Dubai: DP World, the Dubai-based ports operator, announced on Monday a partnership with Zhejiang China Commodity City Group Company (CCC) to develop the ‘Traders Market’ in Jebel Ali Freezone.
Under the partnership, DP World will hold a majority share in the 70/30 joint venture. The project developed by the two companies will span around 800,000 square metres, with capital spending on phase 1 estimated at $150 million (Dh550 million).
Construction is set to start in the fourth quarter of 2019, and will take 24 months to complete for phase 1, DP World said.
When completed, the Traders Market is expected to be the first smart freezone market place in the Middle East for the retail and wholesale industries. It will allow international traders to procure bulk products in Dubai at wholesale prices.
Sultan Bin Sulayem, group chairman and chief executive officer of DP World, said the project will help it in its goal to catalyse trade and the movement of goods through lowering costs and removing inefficiencies.
Zhao Wenge, group chairman of CCC, said the Middle East and Africa region is critical for China’s Belt and Road Initiative, and the company aims to serve this market through the Traders Market in Dubai.