The agreement to establish a joint venture between DP World and CCC was signed, with a total investment of approximately AED 600 million.

DP World has entered a 70/30 joint venture partnership with Zhejiang China Commodity City Group (CCC Group) to develop the 80ha Traders Market

Traders Market is expected to act as “the first smart freezone marketplace in the Middle East for the retail and wholesale industries”, and will allow international traders to procure items in bulk at wholesale prices.

Commenting on the development, DP World’s group chairman and chief executive officer, Sultan Ahmed bin Sulayem, said: “We are excited to announce this partnership with [CCC] 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.”

Remarking on the JV, CCC’s group chairman, Zhao Wenge, added: “The Middle East and Africa region is critical for the Belt and Road Initiative, and we aim to serve this high-growth market through the Traders Market in Jebel Ali, Dubai.”

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