Dubai To Host World's Largest, Most Advanced Car Market Under Sheikh Mohammed's Direction

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, has initiated the development of the 'Dubai Car Market', set to be the largest and most advanced car market globally. This initiative aims to bolster Dubai's status as a leading city in the automotive trade sector.

Under the guidance of His Highness and supervised by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, witnessed the signing of a partnership agreement between Dubai Municipality and DP World for this project.

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The project will expand the current market from 2.8 million square feet to 20 million square feet, making it eight times larger. The new market will be connected with 77 ports managed by DP World globally, enhancing its capacity and doubling its current sales of AED6.8 billion.

DP World has been tasked with constructing and managing the 'Dubai Car Market'. Leveraging its extensive logistical expertise and global network that spans over 430 business units in 86 countries, DP World aims to ensure the market's success.

The 'Dubai Car Market' will offer comprehensive services including buying, selling, registration, banking, and logistics. It will also host global events, making it a preferred destination for car enthusiasts and investors.

Sheikh Mohammed bin Rashid stated, "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."

Global Hub for Automotive Trade

The new market is envisioned as a global hub providing commercial services along with logistics and financing solutions for the automotive sector. It will also serve as a premier venue for major conferences and specialised events for car enthusiasts.

"The new market will become a global hub that offers commercial services, logistics and financing solutions for this vital sector," Sheikh Mohammed added. "It will also be a premier destination for major conferences and specialised events for car enthusiasts."

Strategic Project Goals

This strategic project aligns with Dubai's vision to become one of the largest economic and commercial centres worldwide. It aims to provide an integrated investment environment supporting sustainable economic growth.

"Through strategic initiatives like the 'Dubai Car Market’, we aim to provide an integrated investment environment that supports sustainable economic growth," said Sheikh Mohammed bin Rashid.

Economic Impact

The initiative is expected to accelerate achieving goals outlined in the Dubai Economic Agenda D33. This agenda aims to double the size of Dubai's economy and transform it into one of the world’s top three urban economies by 2033.

Dawood Al Hajri, Director-General of Dubai Municipality, remarked on signing the partnership agreement with DP World: "This represents a major step towards realising Dubai’s vision for developing the largest and most advanced car market in the world."

Commitment to Excellence

Sultan Ahmed bin Sulayem, Group Chairman and CEO of DP World, expressed pride in collaborating with Dubai Municipality on this ambitious project. He emphasised their commitment to providing top-tier logistical and technological solutions to support this initiative.

"We are proud to collaborate with Dubai Municipality on this ambitious project," said Bin Sulayem. "We aim to leverage our services and expertise in managing economic zones to establish Dubai as a leading destination in the automotive trade sector."

Future Prospects

The 'Dubai Car Market' is poised to attract foreign investments while strengthening Dubai's position as a global innovation and trade centre. The project reflects Dubai’s commitment to providing superior infrastructure supporting both local and global economies.

"This project aims to enhance infrastructure and develop integrated services that contribute to supporting the local economy," added Al Hajri. "Establishing the 'Dubai Car Market’ will attract foreign investments."

With inputs from WAM