His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has directed the development of the ‘Dubai Car Market’, the largest and most advanced car market in the world.
The agreement for the 20 million square feet market was signed between Dubai Municipality and DP World.
The initiative will solidify Dubai’s position as one of the world’s most prominent and rapidly growing cities in the automotive trade sector.
DP World will construct and manage the market, leveraging its extensive logistical expertise and global network, which includes over 430 business units in 86 countries, to ensure the market’s success.
Doubling sales
“Today, we have mandated DP World to develop the ‘Dubai Car Market’, expanding the current market eightfold to create a 20 million square feet facility that will be the largest and most advanced car market globally. The ‘Dubai Car Market’ will be connected with 77 ports managed by DP World around the globe, enhancing its capacity and doubling its current sales of AED6.8 billion ($1.85 billion),” Sheikh Mohammed said.
A strategic project that contributes to realising Dubai’s future vision, the ‘Dubai Car Market’ will offer integrated services. These include buying, selling, registration, banking and logistics. Moreover, the market will have the capacity to host global events, making it a preferred destination for car enthusiasts and investors.
The project aims to expand the current market area from 2.8 million square feet to 20 million square feet, thus making it eight times its current size.
A global hub for special events
“The new market will become a global hub that offers commercial services, and logistics and financing solutions for this vital sector. It will also be a premier destination for major conferences and specialised events for car enthusiasts. Dubai will continue to develop new development projects as part of its vision to be one of the largest economic and commercial centres in the world,” Sheikh Mohammed said.
Dawood Al Hajri, Director General of Dubai Municipality, said: “Signing the partnership agreement with DP World represents a major step towards realising Dubai’s vision for developing the largest and most advanced car market in the world. We aim to provide the best services that meet the needs of investors and traders. This will enhance Dubai’s position as a premier global investment destination in the automotive sector.”
“We aim to leverage our services and expertise in managing economic zones to establish Dubai as a leading destination in the automotive trade sector, and will continue our commitment to providing the best logistical and technological solutions to support this project,” said Sultan Ahmed bin Sulayem, Group Chairman and CEO of DP World.
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