Vice President and Prime Minister of UAE, H. H. Sheikh Mohammed bin Rashid Al Maktoum, launched Dubai Wholesale City on 1 March 2016, Emirates News Agency reported.
The project will be largest wholesale hub in the world spanning over 550 million sq.ft. Expected development cost of the project is said to be AED30bn billion over the next ten years.
During the launch, Sheikh Mohammed said: “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.”
Developers, Dubai Holding, revealed that the first phase will service a number of key sectors in an eco-friendly environment adhering to the highest quality standards of energy conservation, waste management and industrial hygiene.
The project aims to increase the UAE’s share of the global wholesale trade which is valued at $4.3tri and expected to grow to $4.9tri in the next five years.
(In photo: H.H. Sheikh Mohammed reviewing the upcoming project, Dubai Wholesale City. Image courtesy of WAM – Emirates News Agency)
