Dubai’s Yiwu Market, which is a Dh600 million ($163.4m) facility located in Jebel Ali Free Zone (Jafza), is all set to open on June 28, Tuesday. This market caters to the wholesale and retail industries.
The market was formed in line with the United Arab Emirate’s ambition to ease trade by easing supply chain shortages caused due to the coronavirus pandemic.
Yiwu was formed by a partnership between the China Commodity City Group, which constructed and managed the largest wholesale market in the world in China and global ports operator DP World.
Yiwu is the first stage of the Dubai Traders Market (DTM), the 5.5 million square metre marketplace in Jafza.
The chief executive and managing director of DP World UAE and Jafza, Abdulla Bin Damithan, stated in a statement, “As part of a country that is considered as a top international trade hub, the burden is on us to assure that we make the best out of our strategic benefits and upgrade its status to greater heights.”
This initiative will allow businesses to get wholesale discounts with lessen supply chain prices and turnaround times by getting hold of Dubai’s location and DP World’s logistics solutions.
The Emirates has played a foremost role during China’s Belt and Road project while utilising its infrastructure to make a centre for trade in the region and as a gateway toward Africa and the broader Middle East.
The world’s second-largest economy, China, was the UAE’s leading trading partner in the first three months of 2022, with bilateral trade between the two nations at Dh57 billion.
The UAE will be a significant driver of global trade growth, with its exports estimated to extend at an average yearly rate of over 6% to Dh1.1 trillion by 2030. India, as well as mainland China, will be the nation’s principal export markets, said Standard Chartered in a report in January 2022.
Yuvi will extend over 200,000 sq metres and consist of 324 customs-bonded warehouses and 1600 showrooms. Presently, 99% of the showrooms are leased already, said Jafza.
As per a statement, Yiwu Market partnered with DP World’s Dubai Trade to digitalise the trading procedure for clients.
These services include safe payment portals for online transactions, maintenance of online inventories, hassle-free cargo gate clearances and custom declarations.
Furthermore, the initiative will also serve as a bridge for trade between the UAE and international markets.