/His Highness Sheikh Mohammed bin Rashid witnesses launch of ‘Traders Market’ in Dubai from Chinese capital.

His Highness Sheikh Mohammed bin Rashid witnesses launch of ‘Traders Market’ in Dubai from Chinese capital.

Vice President and Prime Minister of the UAE and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum, said that the UAE plays an integral part in pushing forward international efforts to enhance global economic growth due to its strategic location at the centre of trade routes connecting East and West.

HH Sheikh Mohammed's remarks came during the launch ceremony of the 60-million square feet 'Traders Market', an international station for the Belt and Road Initiative in Dubai. The Chinese partner in the new market, located opposite the Expo 2020 site, will invest $2.4 billion in using the station to store and ship Chinese products from Jebel Ali to the world.

The mega project further highlights the UAE's key role as a strategic partner in China's Belt and Road Initiative. It will include wholesale and retail outlets that help enhance regional and international trade through Jebel Ali.

During his state visit to the People's Republic of China as the head of the UAE's delegation to the 2nd Belt and Road Forum for International Cooperation in the Chinese capital Beijing, His Highness attended the signing ceremonies of two agreements. The first was signed by DP World's Group Chairman Sultan Ahmed bin Sulayem, and Wenge Zhao, Chairman of Zhejiang China Commodities to use the 'Traders Market' to store and ship Chinese products to the world from Jebel Ali.

The second agreement was signed by DP World's Group Chairman Sultan Ahmed bin Sulayem, with Ma Xuezhong, President of China-Arab Investment Fund Management Co. (Ningxia); Yu Zhiqiang, President of Winland Investment Holding Co.; and Hu Wei, China CO-OP Group President of Ocean Economic Development Co., to create a US$1 billion 'Vegetable Basket' project in Dubai to import, process, pack and export agricultural, marine and animal products to the world through the new Silk Road.

The signing ceremonies were also attended by HH Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Civil Aviation Authority and Chairman and Chief Executive of Emirates Airline and Group; Mohammad Abdullah Al Gergawi, Minister of Cabinet Affairs and the Future;Sultan bin Saeed Al Mansouri, Minister of Economy; Dr. Anwar Gargash, Minister of State for Foreign Affairs; Reem bint Ibrahim Al Hashiemy, Minister of State for International Cooperation; Dr. Sultan Al Jaber, Minister of State; Khaldoon Khalifa Al Mubarak, the Managing Director and Group Chief Executive Officer of the Mubadala Investment Company; Khalifa Saeed Sulaiman, Director General of Dubai's Protocol and Hospitality Department; and Dr. Ali Obaid Al Dhaheri, the UAE Ambassador to the People's Republic of China.

Source: UAE Ministry of Foreign Affairs