Dubai launches USD8.1 bln Wholesale City Project

(MENAFN- Kuwait News Agency (KUNA)) DUBA March 2 (KUNA) -- Dubai launched the USD 8.1 billion Wholesale City Project set to be the one of the biggest specialized wholesale projects in the world.Minister of Economy Sultan Bin Sa'ed Al-Mansouri said in remarks on Wednesday that launching the project came as part of UAE efforts to diversify its sources of income and decrease dependency on oil.This giant project came in accordance with UAE vision in enhancing its role as a key player in the wholesale domain which is valued at USD 4.3 trillion. It will connect Dubai with international wholesale lines and turn Dubai to an global center for this type of commerce.This project will contribute in attracting great number of international companies as Dubai will be its headquarters in an atmosphere of a logistically comprehensive city and an air an marine network connection various parts of the world.The new development aims to increase the UAE's share of the global wholesale trade sector which is valued at USD 4.3 trillion and expected to grow to USD 4.9 trillion in the next five year Emirates news website reported today."The UAE is moving on with its strategic plan to diversify the national economy away from a dependence on oil. It has its unique economic vision that enables the creation of new economic sectors to contribute to the nation's growth even while upgrading existing sectors to ensure they are on par with highest global standards" Sheikh UAE Vice President and Prime Minister and ruler of Dubai Mohammad bin Rashid Al-Maktoum made the statement during the official launch of Dubai Wholesale City.The new global hub will comprise of specialized integrated trading parks that meet all the requirements of wholesale traders under one roof as well as an international trade exhibition facility. Given Dubai Wholesale City's proximity to Al-Maktoum International Airport and the Jebel Ali Port the development will create a crucial link between four main continents and aims to be home to more than 15000 wholesale traders it said.Dubai Wholesale City will also activate the world's largest e-commerce platform for wholesale trade in the region. The new service aims to enhance the UAE's capabilities in the global e-commerce space that is set to grow from USD 1.672 trillion to reach USD 2.941 trillion in 2018 with a compound annual growth rate of 21 percent. It said. (end)

Kuwait News Agency (KUNA)

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