Dragon Mart to open at Al Warsan tomorrow

China is looking to consolidate its growing clout in the Middle East's retail space with the launch of the Dragon Mart in Dubai's Al Warsan.

General Shaikh Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai and UAE Minister of Defence, will formally open the facility tomorrow.

Also present will be Wei Jian Guo, China's Deputy Minister of Commerce, and other top officials.

The buildings, infrastructure and Dragon Mart itself within Chinatown has taken up investments in the range of Dh900 million.

More than 3,000 Chinese enterprises have taken up space at Dragon Mart. It is part of the Nakheel promoted International City, and has been set up as a strategic partnership between Chinamex Middle East Investment and Trade Promotion Centre and Jebel Ali Free Zone Authority.

Nakheel has developed the various components of the Dragon Mart, the related infrastructure works, plus residential buildings for use by traders there.

The facilities are offered to Chinamex on long lease.

The development should be seen in the light of growing commercial ties between the UAE and China in recent years.

Bilateral trade is valued at $5.2 billion, and Chinese made goods have made a forceful entry into such key sectors as consumer electronics, light manufacturing equipment, garments and textiles.

"In every other part of the world where there is a Chinatown, it is usually in the oldest and dirtiest part of town," said Sultan Ahmad Bin Sulayem, executive chairman of Nakheel.

"Dubai has done something different Dragon Mart will have no congestion and everything has been built new."

The Chinatown at International City is one of 10 mini developments each of which will have a country theme England, Morocco, India, etc.

Each of these will have between 25 to 30 residential buildings.

"As of now, nearly 85 per cent of the buildings have been acquired by investors," Bin Sulayem said.

"Nakheel will maintain between 15 to 20 per cent of the space to rent out on our own."

On completion, the International City will cover an area of 800 hectares.