DUBAI: DP World PLC has announced a partnership with Zhejiang China Commodity City Group Company LTD (CCC) to develop the ‘Traders Market’ in Jebel Ali Freezone (JAFZA). DP World will hold a majority share in the 70/30 joint venture. The Traders Market project will span approximately 800,000 square metres, with Phase 1 development covering about 220,000 square metres. Phase 1 Capex is estimated at $150 million, with construction expected to start in 4Q2019 and take 24 months to complete.
The Traders Market will create the first smart Freezone market place in the Middle-East for the retail and wholesale industries and aims to serve the wider region with a population base of over 2 billion. The market will allow traders to benefit from lower supply chain costs by using the world-class Multi-Modal infrastructure available in Jebel Ali and Dubai. International traders will be able to procure bulk products in Dubai at wholesale prices with the shortest delivery times and will be able to service demand more efficiently.
Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World, said: “We are excited to announce this partnership with China Commodity City to develop the Traders Market. This investment showcases our trade-enabling strategy as we look to catalyse trade and the movement of goods through removing inefficiencies and lowering supply chain costs.”
“We are delighted that CCC has chosen Jebel Ali Freezone as its exclusive investment in the region, highlighting DP World’s ability to attract trade through its best-in-class infrastructure and emphasising Dubai’s position as the regions premier trading hub,” Bin Sulayem added.
Posted By Daily Shipping Times.