It is noteworthy that the UAE’s e-commerce market growth rate is expected to be double of the global growth rate in e-commerce. According to market speculations, it will surge up to four times its current size through the next three years – to rise from a value of US$2.5 billion in 2015 to US$10 billion in 2018, a compound annual growth rate of 59%.
During the launch, Sheikh Mohammed reiterated the role of trade in the nation’s prosperity and said that it was a key contributor to maintaining the UAE’s economic success, as well as a crucial sector in its future development.”
He added, “The UAE’s strategic location, world-class infrastructure, and strong institutions make it the most qualified place to lead the new wave of growth in wholesale trade, on an international scale.”
Sheikh Mohammed concluded, “Our aim is to build a sustainable national economy. Dependency on oil was never a choice and we will not bind our future to it.”
Dubai Wholesale City is a fully-integrated trading hub that aims to meet the needs of the local and international wholesale trading sector. The destination is projected to emerge as the world’s leading wholesale trading hub and strengthen the UAE’s position as a pivotal market in global trade. Wholesale trade is among the most important economic sectors today with huge growth prospects. Global trade is projected to grow by 12% to US$4.9 trillion in 2019.
The hub will serve as an international trade exhibition facility and provide wholesale traders with comprehensive offerings, including state-of-the-art infrastructure, roads, warehousing, storage facilities and support services, thus guaranteeing high operational efficiency and ease of doing business. For its part, the international business-to-business exhibition facility will convene buyers with suppliers from around the world. The sizeable asset will serve as a mediator in global trade and open up a raft of service options to producers and traders, even while saving them time and effort.
Dubai Holding will be developing the new ‘City’. Mohammed Al-Gergawi, Chairman, Dubai Holding, said, “The new Dubai Wholesale City complements the series of projects in the emirate that articulate the unique vision of Sheikh Mohammed bin Rashid towards launching integrated destinations (cities) that serve diverse economic sectors. These include, amongst others, the Dubai Internet City and Dubai Media City that collectively host more than 5,200 companies and over 67,000 professionals across multiple industry verticals.”