Dubai Wholesale City, the largest wholesale hub in the world, has announced the beginning of excavation works as construction of the AED30 billion ($8.1 billion) project gets underway.
Dubai Wholesale City said in a statement that it has appointed Port Saeed Transport & Building Contracting Company to execute site works which will include, levelling, grading and excavating, spanning over 135 million square feet.
In March, Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister and Ruler of Dubai, launched the project which is set to span over 550 million sq ft.
The new development aims to increase the UAE’s share of the global wholesale trade sector, which is valued at $4.3 trillion and expected to grow to $4.9 trillion in the next five years.
The statement said that the trading hub will also accelerate the pace of the infrastructural work by executing the development operations alongside the grading.
This comes as a response to the "great demand" the city received from investors after recently accepting applications from companies and traders interested in booking space.
Port Saeed Transport & Building Contracting Company’s scope also includes constructing a 15km dual carriageway that connects two major highways in the UAE - Mohammed Bin Zayed Road and Emirates Road – which complements a number of projects undertaken by the Roads and Transport Authority, to create a wider roadmap to Expo 2020 site.
The new road will also link the main components of Dubai Wholesale City that serve various sectors such as food, building materials, electronics, machinery, equipment and others.
Abdulla Belhoul, CEO of Dubai Wholesale City, said: “The commencement of construction on this mega project marks a new chapter in transforming our vision into reality. Our goal is to shape an economic entity that sets exemplary standards of excellence for this thriving sector.
"Once complete, Dubai Wholesale City will leverage Dubai’s strategic geographical position to emerge as a key player in global wholesale trade.”
Set to attract AED30 billion in investments, Dubai Wholesale City, which includes Dubai Industrial Park, will offer facilities to meet the dynamic needs of the region’s thriving trade, manufacturing and logistics sector.
The city will offer companies and investors commercial and industrial land, markets, warehouses, showrooms and shops under one roof, as well as transport and storage services, as well as support services such as shipping, insurance, customs and other services.