The Global Port Operator is now on course to develop ‘Traders Market’, a sprawling 800,000sqm enclave in JAFZA, Dubai
DP World has announced a partnership with Zhejiang China Commodity City Group Company LTD (CCC) to develop the ‘Traders Market’ in Jebel Ali Freezone (JAFZA).
DP World will hold a majority share in the 70-30 joint venture. The Traders Market project will span approximately 800,000 square metres, with Phase 1 development covering about 220,000 square metres.
Phase 1 Capex is estimated at US$ 150million, with construction expected to start in Q4-2019 and take 24 months to complete.
First Freezone Market Place in the world
The Traders Market will create the first smart Freezone market place in the Middle-East for the retail and wholesale industries and aims to serve the wider region with a population base of over 2 billion.
The market will allow traders to benefit from lower supply chain costs by using the world-class multi-modal infrastructure available in Jebel Ali and Dubai. International traders will be able to procure bulk products in Dubai at wholesale prices with the shortest delivery times and will be able to service demand more efficiently.
Established in 1993, Zhejiang China Commodity City Group, based in Yiwu, in the Zhejiang province of China, is a leading developer and operator of merchandise trading platforms. CCC’s operations include the Yiwu Permanent Fair, China Yiwu International Commodities Fair and Yiwu Imported Commodities Fair.
Vast, sprawling complex
These marketplaces span an area of some 5 square miles with approximately 75,000 traders and tenants. The footfall to the markets exceeds 200,000 visitors per day and attracts over 500,000 international traders annually.
“We are excited to announce this partnership with China Commodity City to develop the Traders Market. This investment showcases our trade-enabling strategy as we look to catalyse trade and the movement of goods through removing inefficiencies and lowering supply chain costs,” commented Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World.
“We are delighted that CCC has chosen Jebel Ali Freezone as its exclusive investment in the region, highlighting DP World’s ability to attract trade through its best-in-class infrastructure and emphasising Dubai’s position as the regions premier trading hub,” Bin Sulayem added.
“The Middle-East/Africa region is critical for the Belt and Road Initiative (BRI), and we aim to serve this high-growth market through the Traders Market in Jebel Ali, Dubai. We have chosen Jebel Ali for its efficient infrastructure, business-friendly environment and significant trade with China. Together with DP World we are confident this venture will be a success,” observed Zhao Wenge, Group Chairman, CCC Group.
