ABU DHABI, 2nd March, 2016 (WAM) — A UAE newspaper has said that Dubai is a major trade centre for the East and the West and the world is repeatedly amazed by its success story.
“At a time when the global economy is gripped by economic uncertainty, the wise leadership of the UAE has launched various commendable initiatives to diversify the national economy away from dependence on oil,” said The Gulf Today in an editorial on Wednesday.
The latest one such grand enterprise is the launching by Vice President and Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum of the Dubai Wholesale City, the largest global wholesale hub, set to span over 550 million sq. feet, with an expected development cost of AED30 billion over ten years.
Interestingly, the new development aims to increase the UAE’s share of the global wholesale trade sector, which is valued at $4.3 trillion and expected to grow to $4.9 trillion in the next five years.
Sheikh Mohammed had earlier stated that the UAE had become an economic and political force in the region and the world “because we had a head start in studying the future and its implications. We are part of an extremely complex region, a well connected global economy and a fast changing world of technology and therefore, there is more need to invest in the future.”
The new project will offer phenomenal advantages to the participants. For example, the new global hub will comprise specialised integrated trading parks that meet all the requirements of wholesale traders under one roof, as well as an international trade exhibition facility.
Also, 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 will be home to more than 15,000 wholesale traders.
Dubai offers a perfect example of unity in diversity. The new project too will boast an international look and will feature “Country Pavilions,” that will include commercial centres and malls offering products from various countries, including India, Malaysia, Thailand, Turkey, Australia, China, South Korea, Germany, Saudi Arabia, the United States and South America.
Borders will break virtually as the new city will activate the world’s largest e-commerce platform for wholesale trade in the region. The new service will thus aim to enhance the UAE’s capabilities in the global e-commerce space that is set to grow from $1.672 trillion to reach $2.941 trillion in 2018.
“Dubai is an emirate that loves innovation and where there is clarity in vision and aspiration to achieve big. No wonder, it is called a city of superlatives,” concluded the Sharjah-based daily.