Dubai unveils plans for $8.2 billion 'Wholesale City'
WAM, 2 March 2016
Dubai has revealed plans for a AED30 billion ($8.2bn) ‘Wholesale City’ spanning over 51 million sqm. Dubai Wholesale City is expected to become the world’s largest global wholesale hub, and take about 10 years to develop, according to UAE state news agency WAM.
The development – launched by Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai – will aim to be home to more than 15,000 wholesale traders.
“The UAE’s strategic location, world-class infrastructure, and strong institutions make it the most qualified place to lead the new wave of growth in wholesale trade, on an international scale,” Sheikh Mohammed said.
Dubai Wholesale City 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, WAM reported.
The hub will include trading parks, ‘country pavilions’ and an international trade exhibition facility. It will be located close to Al Maktoum International Airport and the Jebel Ali Port.
“It will include specialized avenues (boulevards) for food, construction materials, electrical appliances, electronics, furniture and decor, machinery, equipment, wood, vehicles and spare parts, and textiles and clothing,” WAM reported. “Dubai Wholesale City will also activate the world’s largest e-commerce platform for wholesale trade in the region.”
The project is set to be developed by Dubai Holding and will have a “range of smart city features”, WAM reported.
“Dubai Wholesale City is among several projects that we have conceptualized as part of our priority to help achieve the UAE’s post-oil vision,” said Mohammed Al-Gergawi, Chairman of Dubai Holding.
“The launch of the Dubai Wholesale City comes as a result of intensive discussions and meticulous studies of the wholesale sector, and the plethora of opportunities it offers. We are confident this project will have immense positive impact on wholesale trade in the UAE, the Gulf region and the rest of the world.”