Work on DP World-CCC's Jafza Traders Market to begin in Q4'19
Construction on Phase 1 of the project, worth $150m, is expected to complete within 24 months of work commencement
Dubai port operator DP World has entered a 70/30 joint venture partnership with Zhejiang China Commodity City Group (CCC Group) to develop the 80ha Traders Market at Jebel Ali Free Zone (Jafza), in which the Dubai firm will own a majority stake, with construction on the $150m (AED550.9m) Phase 1 – spanning 22ha – expected to begin in Q4 2019 and complete in 24 months.
Traders Market is expected to act as "the first smart freezone marketplace in the Middle East for the retail and wholesale industries", and will allow international traders to procure items in bulk at wholesale prices.
Commenting on the development, DP World's group chairman and chief executive officer, Sultan Ahmed bin Sulayem, said: "We are excited to announce this partnership with [CCC] 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."
CCC is based in Zhejiang district's Yiwu and is a developer and operator of merchandise trading platforms, UAE state news agency, Wam, reported.
Remarking on the JV, CCC's group chairman, Zhao Wenge, added: "The Middle East and Africa region is critical for the Belt and Road Initiative, and we aim to serve this high-growth market through the Traders Market in Jebel Ali, Dubai."