Dubai seeks generational shift with Wholesale City: paper

3/3/2016 1:05:54 AM

(MENAFN- Emirates News Agency (WAM))

ABU DHABI 3rd March 2016 (WAM) -- A UAE newspaper has said that Dubai is engaged in a generational change in its economy as the announcement of Wholesale City with a capital commitment of AED30 billion and a 550 million square-feet land mass can be nothing else.

"It complements what the Dubai Creek and the launch of the Jebel Ali Free Zone did for the emirate decades ago and what the rush of signature tower launches and the Palm did more recently. And then came the creation of the world's largest airport in the form of Al Maktoum International" said Gulf News in an editorial today.

"With Wholesale City the stakes not surprisingly are that much higher. It aims to cement the emirate and the entire UAE as the focal point of future global trade flows which by the end of the decade will touch around $4.9 trillion (AED18 trillion)."

"Wholesale City will benefit from being next door to Al Maktoum International airport and within easy reach of Jebel Ali Port."

"In one stroke the new City will be another link in the value chain Dubai is building around its inherent strengths in trade and logistics coupled with the services industry be it in retail hospitality or trade-facilitating financial services."

"Given the long gestation period and scale of Wholesale City Dubai will be aiming for a mix of public and private sector involvement to shape the mega economic zone. Dubai's authorities have never held back on the scale of what it hopes to achieve with each of its decade-defining initiatives."

"It's for the rest of the stakeholders to sign up for the ride and play their part in building the Dubai of tomorrow" concluded the Dubai-based daily.

WAM/Esraa/Moran

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