DP World has announced a partnership with Zhejiang-based China Commodity Citygroup company (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 capital expenditure is estimated at US$150mn, with construction expected to start in Q4 2019 and take 24 months to complete.
The new marketplace is expected to help international traders to procure bulk products in Dubai at wholesale prices with the shortest delivery times and will be able to service demand more efficiently, according to DP World.
Sultan Ahmed Bin Sulayem, group chairman and CEO, DP World, said, ?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.?
Zhao Wenge, chairman, CCC group, said, ?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.?
CCC is a 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. These marketplaces span an area of some five miles with approximately 75,000 traders and tenants, the company said in a statement.