New Development initiative
- 3 March 2016
In a new step on the path of economic diversification in a preparation for the future post-oil era, His Highness Sheikh Mohammed bin Rashid Al Maktoum, President of the UAE, Prime Minister and Ruler of Dubai (may God protect him) on Tuesday, launched the Dubai Wholesale City, the largest wholesale panning 550 million sq feet that will be developed over a 10-year period at an estimated cost of AED30 billion. The new project will help increase the UAE's contribution to the global wholesale trade sector that is valued at US$4.3 trillion and expected to grow to US$4.9 trillion in the next five years.
This large-scale project confirms the willingness of the UAE to forge ahead with its clear economic vision through strengthening the levers of its economy and diversifying its activities to be able to grab international economic opportunities.
The UAE has reached a special status in the world trade map, thanks to its unique geographic location at the intersection of trade routes and as a link between continents. Thanks to a wise leadership, the UAE is now pressing ahead with projects to develop its trade sector and diplomatic ties with all countries of the world thus offering a new wholesale trade model.
The UAE also aspires to ensure the sustainability of its economy so that it can be more competitive in international markets. Although it has depended for years on oil revenues, the UAE is aware of the non-renewable aspect of this resource, hence the preparations for the post-oil era through a development process that aims at diversification. This led to the promotion of several productive sectors such as infrastructure, tourism, renewable energy, industry, financial services, communication technologies, logistics and trade. The last sector has been strengthened with the launch of the Dubai Wholesale City to show the UAE’s resolve to rise to prominence in the world trade map. His Highness Sheikh Mohammed bin Rashid Al Maktoum expressed this ambition saying that the UAE is determined to strengthen the sustainability of its economy and reduce its dependency on oil.
By completing the Dubai Wholesale City, the UAE will strengthen wholesale trade in a way that keeps up with the rapidly developing world trade especially at a time several world economies are recovering from the repercussions of the financial crisis with the ensuing forecasts of increasing international trade.