Dubai Wholesale City gets hundreds of leasing inquiries
Dubai Holding has started taking expressions of interest from wholesalers looking to lease out plots at its 55-square-kilometre Dubai Wholesale City.
At the Cityscape Global property show in Dubai, the company said it had received a “few hundred” inquiries about leasing the land close to Al Maktoum Airport.
Abdulla Belhoul, the chief executive of Dubai Wholesale City, said that plots of land in the mega-project designed to attract more wholesalers to Dubai were being marketed at between Dh3.50 and Dh4.50 a square foot.
In March, Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai, unveiled plans for the Dh30 billion Dubai Wholesale City.
The market will house more than 15,000 traders from many countries and specialised integrated trading parks as well as an international trade exhibition facility.
Mr Belhoul said that about 35 per cent of the mega-project had already been built as industrial parks and labour accommodation close to the airport.
He said that the company was funding development through its own internal resources but it would also be likely to be looking to get bank funding.
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Published: September 7, 2016 04:00 AM