Yiwu Market launches trade revolution in Dubai
Yiwu Market, scheduled to open shortly in the Jebel Ali Free Zone (Jafza), will be the Middle East’s first ‘smart’ free zone market designed for retail and wholesale trade.
The market is the result of a partnership between DP World and China Commodity City Group, which built and operates the world’s largest wholesale market for small goods in China, covering over 6 million square metres and attracting around 210,000 visitors daily.
Dubai Yiwu Market occupies more than 200,000 square metres, spread across 324 bonded warehouses and 1,600 exhibition halls on the mainland. Currently, 99 per cent of the exhibition halls are already occupied.
The AED 600 million investment is just the first phase of the Dubai Merchants Market (DTM). It will give businesses access to bulk discounts while reducing supply chain costs and lead times thanks to Dubai’s strategic location and DP World’s advanced logistics solutions.
Ahmad Al Haddad, chief operating officer for DP World parks and zones in the UAE, said: “As one of the world’s leading trade and logistics hubs, Jafza has helped traders maximise opportunities by giving them access to 60 per cent of the world’s GDP through air, sea and road transport. It has also increased efficiency in procurement, order fulfilment and final sale. With DTM’s Yiwu Market, we hope to build on these strengths. Once completed, the market will be a catalyst for trade and the seamless movement of goods, as well as reducing supply chain costs. In addition, as China is one of our key trading partners, the market will enhance economic and trade cooperation between the UAE and China.”
Qiuming Zhang, CEO of Yiwu Market, said: “It has been an incredibly busy and exciting journey for us at Yiwu Market. We recently received a certificate of completion from Trakhees and are now on the verge of a grand opening. We are confident that businesses operating in the commercial sector in Dubai will benefit greatly from Yiwu Market’s advanced end-to-end solutions. The market’s showrooms and warehouses make it an ideal solution for all trading needs. Companies will now be able to take advantage of the warehousing and logistics facilities, as well as increase access to their buying audience, thereby connecting them to key markets around the world.”
The market offers its customers a dual environment – a free zone and a coastal zone. This allows goods to be moved directly from the airfield or pier to the warehousing facilities, thus avoiding additional customs charges.
Through a partnership with DP World’s Dubai Trade, Yiwu Market aims to digitise the trade process for its customers. Services include secure payment portals for electronic transactions, online inventory management, customs declaration, and seamless cargo gate passage.
Yiwu Market will serve as a trading bridge between the UAE and markets around the world. By hosting facilities of international brands, the market will act as a regional buffer for their products in case of supply chain disruptions and ensure that demand for these products is met.
In addition, the Yiwu market has underlined its commitment to sustainability by installing more than 11,835 square metres of solar panels in eight of its ten storage units. This will meet more than 20 per cent of the market’s electricity needs.
The AED 600 million Yiwu Market spans over 200,000 square metres, split between 324 customs-bonded warehouses and 1,600 mainland showrooms. Currently, 99% the showrooms are already occupied. #Dubai https://t.co/X2FXopYY35
— Dubai Media Office (@DXBMediaOffice) June 7, 2022
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