By Staff www.arabianbusiness.com
Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister and Ruler of Dubai, on Tuesdayy launched Dubai Wholesale City, the largest wholesale hub in the world.
The city will host international exhibitions, and will be linked with Jebel Ali Port and Al Maktoum International Airport. It will also provide logistical support that will fully link with four continents.
According to news agency WAM, the project is set to span over 550 million sq ft, with an expected development cost of AED30 billion over 10 years.
The new development 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, WAM added.
Sheikh Mohammed said at the launch of the project: “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.” More info