Dubai’s Yiwu Market Eyes Trade Revolution as Grand Opening Nears
Scheduled to open soon in the Jebel Ali Free Zone (Jafza), Yiwu Market will be the first smart free-zone market in the Middle East to cater to the retail and wholesale industries.
The market is a result of a partnership between DP World and the China Commodity City Group which built and manages the world's largest wholesale market in China for small commodities, spanning over 6 million square metres, and attracting nearly 210,000 daily visitors.
Dubai’s Yiwu Market spans over 200,000 square metres, split between 324 customs-bonded warehouses and 1,600 mainland showrooms. Currently, 99 per cent of the showrooms are already occupied.
The $164 million investment is just the first phase of the Dubai Traders Market (DTM). It will enable businesses to access wholesale discounts with reduced supply chain costs and turnaround times by leveraging Dubai’s strategic location, and DP World’s advanced logistics solutions.
Ahmad Al Haddad, Chief Operating Officer, Parks and Zones, DP World UAE said: “As one of the leading global trade and logistics hubs, Jafza has helped traders maximise opportunities by giving them access to 60 per cent of the world’s GDP through air, sea, and road transport.
"It has also enabled efficiency in terms of procurement, fulfilment, and final sale. With DTM’s Yiwu Market, we hope to build on these strengths. On completion, the Market will catalyse trade and the seamless movement of goods, and lower supply chain costs.
"Additionally, since China is one of our key trade partners, the Market will reinforce economic and trade cooperation between the UAE and China.”
Qiuming Zhang, General Manager, Yiwu Market said: “Here at Yiwu Market, it’s been an incredibly busy and exciting journey for us. We have recently been awarded the Building Completion Certificate from Trakhees and are now on the brink of the grand opening.
"We believe that businesses operating in Dubai’s trade sector will benefit greatly from the advanced end-to-end solutions of Yiwu Market. The market’s showrooms and warehouses make it an ideal solution for all trading needs.
"Companies can now benefit from storage and logistics facilities, as well as enhanced reach to their buying audience, thus connecting them to key markets around the world.”
Digital Trade, Logistics Proximity
The market offers a dual free zone and onshore environment to its customers. It allows the movement of goods directly from the airfield or quayside into storage areas, thus avoiding any additional customs charges.
Yiwu Market will also establish a dedicated international logistics line between the Dubai Yiwu Market and the China Yiwu Market to allow competitive costs and seamless distribution across the region.
Through its collaboration with DP World’s Dubai Trade, Yiwu Market aims to digitise the trading process for its customers. The services include secure payment portals for e-transactions, maintenance of online inventories, custom declarations, as well as hassle-free cargo gate clearances.
Yiwu Market will serve as a trade bridge between the UAE and markets across the globe.
By accommodating the facilities of international brands, the market will act as a regional buffer for their products in case of disruptions to the supply chain and ensuring demand for these products can continue to be satisfied.
The benefits offered by Yiwu Market also include 100 per cent foreign ownership, 100 per cent foreign repatriation of capital and profits, and no tariffs for re-export. Its proximity to Jebel Ali Port and Al Maktoum International Airport allows easy access to air and sea transportation.
Moreover, the Yiwu Market has emphasised its commitment to sustainability, installing over 11,835 square metres of solar panels on eight out of ten blocks of its warehouses. This will satisfy over 20 per cent of the market’s power needs.