Dubai Wholesale City aims to be world's largest trade hub

Dubai - A big leap for non-oil economy: The Dh30 billion project is envisaged to become the world's largest global wholesale hub in 10 years.

Marking a vibrant new milestone in its successful diversification drive, Dubai on Tuesday flagged off an ambitious initiative - the Dh30 billion Dubai Wholesale City, a project that is envisaged to become the world's largest global wholesale hub in 10 years.
His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, unveiled the master plan for the sprawling 550 million sqft futuristic city that not only seeks to reinforce Dubai's legacy as a thriving trading hub but also aims to transform the global wholesale trading scenario.
To be fully commissioned in 10 years, the new development, being designed to host 15,000 wholesale traders, aims to increase the UAE's share of the global wholesale trade sector, which is valued at $4.3 trillion and expected to grow to $4.9 trillion in the next five years.

"The UAE is moving on with its strategic plan to diversify the national economy away from a dependence on oil. It has its unique economic vision that enables the creation of new economic sectors to contribute to the nation's growth, even while upgrading existing sectors to ensure they are on par with highest global standards," Shaikh Mohammed said at the launch of the project.
Reiterating the role of trade in the nation's prosperity, Shaikh Mohammed said it was a key contributor to maintaining the UAE's economic success, as well as a crucial sector in its future development.
"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," the Vice-President said.
"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."
The project is envisaged as a fully-integrated trading hub that aims to meet the needs of the local and international wholesale trading sector. The destination is projected to strengthen the UAE's position as a pivotal market in global trade.
issacjohn@khaleejtimes.com

• Dubai