Wednesday 21 October 2020

ICD, Dubai South launch new global wholesale market

DUBAI, 29 days ago

The Investment Corporation of Dubai (ICD), in partnership with Dubai South, on September 21 announced the launch of Dubai Global Connect (DGC), a one-million-sq-m B2B wholesale market in Dubai which will bring together buyers and sellers to safely and easily trade great goods from all over the world, all year round in one central location. 
The initial focus will be on three sectors which have been identified as being large enough in size, growing, and relevant to the region: Furniture & Living, Food, and Fashion.
DGC, the "City of Trade", is already under construction, with a purpose-built visitor centre opening in Q4 of 2020. 
The market is expected to be delivered in phases, with the first phase comprising 400,000 sq m of dedicated trade facilities including on-site storage, boutique offices, an innovation hub, and a Smart Service Centre to house third party service providers, it added.
DGC said it has entered into a strategic alliance with US-based Market Center Management Company (MCMC) for the development and management of DGC's state-of-the-art permanent showroom environment which will be open year-round to qualified retail buyers and designers, manufacturers, and industry professionals, and can be fitted out by sellers according to their own style and budget. The showrooms will be closed to the public.
ICD Managing Director Mohammed I Al Shaibani said: "As part of our mandate to enhance Dubai's position as a global, competitive economy, ICD has embarked on the creation of DGC with the vision to build a unique trade infrastructure that enhances efficiencies in global trade flows through Dubai."
"We are excited to have MCMC on board to support our teams in realizing this vision, as well as in the development and management of the market," he noted. 
MCMC has a legacy of sole, private ownership of the Dallas Market Center operating in the US for 65+ years, as well as multinational experience involving both ownership and management of wholesale markeplaces including Brussels International Trade Mart and ShanghaiMart as well as consultation experience on additional projects in Colombia, Vietnam, and Portugal.
Cindy Morris, the chief executive of MCMC, said: "We are pleased to be a part of this truly unique opportunity for Dubai to address industry pain points and create an important global destination for wholesale trade."
"This multi-year agreement aims to foster team collaboration between our companies and ultimately help create a center of commerce for buyers and sellers from around the world," stated Morris.
DGC is unique as it focuses on a global audience in addition to regional audiences to create a truly origin-neutral marketplace to trade goods from all around the world. Traditionally, wholesale markets have focused on promoting domestic agendas by bringing together sellers of local products with international buyers or by presenting international products to regional buyer groups, he noted.
"DGC has been a long time in the making but is even more relevant and needed in today's changed global trade environment. Establishing a controlled, permanent marketplace environment is perfectly timed as event producers and their attendees cope with reduced travel budgets and the need for smaller, more controlled gatherings," remarked Douraid Zaghouani, COO of ICD and Chairman of Dubai Global Connect.
"DGC enables traders to meet halfway by offering producers and manufacturers a window to the world in a central, easy to reach location, and by providing buyers with a safe buying environment and place of reference that is open all year round," he stated.
Located at the crossroads of Dubai's logistics corridor, at Dubai South next to Al Maktoum International Airport with a direct connection to the Jebel Ali Port, DGC's physical infrastructure will be supported by best-in-class services and optimal business solutions at the Logistics District, including a digital wholesale trading platform which will connect wholesale sellers and buyers online and facilitate hassle-free trade through DGC.-TradeArabia News Service


More Construction & Real Estate Stories

calendarCalendar of Events