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Dubai ruler launches world's largest wholesale hub

Xinhua, March 2, 2016 Adjust font size:

Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum on Tuesday launched the project of Dubai Wholesale City, the largest global wholesale hub, United Arab Emirates (UAE) state news agency WAM reported.

The hub is set to cover over 550 million square feet and cost 30 billion dirham (8.17 billion U. S. dollars) in 10 years, according to the report.

The project aims to increase the UAE's share of the global wholesale trade sector, expected to reach 4.9 trillion U.S. dollars in the next five years.

It will be located 10 minutes away from Dubai's second airport Al Maktoum International Airport and the Jebel Ali Port, the largest man-made container port in the world.

The ruler said the UAE is striving to diversify the national economy away from the dependence on oil.

"Its unique economic vision enables the creation of new economic sectors to contribute to the growth, while the existing sectors will be upgraded on par with the highest global standards," he added.

The hub will comprise specialized trading parks and an international trade exhibition facility, so as to establish a crucial link between four main continents and attract over 15,000 wholesale traders.

Featuring "Country Pavilions", it will also include commercial centers and malls offering products from other countries such as China, Saudi Arabia, Australia, Germany and the United States. Endit