The first phase of the Dubai Traders Market is set to revolutionise the trading experience of businesses in the UAE
Scheduled to open soon in the Jebel Ali Free Zone (Jafza), Yiwu Market will be the first smart free-zone market in the Middle East to cater to the retail and wholesale industries.
The market is a result of a partnership between DP World and the China Commodity City Group which built and manages the world’s largest wholesale market in China for small commodities, spanning over 6mn sqm, and attracting nearly 210,000 daily visitors.
Dubai’s Yiwu Market spans over 200,000sqm, split between 324 customs-bonded warehouses and 1,600 mainland showrooms. Currently, 99 per cent of the showrooms are already occupied.
The AED 600mn (US$ 164.4mn) investment is just the first phase of the Dubai Traders Market (DTM). It will enable businesses to access wholesale discounts with reduced supply chain costs and turnaround times by leveraging Dubai’s strategic location, and DP World’s advanced logistics solutions.
“On completion, the Market will catalyse trade and the seamless movement of goods, and lower supply chain costs. Additionally, since China is one of our key trade partners, the Market will reinforce economic and trade cooperation between the UAE and China,” noted Ahmad Al Haddad, COO, Parks and Zones, DP World UAE.
“Companies can now benefit from storage and logistics facilities at Yiwu Market, as well as enhanced reach to their buying audience, thus connecting them to key markets around the world,” remarked Qiuming Zhang, General Manager, Yiwu Market.
Digital Trade, Logistics Proximity
The market offers a dual free zone and onshore environment to its customers. It allows the movement of goods directly from the airfield or quayside into storage areas, thus avoiding any additional customs charges. Yiwu Market will also establish a dedicated international logistics line between the Dubai Yiwu Market and the China Yiwu Market to allow competitive costs and seamless distribution across the region.
Through its collaboration with DP World’s Dubai Trade, Yiwu Market aims to digitise the trading process for its customers. The services include secure payment portals for e-transactions, maintenance of online inventories, custom declarations, as well as hassle-free cargo gate clearances.
Yiwu Market will serve as a trade bridge between the UAE and markets across the globe. By accommodating the facilities of international brands, the market will act as a regional buffer for their products in case of disruptions to the supply chain and ensuring demand for these products can continue to be satisfied.
The benefits offered by Yiwu Market also include 100 per cent foreign ownership, 100 per cent foreign repatriation of capital and profits, and no tariffs for re-export. Its proximity to Jebel Ali Port and Al Maktoum International Airport allows easy access to air and sea transportation, a press statement concluded.