New traders’ market to open in Dubai

traders marketWith the new agreement, the companies aim to boost their international trade. (Image source: DP World)DP World and the Zhejiang China Commodities City Group will jointly construct a new traders’ market in Jafza South next to the Expo 2020 Dubai site

The new market for traders, with a build-up area of three million sq m, aims to provide further impetus to China’s Belt and Road Initiative.

“The market will include clusters of traders from all over the world, providing a wide range of products at one site. They will be divided by sector, ranging from household goods, building materials and food and beverage, to cosmetics and healthcare, energy and power, and engineering and technology,” said DP World in a press statement.

The new traders market will also help Chinese, local and international manufacturers benefit from Dubai’s strategic location as a business and trade hub. It will also enable trade within the GCC, MEA and Indian subcontinent regions, widening market reach for goods and serving as a platform to trade at competitive prices.

The partnership follows the agreement signed earlier 2018 between DP World and the Zhejiang Seaport Investment and Operation Group (ZPG) for a ‘Straight-through Warehouse’ project in Yiwu, China, which will hold cargo destined for Dubai and the Middle East.

“Both projects aim to boost trade between the UAE and China by offering Chinese businesses DP World’s integrated logistics and trading solutions, including cargo handling at their terminals in China and Jebel Ali Port in Dubai, warehousing facilities in the neighbouring Jafza, one-stop customs clearance facilities and trade licenses,” according to DP World.

Jafza provides access to the companies to a local and regional market of more than two billion people, supplemented by DP World’s global network of 78 marine and inland terminals, which enable trade in countries that account for more than 50 per cent of the world’s GDP.

China was one of the topmost trading partners of Dubai in 2017, with total trade between them amounting to US$48.05bn last year.

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