Dubai: Chinese market Yiwu opens, gives access to wholesale prices

Dubai: Chinese market Yiwu opens, gives access to wholesale prices

Dubai’s Yiwu Market, a hybrid shopping complex that will empower regional and global supply chains, held its official opening ceremony today.

Thanks to its strategic location, Dubai offers businesses access to some of the world’s largest emerging and established markets in the Middle East, Europe, Africa, India, Asia and beyond.

The Dh600 million Yiwu Market, a partnership between DP World and China Commodity City Group (CCC), is the first phase of the upcoming Dubai Traders Market. Located in Jebel Ali Free Zone (Jafza), the Traders Market, once completed, will cover over 60 million square feet and house 20,000 traders and tenants.

The Yiwu Market gains a strong competitive edge by combining DP World’s logistical expertise with insights from CCC, which runs the world’s largest wholesale market, the Yiwu China Commodities City.

China remains the emirate’s largest trading partner with Dh86.7 billion worth of trade in the first half of 2021, up 31 per cent from the same period in the previous year. China’s Belt and Road Initiative is expected to decrease trade costs and lift trade barriers among many countries involved in the initiative. UAE is a “natural cooperative partner” of BRI with an important geographical location and substantial logistic potential.

Yiwu Market will be