Investment Corporation of Dubai (ICD), the principal investment arm of the emirate’s government, and Dubai South launched Dubai Global Connect (DGC), a wholesale market platform that links buyers and sellers globally.
The 1 million square metre purpose-built facility will initially focus on furniture & living, food and fashion – three sectors identified as being large, growing at a rapid pace and relevant to the region, ICD said in a statement on Monday.
The construction of DGC, also named "City of Trade", has already begun, with a visitor centre scheduled to open in the fourth quarter of this year, ICD said. No financial details of the project were provided.
The mega project will be delivered in phases. The 400,000 square metre first phase includes trade facilities including on-site storage, boutique offices, an innovation hub and a smart service centre to house third party service providers.
Located at the logistics corridor, next to Al Maktoum International Airport in Dubai South, the new development is connected with the Jebel Ali Port, the largest port in the Middle East. DGC’s infrastructure will also be supported by a digital wholesale trading platform, which will connect wholesale sellers and buyers online for hassle-free trade, according to the statement.
“As part of our mandate to enhance Dubai’s position as a global, competitive economy, ICD has embarked on the creation of DGC with the vision to build a unique trade infrastructure that enhances efficiencies in global trade flows through Dubai,” Mohammed Al Shaibani, ICD’s managing director, said.
DGC on Monday also signed a pact with US-based Market Centre Management Company for the development and running of DGC’s showroom, which will be open to qualified retail buyers and designers, manufacturers and industry professionals around the year.
The City of Trade is unique as it focuses on regional and global audience to trade goods from all around the world, as oppose to other wholesale markets that focus on promoting domestic agendas, ICD said.
“DGC has been a long time in the making, but is even more relevant and needed in today's changed global trade environment,” Douraid Zaghouani, ICD’s chief operating officer and chairman of DGC, said.
“Establishing a controlled, permanent market place environment is perfectly timed as event producers and their attendees cope with reduced travel budgets.”
ICD owns stakes in some of Dubai's biggest and best-known names, including Emirates airline and Dubai's biggest bank, Emirates NBD. It also owns Emirates National Oil Corporation, holds a minority stake in developer Emaar Properties, the Dubai Airport Free Zone and the World Trade Centre.
