The Yiwu Market is located in the Jebel Ali Free Zone in Dubai. [Photo/Yiwu Media Center]
The Yiwu China Commodities City, the world's largest wholesale market, launched its first overseas branch - Yiwu Market - in Dubai, the United Arab Emirates, on June 30.
Based in the Jebel Ali Free Zone (JAFZA), the market caters to the retail and wholesale industries and is part of the first phase of the Dubai Traders Market, a 550-hectare marketplace within JAFZA.
The market is a result of a partnership between DP World and China Commodity City Group, which built and manages the world's largest wholesale market in China for small commodities, spanning over 6 million square meters and attracting nearly 210,000 daily visitors.
With a total investment of about 1.06 billion yuan ($158.15 million), Dubai's Yiwu Market spans over 200,000 square meters, split between 324 customs-bonded warehouses and 1,600 Chinese mainland showrooms. Most of the showrooms are already occupied.
A sportswear shop is seen inside Dubai's Yiwu Market. [Photo/Yiwu Media Center]
The market offers a dual free zone and onshore environment to its customers. It allows the movement of goods directly from the airfield or quayside into storage areas, thus avoiding any additional customs charges. The Yiwu Market will also establish a dedicated international logistics line between the Dubai Yiwu Market and the China Yiwu Market to allow for more competitive prices and seamless distribution across the region.
Through its collaboration with DP World's Dubai Trade, the Yiwu Market aims to digitize the trading process for its customers. Services include secure payment portals for e-transactions, maintenance of online inventories, custom declarations, and hassle-free cargo gate clearances.
The Yiwu Market will serve as a trade bridge between the UAE and markets across the globe. By accommodating the facilities of international brands, the market will act as a regional buffer for their products in case of disruptions to the supply chain, and ensuring demand for these products can continue to be met.
The benefits offered by the Yiwu Market also include 100-percent foreign ownership, 100-percent foreign repatriation of capital and profits, and no tariffs for re-export. Its proximity to Jebel Ali Port and Al Maktoum International Airport allows easy access to air and sea transportation.