His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, has announced the development of the 'Dubai Car Market', set to become the largest and most advanced car market globally.
This initiative aims to solidify Dubai's position as a leading city in the automotive trade sector.
The project, spanning 20 million square feet, is a collaborative effort between Dubai Municipality and DP World. The partnership agreement, signed under the supervision of H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, was witnessed by H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance.
His Highness Sheikh Mohammed bin Rashid highlighted the strategic significance of this initiative:
"The ‘Dubai Car Market’ will expand our current market eightfold, creating a facility connected to 77 ports globally, enhancing its capacity and doubling its current sales of AED 6.8 billion."
The market will offer comprehensive services including buying, selling, registration, banking, and logistics. It is designed to be a global hub for commercial services, logistics, and financing solutions in the automotive sector. Additionally, it will host major conferences and specialized events, attracting car enthusiasts and investors worldwide.
Dawood Al Hajri, Director-General of Dubai Municipality, emphasized the project's role in enhancing Dubai's status as a premier investment destination:
"This partnership with DP World aims to provide top-tier services and infrastructure that meet investors' needs and support sustainable economic growth."
Sultan Ahmed bin Sulayem, Group Chairman and CEO of DP World, reiterated their commitment to the project:
"We will leverage our logistical expertise to establish Dubai as a leading destination in the automotive trade sector."
The 'Dubai Car Market' is a key component of the Dubai Economic Agenda D33, which aims to double the size of Dubai's economy and position it among the world's top three urban economies by 2033. This strategic initiative underscores Dubai's vision to provide an integrated investment environment that supports sustainable growth and innovation.
News Source: Emirates News Agency
