Dubai is set to revolutionize the automotive trade industry with the development of the world’s largest and most advanced car market.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has directed the creation of the ‘Dubai Car Market,’ which will span an impressive 20 million square feet.
This monumental project aims to solidify Dubai’s position as a global leader in the automotive sector.
What you’ll see in this post:
Enhancing capacity and doubling sales
Enjoy your reading!
The agreement for this mega project was signed between Dubai Municipality and DP World, a renowned global logistics company.
DP World, with its extensive experience and network of over 430 business units in 86 countries, will be responsible for constructing and managing the market. This partnership is poised to ensure the success and efficiency of the ‘Dubai Car Market.’
Sheikh Mohammed highlighted the strategic significance of this initiative, stating, “Today, we have mandated DP World to develop the ‘Dubai Car Market’, expanding the current market eightfold to create a 20 million square feet facility that will be the largest and most advanced car market globally.
The ‘Dubai Car Market’ will be connected with 77 ports managed by DP World around the globe, enhancing its capacity and doubling its current sales of AED6.8 billion ($1.85 billion).”
The ‘Dubai Car Market’ will offer a comprehensive range of services, including buying, selling, registration, banking, and logistics.
Additionally, it will serve as a premier venue for global automotive events, making it an attractive destination for car enthusiasts and investors alike.
The market’s expansion from 2.8 million square feet to 20 million square feet underscores Dubai’s ambition to become a central hub for the automotive trade.
Sheikh Mohammed emphasized Dubai’s commitment to continuous development and economic growth, stating, “The new market will become a global hub that offers commercial services, and logistics and financing solutions for this vital sector.
It will also be a premier destination for major conferences and specialized events for car enthusiasts. Dubai will continue to develop new development projects as part of its vision to be one of the largest economic and commercial centers in the world.”
Dawood Al Hajri, Director General of Dubai Municipality, expressed his enthusiasm for the project, saying, “Signing the partnership agreement with DP World represents a major step towards realizing Dubai’s vision for developing the largest and most advanced car market in the world. We aim to provide the best services that meet the needs of investors and traders. This will enhance Dubai’s position as a premier global investment destination in the automotive sector.”
Sultan Ahmed bin Sulayem, Group Chairman and CEO of DP World, added, “We aim to leverage our services and expertise in managing economic zones to establish Dubai as a leading destination in the automotive trade sector, and will continue our commitment to providing the best logistical and technological solutions to support this project.”
The ‘Dubai Car Market’ is not just a project; it is a testament to Dubai’s forward-thinking vision and its unwavering commitment to becoming a global powerhouse in the automotive industry.
As the market takes shape, it promises to bring unprecedented opportunities and growth to the region, setting new standards in the automotive trade sector.
We at LIDE Emirates invite you to explore this exciting development further. Reach out to us to discuss more details on this transformative project and discover new opportunities in Dubai’s rapidly evolving automotive sector.