Sheikh Mohammed Bin Rashid Al Maktoum Launches AED30 Billion ‘Dubai Wholesale City’ – Largest Wholesale Hub Worldwide

dubai wholesale cityBy Accommodation Times News Services

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has confirmed that the UAE is moving headway with its strategic plan to diversify the national economy and reduce dependence on revenues from oil. His Highness reiterated that the UAE has its unique economic vision that enables the creation of new economic sectors to contribute to the nation’s growth, even while expanding the scope of conventional sectors to ensure their parity with global standards.

During the launch, His Highness reiterated the role of trade as a key contributor in maintaining the UAE’s economic success, and a crucial sector in its future development.  He said: “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.”

His Highness Sheikh Mohammed’s statements came during the official launch of ‘Dubai Wholesale City’, the largest wholesale hub worldwide spanning 550 million sq feet that will be developed over a 10-year period at an estimated cost of AED30 billion. The new development will help increase the UAE’s contribution to the global wholesale trade sector that is valued at US$4.3 trillion and expected to grow to US$4.9 trillion in the next five years.

The new global hub will comprise specialized integrated trading parks and an international trade exhibition facility. Dubai Wholesale City will also feature ‘Country Pavilions’ that include commercial centers and malls offering products from various countries, including India, Malaysia, Thailand, Turkey, Australia, China, South Korea, Germany, Saudi Arabia, the United States and south America.

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