This strategic move aims to leverage DP World’s global network to enhance the market’s connectivity with 77 ports worldwide
Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, has directed the establishment of the ‘Dubai Car Market’, a strategic initiative aimed at solidifying Dubai’s status as a leading global hub in the automotive trade sector.
In line with Sheikh Mohammed’s vision, a partnership agreement was inked between Dubai Municipality and DP World. The agreement marks a pivotal step towards the development of the world’s largest and most advanced car market, sprawling across 20 million square feet.
DP World, known for its extensive logistical operations spanning 430 business units across 86 countries, has been mandated to oversee the construction and management of the Dubai Car Market.
This key move aims to leverage DP World’s global network to enhance the market’s connectivity with 77 ports worldwide, thereby doubling its current sales to Dhs6.8bn.
Dubai Car Market to the enhance emirate’s status as a global trade hub
Sheikh Mohammed emphasised, “We have mandated DP World to expand the Dubai Car Market, creating a state-of-the-art facility that will redefine the automotive trade globally.”
The new market is poised to become a pivotal global hub, offering comprehensive commercial services, logistical solutions, and financing options tailored to the automotive sector.
It will also serve as a premier venue for international conferences and specialised events.
Sheikh Mohammed underscored, “Through strategic initiatives like the Dubai Car Market, we aim to foster an integrated investment environment that supports sustainable economic growth.”
Aligned with the Dubai Economic Agenda D33, which aims to double the emirate’s economy and propel it into the top three urban economies globally by 2033, this initiative underscores Dubai’s commitment to innovation and economic diversification.
.@MaktoumMohammed: Under the vision of @HHShkMohd and the oversight of @HamdanMohammed, today we witnessed the signing of a partnership agreement between @DMunicipality and @DP_World to develop the largest and best car market in the world in Dubai, covering an area of 20 million… pic.twitter.com/39KQuIGNLa
— Dubai Media Office (@DXBMediaOffice) July 4, 2024
Director general of Dubai Municipality, Dawood Al Hajri, hailed the partnership as a milestone towards realising Dubai’s vision of hosting the most advanced car market worldwide. “This project will bolster infrastructure and deliver integrated services crucial for sustaining economic growth,” he remarked.
Sultan Ahmed bin Sulayem, group chairman and CEO of DP World, affirmed the commitment to excellence, stating, “We are proud to collaborate with Dubai Municipality on this ambitious project, leveraging our expertise to establish Dubai as a premier destination in the automotive trade sector.”
The expansion from 2.8 million to 20 million square feet aims to accommodate a range of advanced automotive services, enhancing operational efficiency and market appeal.
The market is poised to attract substantial foreign investments and serve as a catalyst for sustainable economic development.
Its comprehensive facilities, including exhibition spaces and specialised zones for automotive events, will position it as a preferred destination for global automotive enthusiasts and industry players alike.
0 comments