Dubai, UAE: His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, in an official communiqué has announced the launch of Dubai Wholesale City.

Planned to be the largest wholesale hub worldwide, spanning 550 million square feet, to be developed over a 10-year period at an estimated cost of AED 30 billion, the new development, said the communiqué, will help increase the UAE’s contribution to the global wholesale trade sector that is valued at USD 4.3 trillion, and expected to grow to USD 4.9 trillion in the next five years.

The new city will also reportedly benefit from Dubai’s logistics services and its location near Al Maktoum International Airport and the Jebel Ali Port – two major gateways for global cargo and shipping industries.

The new global hub, the communiqué revealed, will comprise specialised integrated trading parks and an international trade exhibition facility, and will also feature country pavilions with commercial centres and malls offering products from various countries, including India, Malaysia, Thailand, Turkey, Australia, China, South Korea, Germany, Saudi Arabia, the United States and South America.

The communiqué highlighted other finer points: The Dubai Wholesale City will provide wholesale traders with comprehensive offerings, including infrastructure, roads, warehousing, storage facilities and support services, guaranteeing high operational efficiency and ease of doing business. Further, it will serve strategic sectors including food, construction materials, electrical appliances, electronics, furniture and décor, machinery, equipment, wood, among others. For its part, the international business-to-business exhibition facility will connect buyers with suppliers from around the world. The destination will also activate the largest e-commerce platform for wholesale trade in the region, aiming to enhance the UAE’s capabilities in the global e-commerce space that is projected to grow from USD 1.672 trillion to USD 2.941 trillion in 2018, with a compound annual growth rate of 21%.

During the launch of the project, His Highness Sheikh Mohammed stressed the role of trade as a key contributor in maintaining the UAE’s economic success, and a crucial sector in its future development. He said, “The UAE’s strategic location, world-class infrastructure, and strong institutions make it the most qualified place to lead the new wave of growth in wholesale trade on an international scale.”

Confirming that the UAE is moving headway with its strategic plan to diversify the national economy and reduce dependence on revenues from oil, he reiterated that the UAE has its unique economic vision that enables the creation of new economic sectors to contribute to the nation’s growth, even while expanding the scope of conventional sectors, to ensure their parity with global standards.