Dubai’s Yiwu Market, a hybrid shopping complex that will empower regional and global supply chains, held its official opening ceremony today.
A partnership between DP World and China Commodity City Group (CCC), Yiwu Market which is valued at 600 million dirhams, is the first phase of the upcoming Dubai Traders Market. Located in Jebel Ali Free Zone (Jafza), the Traders Market, once completed, will cover over 60 million square feet and house 20,000 traders and tenants.
As the first smart free zone market in the Middle East, Dubai’s Yiwu Market offers a one-stop shop for purchasing and a highly efficient online and offline platform for wholesale and retail trading.
The market is part of an ongoing effort to diversify the UAE’s economy and support Dubai’s strategic plan to increase foreign trade to 2 trillion dirhams in five years.
He added, “With this new development, we have reaffirmed our commitment to cementing Dubai’s status as the third-largest re-export hub in the world. One of the primary goals of the market is to establish a dedicated international logistics corridor between the Yiwu Markets in Dubai and China. This will ensure the efficient movement of Chinese goods in the UAE, making the country a gateway for seamless distribution across high-growth markets including the Middle East, Africa, the Mediterranean, and Europe.”
Spanning an area of over 2 million square feet, the Yiwu Market houses 1,600 mainland showrooms spread across two floors, of which 99 percent are already occupied. Divided into two purpose-built sections and approximately 950 meters, the market comprises five main entrances, five atriums, and three corridors running throughout the market.
Yiwu Market will give traders and businesses from across the globe access to wholesale discounts. It will also allow them to leverage Dubai’s central location, reducing turnaround time and supply chain costs.
A hyperconnected city, Dubai has emerged as a re-export capital and a global trade hub. The city handles 11 percent of global freight traffic through its ports, underscoring its importance to the global trade and logistics sector.
