New deal signed to develop 'world's largest' 20 million square feet car market in Dubai
Dubai Municipality, DP World are the entities that will develop the car market
Dubai: A new car market spanning 20 million square feet will soon be developed, catering to auto enthusiasts across Dubai. This plan came into play on Thursday after a deal was signed between Dubai Municipality and DP World to build what the Emirate hopes to be the largest and most advanced car market in the world.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, directed the development of the ‘Dubai Car Market’, with the initiative aiming to solidify Dubai’s position as one of the world’s most prominent and rapidly growing cities in the automotive trade sector.
Under the supervision of Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, and Deputy Prime Minister and Minister of Finance of the UAE, witnessed the signing of a partnership agreement between Dubai Municipality and DP World for the development of the new car market.
DP World to construct, manage
DP World has been entrusted with the construction and management of the ‘Dubai Car Market’. DP World will leverage its extensive logistical expertise and global network, which includes over 430 business units in 86 countries, to ensure the market’s success.
The market will be connected with 77 ports managed by DP World around the globe, improving its capacity and doubling its current sales of Dh6.8 billion. The project aims to expand the market area from 2.8 million square feet to 20 million square feet, making it eight times its current size.
Global hub for auto events
Sheikh Mohammed bin Rashid said: “The new market will become a global hub that offers commercial services, and logistics and financing solutions for this vital sector. It will also be a premier destination for major conferences and specialised events for car enthusiasts. Dubai will continue to develop new development projects as part of its vision to be one of the largest economic and commercial centres in the world.
“Through strategic initiatives like the ‘Dubai Car Market’, we aim to provide an integrated investment environment that supports sustainable economic growth. This will accelerate the achievement of the goals of the Dubai Economic Agenda D33 to double the size of the emirate’s economy and transform it into one of the world’s top three urban economies by 2033.”
Market to attract investments
Dawood Al Hajri, Director General of Dubai Municipality, said: “We aim to provide the best services that meet the needs of investors and traders. Establishing the ‘Dubai Car Market’ will attract foreign investments and strengthen Dubai’s position as a global innovation and trade centre.”
Sultan Ahmed bin Sulayem, Group Chairman and CEO of DP World, said: “We aim to leverage our services and expertise in managing economic zones to establish Dubai as a leading destination in the automotive trade sector. We are committed to providing services and infrastructure that keep pace with global developments and meet investors’ expectations.”