Dubai says it will build world's biggest wholesale hub

3/3/2016 1:23:30 PM

(MENAFN- The Peninsula) His Highness Shaikh Mohammad Bin Rashid Al Maktoum Vice-President and Prime Minister of the UAE and Ruler of Dubai at the launch of the world's biggest wholesale city on March 1 2016.Image Credit: Dubai Media Office

Dubai:The Gulf emirate of Dubai on Tuesday launched a project to build a 30-billion-dirham ($8.2-billion) city that would be the world's largest wholesale hub.

Dubai Wholesale City will cover more than 550 million square feet (49.5 million square metres) and be able to house 15000 wholesale traders state news agency WAM reported.

Home to one of the world's largest free trade zones at Jebel Ali Dubai is aiming to increase its share of a global sector valued at $4.3 trillion WAM said.

It said that the investments will be channelled into the project over a period of 10 years.

"Trade has been the basis for the prosperity of our country" said Dubai's ruler Sheikh Mohammed bin Rashid al-Maktoum who is also the Vice President and prime minister of the United Arab Emirates.

Dubai Holding will to develop the project WAM said.

AFP

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.