DP World, China's CCC Group to develop 'smart' marketplace in Dubai

Construction of The Traders Market project is expected to start in Q4 2019, and take 24 months to complete

  
Image used for illustrative purpose. Shipping containers are seen at a DP World's Jebel Ali Port.

Image used for illustrative purpose. Shipping containers are seen at a DP World's Jebel Ali Port.

DP World/Handout via Thomson Reuters Zawya

DP World, one of the world’s largest port operators, has partnered with Zhejiang China Commodity City Group Company (CCC) to develop a Traders Market - the Middle East’s first smart freezone marketplace catering to retail and wholesale industries - in Dubai’s Jebel Ali Freezone Area (JAFZA).

DP World will hold a majority share in the 70/30 joint venture, which will allow traders to benefit from lower supply chain costs by using multi-modal infrastructure available in Jebel Ali and Dubai.

The first phase of the project is estimated to cost $150 million. Construction on the project will start on the fourth quarter of 2019 and is expected to be completed in a year. 

“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,” Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World said.

Zheijiang-based CCC is a leading developer and operator of merchandise trading platforms.

The new marketplace is also expected to help international traders to procure bulk products in Dubai at wholesale prices with the shortest delivery times and will be able to service demand more efficiently.

Mr. Zhao Wenge, Group Chairman, CCC Group, said: “The Middle-East/Africa region is critical for the Belt and Road Initiative (BRI), and we aim to serve this high-growth market through the Traders Market in Jebel Ali, Dubai.”

“We have chosen Jebel Ali for its efficient infrastructure, business-friendly environment and significant trade with China. The CCC group has a wealth of experience and a strong reputation for developing and operating efficient large-scale trading marketplaces. Together with DP World we are confident this venture will be a success,” he added.

China and UAE have been focusing on strengthening their economic and trade relations. UAE is expected to play a big role in China’s Belt and Road Initiative (BRI). The bilateral trade between both the countries is expected to hit more than $70 billion by 2020.

(Writing by Gerard Aoun, editing by Seban Scaria)

(Gerard.aoun@refinitiv.com)

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© ZAWYA 2019


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