Sheikh Mohammed bin Rashid, vice-president and ruler of Dubai, has unveiled plans to build Dubai Wholesale City, a 550-million-square-foot global wholesale hub.
According to the government news agency Wam, the project will be built over the next ten years with an expected cost of AED 30 billion (€2.5 billion). It will have the capacity to house 15,000 international traders across numerous integrated trading parks.
The hub will include specialised boulevards for different sectors, such as food, machinery, construction materials, and vehicles.
Wholesale City will also have country pavilions, which will house commercial centres and malls offering products from various countries, including Germany, China, India and the United States.
The project is part of Sheikh Mohammed’s plan to move the economy away from its reliance on oil and to further develop its wholesale capabilities.
He commented, “Our aim is to build a sustainable national economy. Dependency on oil was never a choice, and we will not bind our future to it.”
He added, “The UAE’s strategic location, world-class infrastructure and strong institutions make it the most qualified place to lead the new wave of growth in wholesale trade on an international scale.”
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by Brian Dermody. To subscribe to ESM: The European Supermarket Magazine, click here.
