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Mohammed bin Rashid directs development of world's largest, most advanced Dubai-based car market

Mohammed bin Rashid directs development of world's largest, most advanced Dubai-based car market
4 July 2024 21:59

DUBAI (WAM)

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, has directed the development of the ‘Dubai Car Market’, the largest and most advanced car market in the world.

The initiative aims to solidify Dubai's position as one of the world’s most prominent and rapidly growing cities in the automotive trade sector.

In line with His Highness's directives and under the supervision of H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, witnessed the signing of a partnership agreement between Dubai Municipality and DP World for the development of the new car market, spanning 20 million square feet. DP World has been entrusted with the construction and management of the ‘Dubai Car Market’. DP World will leverage its extensive logistical expertise and global network, which includes over 430 business units in 86 countries, to ensure the market's success.

His Highness Sheikh Mohammed bin Rashid said, "Today, we have mandated DP World to develop the ‘Dubai Car Market’, expanding the current market eightfold to create a 20 million square feet facility that will be the largest and most advanced car market globally. 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 Dh6.8 billion.

  • Mohammed bin Rashid directs development of world's largest, most advanced Dubai-based car market

He added, "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."

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.

H.H. Sheikh Mohammed bin Rashid 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," His Highness added.

The agreement between Dubai Municipality and DP World’s Economic Zones Sector aims to enhance Dubai’s position as a global innovation and trade centre for the automotive sector. DP World will leverage its extensive experience in developing and operating integrated economic zones to provide a range of services including advanced systems for businesses and investors, comprehensive logistical solutions, e-commerce, trade finance, and asset development.

Dawood Al Hajri, Director-General of Dubai Municipality, 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."

Al Hajri added, "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."

Sultan Ahmed bin Sulayem, Group Chairman and CEO of DP World, 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 added, "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."

Expansion of Market Area

The project aims to expand the market area from 2.8 million square feet 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.

Current sales and operations, valued at Dh6.8 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.

Destination for Automotive Events

The market will host major automotive events and conferences, making it a preferred destination for car enthusiasts and investors. It will include areas for exhibitions and events that bring together experts and global companies in the automotive field, as well as recreational, cultural, and commercial zones.

This project, which contributes towards achieving the goals of the Dubai Economic Agenda D33 to enhance innovation and trade, reflects the emirate’s commitment to providing top-tier infrastructure and services to support the local and global economy

Source: WAM
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