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Dubai Unveils Massive 20 Million Square Foot Car Market, Targets $3.8 Billion in Sales

Posted by main.admin on July 5, 2024
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Dubai has announced plans to construct the world’s largest car market, setting the stage for a monumental boost to the city’s automotive industry.

Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, has directed the development of the “Dubai Car Market,” slated to become the largest and most advanced facility of its kind globally. This ambitious initiative aims to solidify Dubai’s stature as a leading global hub in the automotive trade sector.

Expanding Dubai’s Automotive Footprint

The expansive Dubai Car Market will encompass an impressive 20 million square feet, marking a significant expansion from its current size. Managed by DP World, renowned for its logistical prowess and extensive global network spanning 77 ports worldwide, the market is poised to revolutionize automotive trade in the UAE and beyond.

Strategic Vision and Economic Impact

Sheikh Mohammed bin Rashid highlighted the strategic importance of the Dubai Car Market, emphasizing its role in fostering economic growth and innovation. The facility is designed not only to facilitate commercial transactions but also to serve as a focal point for international conferences and specialized events catering to automotive enthusiasts and industry professionals.

Dubai Unveils Massive 20 Million Square Foot Car Market, Targets $3.8 Billion in Sales

Comprehensive Services and Global Connectivity

The market will offer integrated services ranging from buying, selling, and registration to banking and logistics solutions, enhancing its appeal as a preferred destination for investors and stakeholders. It aims to double its current sales figures, currently valued at AED 6.8 billion ($1.9 billion), through significant infrastructure enhancements and expanded service offerings.

Partnership for Success

The collaboration between Dubai Municipality and DP World’s Economic Zones Sector underscores a shared commitment to establishing the Dubai Car Market as a global benchmark in automotive trade. This partnership aims to attract foreign investments, strengthen Dubai’s global competitiveness, and reinforce its position as a premier destination for automotive innovation and trade.

 

Reference: Arabian Business

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