His Highness: The brand new market will turn into a worldwide hub that provides industrial companies, and logistics and financing options for the automotive sector
“By way of strategic initiatives just like the ‘Dubai Automobile Market’, we purpose to supply an built-in funding surroundings that helps sustainable financial progress”
Underneath Hamdan bin Mohammed’s supervision, Maktoum bin Mohammed witnesses the signing of a partnership settlement between Dubai Municipality and DP World for the event of the brand new initiative
DP World tasked with the event and administration of 20 million sq. ft automotive market
‘Dubai Automobile Market’ can be related with 77 ports managed by DP World across the globe, enhancing its capability and doubling its present gross sales of AED6.8 billion
DP World will leverage its in depth logistical experience and international community, which incorporates over 430 enterprise items in 86 nations, to make sure the market’s success
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, has directed the event of the ‘Dubai Automobile Market’, the biggest and most superior automotive market on the planet. The initiative goals to solidify Dubai’s place as one of many world’s most distinguished and quickly rising cities within the automotive commerce sector.
In keeping with His Highness’s directives and below the supervision of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Government Council of Dubai, His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, and Deputy Prime Minister and Minister of Finance of the UAE, witnessed the signing of a partnership settlement between Dubai Municipality and DP World for the event of the brand new automotive market, spanning 20 million sq. toes. DP World has been entrusted with the development and administration of the ‘Dubai Automobile Market’. DP World will leverage its in depth logistical experience and international community, which incorporates over 430 enterprise items in 86 nations, to make sure the market’s success.
His Highness Sheikh Mohammed bin Rashid mentioned: “In the present day, we’ve mandated DP World to develop the ‘Dubai Automobile Market’, increasing the present market eightfold to create a 20 million sq. toes facility that would be the largest and most superior automotive market globally. The ‘Dubai Automobile Market’ can be related with 77 ports managed by DP World across the globe, enhancing its capability and doubling its present gross sales of AED6.8 billion.
His Highness additionally acknowledged: “The brand new market will turn into a worldwide hub that provides industrial companies, and logistics and financing options for this very important sector. It is going to even be a premier vacation spot for main conferences and specialised occasions for automotive fanatics. Dubai will proceed to develop new improvement initiatives as a part of its imaginative and prescient to be one of many largest financial and industrial centres on the planet.”
A strategic undertaking that contributes to realising Dubai’s future imaginative and prescient, the ‘Dubai Automobile Market’ will supply built-in companies, together with shopping for, promoting, registration, banking, and logistics. The market could have the capability to host international occasions, making it a most popular vacation spot for automotive fanatics and traders.
HH Sheikh Mohammed bin Rashid additional mentioned: “By way of strategic initiatives just like the ‘Dubai Automobile Market’, we purpose to supply an built-in funding surroundings that helps sustainable financial progress.”
“This initiative will speed up the achievement of the targets of the Dubai Financial Agenda D33 to double the scale of the emirate’s economic system and remodel it into one of many world’s prime three city economies by 2033,” His Highness added.
The settlement between Dubai Municipality and DP World’s Financial Zones Sector goals to reinforce Dubai’s place as a worldwide innovation and commerce centre for the automotive sector. DP World will leverage its in depth expertise in growing and working built-in financial zones to supply a variety of companies together with superior methods for companies and traders, complete logistical options, e-commerce, commerce finance, and asset improvement.
His Excellency Dawood Al Hajri, Director Normal of Dubai Municipality, mentioned: “Signing the partnership settlement with DP World represents a serious step in direction of realising Dubai’s imaginative and prescient for growing the biggest and most superior automotive market on the planet. We purpose to supply the most effective companies that meet the wants of traders and merchants, enhancing Dubai’s place as a premier international funding vacation spot within the automotive sector.”
Al Hajri added: “This undertaking goals to reinforce infrastructure and develop built-in companies that contribute to supporting the native economic system and attaining sustainable progress. Establishing the ‘Dubai Automobile Market’ will entice overseas investments and strengthen Dubai’s place as a worldwide innovation and commerce centre.”
Sultan Ahmed bin Sulayem, Group Chairman and CEO of DP World, mentioned: “We’re proud to collaborate with Dubai Municipality on this formidable undertaking. We purpose to leverage our companies and experience in managing financial zones to determine Dubai as a number one vacation spot within the automotive commerce sector. We’ll proceed our dedication to offering the most effective logistical and technological options to assist this undertaking.”
Bin Sulayem added: “We’re dedicated to offering companies and infrastructure that maintain tempo with international developments and meet traders’ expectations. This undertaking is significant to enhancing the native economic system and attaining sustainable progress. We’ll present all assets to make sure its success.”
Growth of market space
The undertaking goals to develop the market space from 2.8 million sq. toes to twenty million sq. toes, making it eight instances its present measurement. The market can be a complete international centre providing superior and revolutionary automotive companies.
Present gross sales and operations, valued at AED6.8 billion, are anticipated to double with important infrastructure and repair expansions. The brand new market will supply revolutionary authorities and banking companies and can be related to international markets by means of DP World’s community, enhancing entry and commerce.
Vacation spot for specialised automotive occasions
The market will host main automotive occasions and conferences, making it a most popular vacation spot for automotive fanatics and traders. It is going to embody areas for exhibitions and occasions that convey collectively specialists and international firms within the automotive discipline, in addition to leisure, cultural, and industrial zones.
This undertaking, which contributes in direction of attaining the targets of the Dubai Financial Agenda D33 to reinforce innovation and commerce, displays the emirate’s dedication to offering top-tier infrastructure and companies to assist the native and international economic system.
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