DP World embarks on Traders Market project with Chinese firm CCC

August 28, 2019: DP World has partnered with Zhejiang China Commodity City Group Company Ltd (CCC) to develop ‘Traders Market’ - the first smart Freezone market place in the Middle-East for retail and wholesale industries.

To be located in Jebel Ali Freezone (JAFZA), the Traders Markets aims to serve the wider region with a population base of over 2 billion.

Sultan Ahmed Bin Sulayem, group chairman and CEO, DP World, said, “We are excited to announce this partnership with China Commodity City to develop the Traders Market. This investment showcases our trade-enabling strategy as we look to catalyse trade and the movement of goods through removing inefficiencies and lowering supply chain costs.”

The Traders Market project will span approximately 800,000 square metres, with Phase 1 development covering about 220,000 square metres. Phase 1 Capex is estimated at $150 million, with construction expected to start in quarter 4 of 2019 and take 24 months to complete. DP World will hold a majority share in the 70/30 joint venture.

.@DP_World PLC announces a partnership with Zhejiang China Commodity City Group Company LTD (CCC) to develop the ‘Traders Market’ in Jebel Ali Freezone (@jafzadubai).https://t.co/3zJioznPzG pic.twitter.com/N9K5NU6As6

— Dubai Media Office (@DXBMediaOffice) August 26, 2019

Zhao Wenge, group chairman, CCC Group, said, “The Middle-East/Africa region is critical for the Belt and Road Initiative (BRI), and we aim to serve this high-growth market through the Traders Market in Jebel Ali, Dubai. We have chosen Jebel Ali for its efficient infrastructure, business-friendly environment and significant trade with China. The CCC group has a wealth of experience and a strong reputation for developing and operating efficient large-scale trading marketplaces. Together with DP World we are confident this venture will be a success.”

Traders will get to use multi-modal infrastructure available in Jebel Ali and Dubai, thus reducing their supply chain costs. International traders will be able to procure bulk products in Dubai at wholesale prices with the shortest delivery times and will be able to service demand more efficiently.

“When we acquired Jebel Ali Freezone in 2015, our vision was to attract clients that will not only provide lease income but also bring significant origin and destination cargo, promoting Dubai as a trading hub. This transaction helps us achieves this vision. We believe we have found the right partner in CCC, with the relevant expertise and experience to make this project a success. We look forward to a strong and enduring partnership,” added Bin Sulayem.

Earlier this week, DP World Group posted impressive results for the six months ending June 30, 2019 with reported adjusted EBITDA and attributable earnings growth of 21.9 percent and 26.8 percent respectively.