated trading parks that meet all the requirements wholesale traders under one roof, as well as an international trade exhibition facility. Given Dubai Wholesale City’s proximity to Al Maktoum International Airport, and the Jebel Ali Port, the development will create a crucial link between four main continents and aims to be home to more than 15,000 wholesale traders.
Dubai Wholesale City will also feature ‘Country Pavilions,’ that will include commercial centers and malls offering products from various different countries, including India, Malaysia, Thailand, Turkey, Australia, China, South Korea, Germany, Saudi Arabia, the United States and south America.