Sheikh Mohammed Bin Rashid Al Maktoum Launches AED30 Billion 'Dubai Wholesale City'

Government

Sheikh Mohammed Bin Rashid Al Maktoum Launches AED30 Billion 'Dubai Wholesale City' - Largest Wholesale Hub Worldwide

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has confirmed that the UAE is moving headway with its strategic plan to diversify the national economy and lower reliance on incomes from oil. His Highness restated that the UAE has its special economic vision that makes it possible for the creation of brand-new economic sectors to add to the country's growth, even while expanding the scope of conventional sectors to guarantee their parity with international standards.

During the launch, His Highness restated the role of trade as an essential contributor in keeping the UAE's financial success, and a vital sector in its future development. He stated: "The UAE's strategic area, world-class facilities, and strong institutions make it the most qualified location to lead the new wave of growth in wholesale trade, on an international scale.".

His Highness Sheikh Mohammed's statements came during the official launch of 'Dubai Wholesale City', the largest wholesale center around the world spanning 550 million sq feet that will be established over a 10-year period at an estimated expense of AED30 billion. The new development will assist enhance the UAE's contribution to the worldwide wholesale trade sector that is valued at US$ 4.3 trillion and expected to grow to US$ 4.9 trillion in the next 5 years.

The new international center will make up specific integrated trading parks and a worldwide trade exhibition facility. Dubai Wholesale City will also feature 'Country Pavilions' that consist of commercial centers and shopping centers offering items from numerous countries, including India, Malaysia, Thailand, Turkey, Australia, China, South Korea, Germany, Saudi Arabia, the United States and South America.

The center will supply wholesale traders with comprehensive offerings consisting of state-of-the-art infrastructure, roads, warehousing, storage facilities and assistance services, ensuring high functional efficiency and ease of working. For its part, the global business-to-business exhibition facility will convene purchasers with suppliers from all over the world. The considerable asset will serve as a mediator in international trade and open a raft of service choices to producers and traders, even while saving them time and effort.

The Dubai Wholesale City will serve strategic sectors including food, building materials, electrical home appliances, electronic devices, furnishings and dcor, machinery, equipment, wood, automobiles and spare parts, and textiles and clothes.

The destination will likewise activate the biggest e-commerce platform for wholesale trade in the area, aiming to improve the UAE's capabilities in the worldwide e-commerce space that is predicted to grow from US$ 1.672 trillion to US$ 2.941 trillion in 2018 with a compound annual growth rate of 21 %.

Especially, the UAE's e-commerce market is expected to grow at double the pace of the international sector. According to market tasks, e-commerce in the UAE will rise up to four times its present size through the next 3 years - to rise from a value of US$ 2.5 billion in 2015 to US$ 10 billion in 2018, a compound annual growth rate of 59 %.

Dubai Wholesale City's proximity to major markets connecting three quarters of the world's population within a seven hour flying time makes it an ideal meeting point between the east and the west and acts as a crucial consider distinguishing it from other wholesale hubs worldwide. The brand-new city will also improve Dubai's sophisticated logistics services and its distinct place near Al Maktoum International Airport and the Jebel Ali Port, two major entrances for international freight and shipping markets.