Dubai CommerCity, an AED2.7 billion ($740 million), 2.1 million square feet joint venture between Dubai Airport Free Zone Authority (DAFZA) and wasl Asset Management Group was launched on Saturday in the city's Umm Ramool area.
Dubai CommerCity is the first free zone dedicated to e-commerce in the Middle East and North Africa region, and is part of the emirate's plan to support economic diversification and smart transformation strategies, a statement said.
The project will accelerate the growth of the e-commerce market which is expected to reach $20 billion in 2020 in the GCC countries, the statement added.
Dubai CommerCity spans a total area of 427,000 square metres inclusive of office spaces and logistics units covering 207,000 sq m; a total leasable area of 176,000 sq m; and infrastructure and parking areas over 220,000 sqm, with 4,000 parking slots for its customers.
The free zone is divided into three clusters - a Business Cluster, a Logistics Cluster and a Social Cluster.
The Business Cluster includes 13 office buildings while the Logistics Cluster consists of 84 logistic units and the Social Cluster, the heart of Dubai CommerCity, will feature art galleries and a range of luxury restaurants and cafés.
Sheikh Ahmed Bin Saeed Al Maktoum, chairman of the Dubai Airport Freezone Authority (DAFZA), expressed his confidence that the joint venture will add a new dimension to Dubai’s commercial activity and will help attract more direct foreign investments to the emirate.
Dr Mohammed Al Zarooni, director general of DAFZA, said: “Dubai CommerCity will enhance the role of e-commerce as a key driver of Dubai’s sustainable economy.
"Through Dubai CommerCity, we aim to play an organizational, operational and knowledge-based role that will contribute to the building of a new world-class free zone and the creation of a unified platform for government, administrative, customs and logistics services that meet the needs of the e-commerce sector, in response to the vision of the wise leadership of achieving sustainable development."
Hesham Abdulla Al Qassim, CEO of wasl Asset Management Group, added: “We look forward to partnering with DAFZA to translate the vision of our wise leadership to make Dubai one of the best investment destinations in the world.
"Our joint venture supports the national economic diversification strategy and the creation of a sustainable economy based on innovation and competitiveness."
The project, which will be implemented in two phases, is intended to be a comprehensive and modern system that supports the e-commerce sector and meets the current and future needs of logistics, electronic payments, IT solutions, customer services, and other related businesses.For all the latest retail news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.