DP World to build trading hub for China’s Belt and Road
DP World's deal to build a trade hub for China's Belt and Road initiative comes amid Xi Jinping's state visit to the UAE
DP World has penned a deal with Zhejiang China Commodities City Group to build a trading hub in Jebil Ali for the Asian superpower's trillion-dollar Belt and Road initiative.
DP World will construct a 3km² "Traders Market" at Jebel Ali Port and Free Zone in Dubai.
This cluster of markets will house international traders under one roof, creating a platform to sell FMCG commodities, building materials, cosmetics, healthcare, energy and power, and engineering and technology goods.
It will provide further impetus to China's Belt and Road initiative by helping Chinese, local and international manufacturers benefit from Dubai’s strategic location as a business and trading hub.
Market access for goods exported to the GCC, Africa, and India will be widened as a result of the yet-to-be-built trading hub.
The agreement compliments an earlier deal DP World struck with Zhejiang Seaport Investment and Operation Group to build a warehouse in Yiwu, China, for Dubai-destined exports.
Both of these projects aim to bolster and streamline bilateral trade between the UAE and China by scaling up logistics, cargo handling, and warehousing.
"The new Traders Market will provide an ideal platform for traders to showcase and sell goods in Dubai to local and international businesses," explained DP World group chairman and chief executive officer, Sultan Ahmed Bin Sulayem.
"We look forward to working with the Zhejiang China Commodities City Group and will continue to support China's Belt and Road initiative and innovate for mutually beneficial development."
DP World's plan to build a trading hub for China's Belt and Road initiative - a trillion-dollar infrastructure project - was announced as Chinese President Xi Jinping arrives for a state visit in the UAE.
With the Chinese leader in the country, dozens of China-inspired deals are expected to be announced. Emaar Properties, for example, has revealed a plan to build the biggest Chinatown in the Middle East. This will be located in its 6km² Dubai Creek Harbour waterfront development.