Ticket for life? Baby born on Saudia flight
Dubai announces plan to take all real estate deals online
Sheikh Mohammed approves UAE infrastructure projects worth $1.9bn
Dubai named top global choice for corporate expansion
Dubai Water Canal project to be completed this year, says RTA chairman
Dubai edges out neighbour to be named top MidEast city for expats
Dubais next top project: 16 launches set for 2016
Revealed: Dubai plans new $8.16bn Wholesale City project
Sheikh Mohammed says new development, located close to Al Maktoum International Airport, will increase UAEs share of global $4.3bn wholesale trade sector
Sheikh Mohammed bin Rashid al-Maktoum, Prime Minister of the United Arab Emirates and ruler of Dubai. (AFP/Getty Images)
Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister and Ruler of Dubai, on Tuesday launched Dubai Wholesale City, the largest wholesale hub in the world.
According to news agency WAM, the project, which will be located close to Al Maktoum International Airport, is set to span over 550 million sq ft, with an expected development cost of AED30 billion over 10 years.
The new development aims to increase the UAEs 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 added.
Sheikh Mohammed said at the launch of the project: 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 nations growth, even while upgrading existing sectors to ensure they are on par with highest global standards.
The new global hub, to be developed by Dubai Holding, will comprise of specialised integrated trading parks that meet all the requirements of wholesale traders under one roof, as well as an international trade exhibition facility. The development aims to be home to more than 15,000 wholesale traders.
Dubai Wholesale City will also feature Country Pavilions, which will include commercial centres and malls offering products from countries including India, Malaysia, Thailand, Turkey, Australia, China, South Korea, Germany, Saudi Arabia, the United States and south America.
WAM said the City will launch operations by servicing strategic sectors and will include specialised avenues for food, construction materials, electrical appliances, electronics, furniture and decor, machinery, equipment, wood, vehicles and spare parts, and textiles and clothing.
Dubai Wholesale City will also activate the worlds largest e-commerce platform for wholesale trade in the region.
Sheikh Mohammed added: The UAEs 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.
Our aim is to build a sustainable national economy. Dependency on oil was never a choice and we will not bind our future to it.
Mohammed Al-Gergawi, chairman, Dubai Holding, said: Dubai Wholesale City is among several projects that we have conceptualised as part of our priority to help achieve the UAEs post-oil vision. 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.
Subscribe to Arabian Business newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.
Bahrain tops Middle East for work-life balance – survey
UK looks to boost its Middle East trade with former RBS CEO
Dubai free zones review initiatives to boost foreign investment
UAE free zones may struggle to survive under new ownership law, says Al Mulla
New investment regulations to boost UAEs diversification efforts
Saudi Arabia shutting out German businesses – report
Dubai ahead of London, Paris, New York in quality of life report
Limited introduction expected for new UAE ownership law, says Al Mulla
Saudi Arabia says 2 soldiers killed in Yemen fighting
Opinion: Why the UAE is transforming all over again
Dubais biggest bank goes live with cheque blockchain project
ADNOCs $45bn downstream, facilities investment to create 15,000 jobs
British Airways cancels Abu Dhabi-London flights during Ramadan
Dubai launches incubator to boost ethical Islamic start-up firms