Dubai is planning to build what its leaders describe as the world’s largest and most advanced car market. Officials signed a contract with DP World on Thursday to build and manage a 20 million square-foot facility connected to 77 international ports, expected to generate an estimated $3.8 billion in sales.
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Key Details- Dubai Car Market
- Facility Size and Scope: The new compound will be eight times the size of the city’s current car market, enabling buying, selling, registration, and banking within its domain. It will also host major conferences and events for the international automotive industry.
- Contract Signing: The deal was signed between Dubai Municipality and DP World, marking a significant step towards establishing the largest and most advanced car market globally.
Leadership Vision
- Sheikh Mohammed bin Rashid Al Maktoum: Vice President and Prime Minister of the UAE, and Ruler of Dubai, directed the development of the ‘Dubai Car Market’. He emphasized that the new market will become a global hub offering commercial services, logistics, and financing solutions for the automobile industry.
Strategic Initiatives
- Economic Growth: This initiative aims to solidify Dubai’s position as one of the world’s most prominent and rapidly growing cities in the automotive trade sector. It supports the goals of the Dubai Economic Agenda D33 to double the size of the emirate’s economy and transform it into one of the world’s top three urban economies by 2033.
- Investment Attraction: Dawood Al Hajri, Director General of Dubai Municipality, highlighted that establishing the ‘Dubai Car Market’ will attract foreign investments and strengthen Dubai’s position as a global innovation and trade center.
DP World’s Role
- Construction and Management: DP World has been entrusted with the construction and management of the ‘Dubai Car Market’. The company will leverage its extensive logistical expertise and global network, which includes over 430 business units in 86 countries, to ensure the market’s success.
- Global Connectivity: The market will be connected with 77 ports managed by DP World around the globe, improving its capacity and doubling its current sales of Dh6.8 billion. The project aims to expand the market area from 2.8 million square feet to 20 million square feet.
Future Prospects
- Commercial Hub: Sultan Ahmed bin Sulayem, Group Chairman and CEO of DP World, stated that the company aims to leverage its services and expertise in managing economic zones to establish Dubai as a leading destination in the automotive trade sector. The project is set to provide an integrated investment environment that supports sustainable economic growth and meets investors’ expectations.
