Dubai Plans to Become The "Largest" Food Trading Logistics Hub Globally!
Posted on Jul 13, 2024 at 04:07 PM
Dubai is taking a significant step towards economic growth by planning to establish the biggest fruit and vegetable market globally. His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE's Vice President and Prime Minister, announced this ambitious project, aiming to create the world's largest logistics hub for foodstuffs, fruits, and vegetables trade.
This initiative aligns with the Dubai Economic Agenda D33, which aims to double the city's economy and position it among the top three global economic cities by 2033.
Dubai is Building the Biggest Hub for Fesh Food
In addition to improving residents' quality of life, the project seeks to make Dubai a more desirable place to live. According to His Highness, more will be done to include young people and multinational corporations in development initiatives. Dubai intends to emerge as a pre-eminent hub for export and re-export activities in several industries.
Sheikh Mohammed bin Rashid stated: “Today, we have launched our plan to develop the largest logistics hub in the world for the trade of foodstuffs, fruits, and vegetables.” He remarked, “This expansion and doubling of the current market area will support our economic agenda and create larger commercial and investment opportunities. We have entrusted DP World with the management, operation, and development of the market, linking it with the markets globally.”
With Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, and Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and UAE Finance Minister, in attendance, the Municipality and DP World have inked a partnership agreement.
Sultan Ahmed bin Sulayem, Group Chairman and CEO of DP World, and Dawood Al Hajri, Director General of Dubai Municipality, signed the agreement.
Economic Opportunities in Food Industry
Sheikh Maktoum emphasised Dubai's ambitious economic goals under Sheikh Mohammed's vision, predicting a more flexible, efficient, and sustainable economic model that enhances global investment appeal. He predicted a new project to create new economic opportunities in the crucial food sector.
Sultan Ahmed bin Sulayem praised Dubai's global role as a model for investment opportunities, particularly in the food trade, highlighting its strategic location.
According to a real estate services company analysis, the Jebel Ali Free Zone saw a 26 per cent annual increase in warehouse rents in the first quarter of 2024 due to an influx of Indian businesses following the signing of a new free trade agreement between India and the UAE in 2022.
Increasing Market Share
Dawood Al Hajri offered his thoughts on how important the agreement is to make Dubai a more appealing destination for business, residence, and employment. He indicated that this is consistent with Dubai's aim to grow its markets and enhance the standard of living of its citizens.
Al Hajri emphasised the creation of this market because of creative thinking, aiming to establish Dubai as a global trade hub and generate new business opportunities.
By utilising strategic projects to capitalise on the growth in the food sector, establishing this logistics hub represents a major step towards accomplishing Dubai's economic objectives.
In conclusion, Dubai's plan to establish the world's largest fresh food hub is a visionary project that has the potential to transform the city's economic landscape. It is a strategic initiative that aligns with the city's long-term goals, promising substantial benefits for its economy and residents alike.
As the world watches, Dubai once again demonstrates its capability to undertake groundbreaking projects that pave the way for a prosperous future.
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