Introducing the new project ‘The Dubai Car Market’, to be potentially rated as the largest and most progressive car market in the world said His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai. Therefore, the objective of this project is to support the enhancing of Dubai’s role as an important automobile trading hub.
With aim and directives of H. H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, and H. H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First deputy ruler of Dubai, Deputy Prime Minister and Minister of Finance, the Memorandum of understanding on an investment partnership between Dubai Municipality and DP World was signed. DP World will be responsible for development and operation of the 20 million square feet market use its international connections and experience in logistics.
As the ruler of Dubai, His Highness Sheikh Mohammed bin Rashid stressed the global access through the company and its 77 managed terminals DP World. He said, “The new market will grow to be a worldwide commercial centre that will provide services, transport and funding for this strategic segment and it will also host large stratified auto industry congresses and other specialised auto related events. ”
Dubai Car Market, which will be a service provider, will include the buying, selling, car registration, banking and logistics services to support the growth of the emirate’s economy as articulated in the Dubai Economic Agenda D33 for increasing the double size of the emirate economy by 2033.
Dubai Municipality’s Director-General, Dawood Al Hajri, explained the goal of the project in increasing foreign investments and enhancing international trade as well as innovation status of Dubai. The market is guaranteed a premiere logistical and technological solutions from DP World as marked by Sultan Ahmed bin Sulayem the Group Chairman and CEO.
Currently valued at AED 6. 8 billion, the enlargening of the market, from 2. 8 million to 20 million square feet, will greatly improve its present sales service. It will also be involved in the hosting of major automotive related events and conferences making dubai a hub of Innovation and trade.
This project thus underlines Dubai vison and efforts to deliver superb infrastructure and services to back the domestic as well as the global economy and to sustain long-term and steady growth in the automotive industry.
