Reinforcing Dubai’s status as a global trade hub, Yiwu Market opens doors to the public
The opening of the Yiwu Market is a new milestone under the framework of the Belt and Road Initiative
Reinforcing Dubai’s status as a global trade hub connecting the East with the West, Dubai’s Yiwu Market, a hybrid shopping complex that will empower regional and global supply chains, held its official opening ceremony today.
Thanks to its strategic location, business-friendly policies, and robust sea and air infrastructure that connects with 400 international cities, Dubai is the proverbial heart of an investment ecosystem worth trillions of dollars. The commercial capital of the region, Dubai offers businesses unparalleled access to some of the world’s largest emerging and established markets in the Middle East, Europe, Africa, India, Asia and beyond.
A partnership between DP World and China Commodity City Group (CCC), the AED600 million Yiwu Market is the first phase of the upcoming Dubai Traders Market. Located in Jebel Ali Free Zone (Jafza), the Traders Market, once completed, will cover over 60 million square feet and house 20,000 traders and tenants.
Dubai has traditionally been the region’s most diversified economy. Thanks to its leaders’ prudent policies promoting bilateral trade ties with the world’s largest and most strategic economies, the hyperconnected city has emerged as a re-export capital and a global trade hub. The city handles 11 per cent of global freight traffic through its ports, underscoring its importance to the world’s trade and logistics sectors.
Dubai International Airport has held the title of the world’s busiest international airport since 2014, while Jebel Ali Port, operated by Dubai’s DP World, is the world’s ninth busiest port. Dubai was named among the world’s top five shipping hubs according to the 2021 edition of the International Shipping Centre Development Index. The logistics industry comprises more than 14% of Dubai’s GDP
The Yiwu Market gains a strong competitive edge by combining DP World’s logistical expertise with insights from CCC, which runs the world’s largest wholesale market, the Yiwu China Commodities City. As the first smart free zone market in the Middle East, Dubai’s Yiwu Market offers a one-stop-shop for purchasing, and a highly efficient online and offline platform for wholesale and retail trading.
Dubai’s five-year plan aims to expand its external trade to AED2 trillion by 2025, consolidating its position as a leading regional and global trade and investment hub. Dubai’s new international trade map will expand air and sea navigation routes, with 200 new cities set to be added to the emirate’s existing network of 400 cities.
Sultan Ahmed bin Sulayem, Group Chairman and Chief Executive Officer of DP World, said: “The opening of the Yiwu Market is a new milestone under the framework of the Belt and Road Initiative. In collaboration with CCC, the market is part of an ongoing effort to diversify the UAE’s economy and support Dubai’s strategic plan to increase foreign trade to AED2 trillion in five years. With this new development, we have reaffirmed our commitment to cementing Dubai’s status as the third-largest re-export hub in the world. One of the primary goals of the market is to establish a dedicated international logistics corridor between the Yiwu Markets in Dubai and China. This will ensure the efficient movement of Chinese goods in the UAE, making the country a gateway for seamless distribution across high-growth markets including the Middle East, Africa, the Mediterranean and Europe.”
Wenge Zhao, Chairman of China Commodity City Group, explained: “Providing an integrated experience of retail and storage, the market will offer some of the most beneficial value-added services to traders and shoppers. These advantages make it an ideal solution for all the trading needs of global businesses.”
China remains the emirate’s largest trading partner with AED86.7 billion worth of trade in the first half of 2021, up 31% from the same period in the previous year. China’s Belt and Road Initiative is expected to decrease trade costs and lift trade barriers among many countries involved in the initiative. UAE is a “natural cooperative partner” of BRI with an important geographical location and substantial logistic potential.
Spanning an area of 2.15 million square feet, the Yiwu Market houses 1,600 mainland showrooms spread across two floors, of which 99% are already occupied. Divided into two purpose-built sections and approximately 950 metres, the market comprises five main entrances, five atriums, and three corridors running throughout the market.
Yiwu Market will give traders and businesses from across the globe access to wholesale discounts. It will also allow them to leverage Dubai’s central location, reducing turnaround time and supply chain costs.