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Maktoum bin Mohammed Witnesses Landmark Partnership Agreement Signing Between Dubai Municipality and DP World

Photo : Dubai Government Media Office

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has directed the development of the 'Dubai Car Market', poised to become the world's largest and most advanced car market. This ambitious initiative aims to solidify Dubai's position as a leading global hub in the automotive trade sector.

His Highness emphasized the strategic importance of the project, stating, "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. This market will be the largest and most advanced car market globally, connected with 77 ports managed by DP World around the globe, enhancing its capacity and doubling its current sales of AED6.8 billion."

His Highness further highlighted the market's role in supporting sustainable economic growth: "The new market will become a global hub offering commercial services, logistics, and financing solutions for this vital sector. It will also be a premier destination for major conferences and specialized events for car enthusiasts. Dubai will continue to develop new projects as part of its vision to be one of the largest economic and commercial centers in the world."

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Under the supervision of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance of the UAE, witnessed the signing of a partnership agreement between Dubai Municipality and DP World for the development of this new car market. DP World, entrusted with the construction and management of the ‘Dubai Car Market’, 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 elaborated on the market’s potential impact: "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, which aims to double the size of the emirate's economy and transform it into one of the world’s top three urban economies by 2033."

The agreement between Dubai Municipality and DP World’s Economic Zones Sector aims to enhance Dubai’s position as a global innovation and trade center for the automotive sector. DP World will utilize its 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.

His Excellency Dawood Al Hajri, Director General of Dubai Municipality, commented on the partnership: "Signing the partnership agreement with DP World represents a major step towards realizing 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 support the local economy and achieve sustainable growth. Establishing the ‘Dubai Car Market’ will attract foreign investments and strengthen Dubai's position as a global innovation and trade center."

Sultan Ahmed bin Sulayem, Group Chairman and CEO of DP World, expressed pride in the collaboration with Dubai Municipality: "We are proud to collaborate 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 are committed to providing the best logistical and technological solutions to support this project."

Bin Sulayem continued, "We are dedicated 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 necessary resources to ensure its success."

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 center offering advanced and innovative automotive services. 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.

Additionally, 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 strategic project, contributing to the goals of the Dubai Economic Agenda D33, reflects Dubai's commitment to providing top-tier infrastructure and services to support both the local and global economy, enhancing innovation and trade in the automotive sector.

July 5, 2024 10:42 a.m. 434

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