DP World said on Thursday it has signed an agreement with the Zhejiang China Commodities City Group to jointly construct a new traders market at Jebel Ali Port and Free Zone in Dubai.
The deal was announced just as Chinese President Xi Jinping began his three-day visit to the UAE, with more deals between Chinese and UAE-based companies expected in various sectors.
DP World said the deal with Zhejiang Group will provide further impetus to China’s Belt and Road Initiative, the Asian country’s hallmark project to boost international trade.
The Dubai-based ports operator will build the traders market within its flagship Jebel Ali Free Zone Area next to the Expo 2020 site. The market will include clusters of traders from around the world offering a range of products. They will be divided by sector, ranging from household goods, building materials, food and beverage, cosmetics, health care, energy and technology.
The market is also expected to help trade within the GCC, Middle East and Africa, and India subcontinent regions, widening market reach for goods.
The deal follows an agreement signed earlier this year between DP World and the Zhejiang Seaport Investment and Operation Group for a warehouse project in Yiwu in China. DP World said both projects aim to boost trade between the UAE and China.
“Dubai and China have a long-standing trading history, and it’s essential that we develop the movement of goods in tandem with the growing needs of consumers,” said Sultan Bin Sulayem, DP World group chairman and chief executive officer.