First Free Zone Market in Dubai – Traders Market
DP World, the Dubai-based ports operator, and Zhejiang China Commodity City Group Company (CCC) have set up a partnership to develop the “Traders Market” in Jebel Ali Free Zone.
The construction of Traders Market has started in Q4 of 2019 and it will take 24 months to complete Phase 1 covering about 220,000 square meters, while the whole project will encompass an area size of around 800,000 square meters.
The partnership between the two companies is a 70/30 joint venture, with DP World holding a majority share. The capital expenditure on Phase 1 is estimated at $150 million (Dh 550 million).
The project aims to build up the first smart Free Zone market in the Middle East region for retail and wholesale industries. International traders will be able to procure products in bulk at wholesale prices and benefit from a supply chain of lower cost and less inefficiencies.
The marketplace is expected to have approximately 75,000 traders and tenants, with more than 200,000 visitors per day and 500,000 international traders per year.
Traders Market project will help DP World to achieve its vision “to attract clients that will not only provide lease income but also bring significant origin and destination cargo, promoting Dubai as a trading hub”, the group chairman and chief executive officer of DP World, Sultan Bin Sulayem said.
The Middle East and Africa region is critical for China’s Belt and Road Initiative, through the Traders Market, the company will be able to provide more services in the Middle East market. “We have chosen Jebel Ali for its efficient infrastructure, business-friendly environment and significant trade with China”, group chairman of CCC, Zhao Wenge said.
Source: Gulf News