Dubai: The world’s biggest wholesale city, with an investment of Dh30 billion, will be set up in Dubai.
The city, which will occupy an area of 550 million sq ft, was launched on Tuesday by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai. Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Dubai Crown Prince, was present.
The city will include a number of markets, warehouses, cargo and customs centres, insurance companies, storage solutions, banking services, as well as residential units and hotels.
The aim of the city is to help the UAE acquire a significant share of the global economic sector, estimated at $4.3 trillion. The city will host international exhibitions, and will be linked with Jebel Ali Port and Al Maktoum International Airport. It will also provide logistical support that will fully link with four continents.
The project will also aim to be a wholesale capital, and will involve more than 15,000 prominent wholesale traders.