DP World will collaborate with Zhejiang China Commodities City Group to build a Traders Market at its flagship Jebel Ali Port and Free Zone in Dubai, as part of the One Belt One Road Initiative.
A wide range of sectors for products ranging from cosmetics to engineering technology will divide the market, which will cover an area of approximately three million square metres and be open to traders from around the world.
The agreement to build the Traders’ Market complements another deal made in early 2018 between DP World and Zhejiang Seaport Investment and Operation Group (ZPG) to build a warehouse specifically for cargo bound for Dubai and the Middle East in Yiwu International Trade City on China’s east coast.
The United Arab of Emirates (UAE) is an important part of the One Belt One Road Initiative, with only Qatar and Singapore receiving more Chinese investment.
Dubai was China’s biggest trading partner in 2017, with almost US$48 billion going between the two countries.
Commenting on the Traders Market, Sultan Ahmen Bin Sulayem, Chairman of DP World, said: “Dubai and China have a long-standing trading history and it’s essential that we develop the movement of goods in tandem with the growing needs of consumers.
“Today people expect to receive their products quickly and efficiently and initiatives such as these will create the trade hubs and seamless supply chain opportunities needed to capitalise on global economic growth.”
“The new ‘Traders Market’ will provide an ideal platform for traders to showcase and sell goods in Dubai to local and international businesses.
“We look forward to working with the Zhejiang China Commodities City Group and will continue to support China's Belt and Road initiative and innovate for mutually beneficial development.”