Dubai Wholesale City, the largest wholesale hub in the world currently under construction, has signed a memorandum of understanding with The China Commodity City (CCC) Group, the world's largest exporter of goods.
The agreement will facilitate mutual trade and investment activities and the exchange of expertise, with a focus on developing wholesale trade destinations and wholesale e-commerce.
Dubai Wholesale City will collaborate with the Municipality of Yiwu City and the Government of Zhejiang Province, the largest shareholders in the Commodities City Group, in terms of investment and business development in the trade, manufacturing and logistical services sectors, a statement said.
Last month, it was announced that excavation works had begun as construction of the AED30 billion ($8.1 billion) project got underway.
In March, Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister and Ruler of Dubai, launched the project which is set to span over 550 million sq ft.
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.
Abdulla Belhoul, CEO of Dubai Wholesale City, and Wenge Zhao, general manager of the China Commodity City Group, signed the new agreemennt in Zhejiang’s Yiwu City.
Belhoul said: “China and the UAE enjoy long-standing bilateral trade and economic relations. Today, China is the UAE’s second-largest trading partner and the largest importer to the country. In addition, the UAE serves as the main gateway to the GCC region for Chinese products.
"This partnership will reinforce the UAE’s position as a trading and re-export hub for Chinese exports to the Middle East, Africa, and the Mediterranean region.”
Located in central Zhejiang province, Yiwu City is universally recognized as a key global commodities trading hub. The China Commodity City Group owns Yiwu International Trade Market, the biggest market for small commodities in the world.
Spread across an area of more than 6.7 million square metres, the complex houses over 100,000 suppliers offering goods across a myriad of categories that are exported to 200 countries and regions worldwide.
Dubai Wholesale City recently announced it has begun to accept applications from companies and traders that would like to book space at its premises.
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