The shopping complex houses 1,600 exhibition halls spread over two floors
Dubai’s Yiwu Market, a hybrid shopping complex that will strengthen regional and global supply chains, held its official opening ceremony today.
Thanks to its strategic location, Dubai offers businesses access to some of the world’s largest emerging and established markets in the Middle East, Europe, Africa, India, Asia and beyond.
The Dh600 million Yiwu Market, a partnership between DP World and China Commodity City Group (CCC), is the first phase of the upcoming Dubai Traders Market. Located in the Jebel Ali Free Zone (Jafza), the Traders Market, when completed, will cover over 60 million square feet and house 20,000 traders and tenants.
The Yiwu market gains a strong competitive advantage by combining the logistics expertise of DP World with the knowledge of CCC, which operates the world’s largest wholesale market, Yiwu China Commodities City.
China remains the emirate’s largest trading partner with 86.7 billion dirhams of trade in the first half of 2021, up 31% compared to the same period of the previous year. China’s Belt and Road Initiative is expected to reduce trade costs and remove trade barriers between many countries involved in the initiative. The UAE is a “natural cooperative partner” of the BRI with an important geographical location and substantial logistics potential.
Yiwu market will be the first smart free zone market in the Middle East. It aims to be a one-stop-shop for shopping and a highly efficient online and offline platform for wholesale and retail.
Covering an area of 2.15 million square feet, Yiwu Market houses 1,600 mainland showrooms spread over two floors, 99% of which are already occupied. Divided into two purpose-built sections of approximately 950 meters, the market comprises five main entrances, five atriums and three corridors crossing the market.
The Yiwu market will allow merchants and companies around the world to access wholesale discounts. It will also allow them to take advantage of Dubai’s central location, reducing lead times and supply chain costs.
Dubai’s five-year plan aims to expand its foreign trade to 2 trillion dirhams by 2025, cementing its position as a regional and global hub for trade and investment. Dubai’s new international trade map will expand air and sea shipping lanes, with 200 new cities added to the emirate’s existing network of 400 cities.
Sultan Ahmed bin Sulayem, Group Chairman and Managing Director of DP World, said, “The opening of the Yiwu market is another milestone under the Belt and Road Initiative. Together with the CCC, the market is part of an ongoing effort to diversify the UAE’s economy and support Dubai’s strategic plan to grow foreign trade to 2 trillion dirhams in five years. With this new development, we have reaffirmed our commitment to cementing Dubai’s status as the third largest re-export center in the world. One of the main objectives of the market is to establish a dedicated international logistics corridor between markets from Yiwu to Dubai and China. This will ensure the efficient flow of Chinese goods into the UAE, making the country a gateway for seamless distribution in high-growth markets including the Middle East, Africa, Mediterranean and Europe.
Wenge Zhao, Chairman of China Commodity City Group, explained, “By providing an integrated retail and storage experience, the marketplace will provide some of the most beneficial value-added services to merchants and shoppers. These advantages make it an ideal solution for all the business needs of global companies.
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