DP World Joins Chinese Firm for First Traders Market
The Dubai-based ports operator DP World announced a partnership with Zhejiang China Commodity City Group Company (CCC) to develop the ‘Traders Market’ in Jebel Ali Freezone.
The project will span around 800,000 sq m, with phase 1, estimated at $150 million, covering about 220,000 sq m. Construction is expected to start in Q4 and take 24 months to complete.
The Traders Market will create the first smart freezone market place in the Middle-East for the retail and wholesale industries and aims to also serve the wider region. The market will allow traders to benefit from lower supply chain costs by using the world-class multi-modal infrastructure available in Jebel Ali and Dubai.
Established in 1993, Zhejiang China Commodity City Group, based in Yiwu, in the Zhejiang district of China, is a leading developer and operator of merchandise trading platforms. CCC’s operations include the Yiwu Permanent Fair, China Yiwu International Commodities Fair and Yiwu Imported Commodities Fair. These marketplaces span an area of some 5 miles with approximately 75,000 traders and tenants. The footfall to the markets exceeds 200,000 visitors per day and attracts over 500,000 international traders annually.
Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World, said: “We are excited to announce this partnership with China Commodity City to develop the Traders Market. This investment showcases our trade-enabling strategy as we look to catalyze trade and the movement of goods through removing inefficiencies and lowering supply chain costs.”
“We are delighted that CCC has chosen Jebel Ali Freezone as its exclusive investment in the region, highlighting DP World’s ability to attract trade through its best-in-class infrastructure and emphasizing Dubai’s position as the regions premier trading hub,” Bin Sulayem added.
“When we acquired Jebel Ali Freezone in 2015, our vision was to attract clients that will not only provide lease income but also bring significant origin and destination cargo, promoting Dubai as a trading hub. This transaction helps us achieves this vision. We believe we have found the right partner in CCC, with the relevant expertise and experience to make this project a success. We look forward to a strong and enduring partnership.”
Zhao Wenge, Group Chairman, CCC Group, said: “The Middle-East/Africa region is critical for the Belt and Road Initiative (BRI), and we aim to serve this high-growth market through the Traders Market in Jebel Ali, Dubai. We have chosen Jebel Ali for its efficient infrastructure, business-friendly environment and significant trade with China. The CCC group has a wealth of experience and a strong reputation for developing and operating efficient large-scale trading marketplaces. Together with DP World we are confident this venture will be a success.”