Sheikh Mohammed bin Rashid unveils $8.1 billion Dubai Wholesale CityStaff writer ▼ | March 2, 2016
Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai, unveiled plans for a Dh30 billion ($8.1 billion) Dubai Wholesale City.
UAE Ruler of Dubai presented a mega-project
Dubai Holding will develop the mega-project, which will take about 10 years to fully complete and will provide a forum for buying and selling wholesale commodities including food, construction materials, electrical appliances, electronics, furniture and decor, machinery, equipment, wood, vehicles and spare parts, and textiles and clothing.
According to the government news agency Wam, the project will include commercial centres and malls stocking products from countries including India, Malaysia, Thailand, Turkey, Australia, China, South Korea, Germany, Saudi Arabia, the US and South America.
It will also include the world’s largest e-commerce platform, Wam said.
The developer said the project would “revolutionise” global wholesale trade – where businesses sell to other businesses rather than directly to consumers – by using smart technology and “the world’s best logistics support”.
Designed as part of Dubai’s strategic plan to reduce its economic dependence on oil, Dubai Holding said that the hub would serve as an international trade exhibition facility and provide wholesale traders with facilities including state-of-the-art infrastructure, roads, warehousing, storage facilities and support services.
“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,” said Sheikh Mohammed during the official launch.
“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.”
And globally wholesale trade is a big deal. According to the U.S. Bureau of Economic Analysis, the global sector was valued at $4.3 trillion last year and expected to grow 12 per cent to $4.9tn by 2019. ■