Thursday 25 July 2024

DP World in deal to set up world's largest car market in Dubai

DUBAI, 20 days ago

DP World, a key provider of end-to-end supply chain solutions, has been signed up by Dubai Municipality to develop the largest and most advanced car market globally in a move aimed at solidifying Dubai's position as one of the world’s most prominent and rapidly growing cities in the automotive trade sector.
DP World has been entrusted with the construction and management of the ‘Dubai Car Market’, reported Wam. 
As per the deal, the group will leverage its extensive logistical expertise and global network, which includes over 430 business units in 86 countries, to ensure the market's success.
"Today, we have mandated DP World to develop the ‘Dubai Car Market’, expanding the current market eightfold to create a 20 million sq ft facility that will be the largest and most advanced car market globally," said HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, at the launch ceremony.
The ‘Dubai Car Market’ will be connected with 77 ports managed by DP World around the globe, enhancing its capacity and doubling its current sales of AED6.8 billion," he stated.
"The new market will become a global hub that offers commercial services, and logistics and financing solutions for this vital sector. It will also be a premier destination for major conferences and specialised events for car enthusiasts. Dubai will continue to develop new development projects as part of its vision to be one of the largest economic and commercial centres in the world," he added.
The strategic agreement was signed by Dawood Al Hajri, Director-General of Dubai Municipality, and Sultan Ahmed bin Sulayem, Group Chairman and CEO of DP World, in the presence of Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance.
A strategic project that contributes to realising Dubai's future vision, the ‘Dubai Car Market’ will offer integrated services, including buying, selling, registration, banking, and logistics. The market will have the capacity to host global events, making it a preferred destination for car enthusiasts and investors.
Sheikh Mohammed said: "Through strategic initiatives like the ‘Dubai Car Market’, we aim to provide an integrated investment environment that supports sustainable economic growth."
"This initiative will accelerate the achievement of 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," he added.
Al Hajri said: "Signing the partnership agreement with DP World represents a major step towards realising Dubai’s vision for developing the largest and most advanced car market in the world. We aim to provide the best services that meet the needs of investors and traders, enhancing Dubai’s position as a premier global investment destination in the automotive sector."
"This project aims to enhance infrastructure and develop integrated services that contribute to supporting the local economy and achieving sustainable growth. Establishing the ‘Dubai Car Market’ will attract foreign investments and strengthen Dubai's position as a global innovation and trade centre," stated Al Hajri. 
Bin Sulayem said: "We are proud to collaborate with Dubai Municipality on this ambitious project. We aim to leverage our services and expertise in managing economic zones to establish Dubai as a leading destination in the automotive trade sector. We will continue our commitment to providing the best logistical and technological solutions to support this project."
Bin Sulayem said: "We are committed to providing services and infrastructure that keep pace with global developments and meet investors' expectations. This project is vital to enhancing the local economy and achieving sustainable growth. We will provide all resources to ensure its success."
The project aims to expand the market area from 2.8 million sq ft to 20 million square feet, making it eight times its current size. The market will be a comprehensive global centre offering advanced and innovative automotive services, said the Wam report.
Current sales and operations, valued at AED6.8 billion, are expected to double with significant infrastructure and service expansions. The new market will offer innovative government and banking services and will be connected to global markets through DP World’s network, enhancing access and trade, it added.


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