UAE PM Directs Development Of World's Largest, Most Advanced Car Market In Dubai

Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, has ordered the development of the "Dubai Car Market," the largest and most advanced car market in the world.

The aim behind the move is to strengthen Dubai's position as a leading city in the automotive trade sector. Following the prime minister's order, a partnership agreement between Dubai Municipality and DP World was signed Thursday for the development of the new car market. This market will span 20 million square feet.

The agreement was signed in the presence of Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, and Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance.

The new car market will be built and managed by DP World, using its extensive logistics expertise and global network of over 430 business units in 86 countries to ensure the market's success.

"Today, we have mandated DP World to develop the 'Dubai Car Market', expanding the current market eightfold to create a 20 million square feet facility that will be the largest and most advanced car market globally," Sheikh Mohammed bin Rashid said, according to WAM.

"The 'Dubai Car Market' will be connected with 77 ports managed by DP World around the globe, enhancing its capacity and doubling its current sales of AED6.8 billion. The new market will become a global hub that offers commercial services, and logistics and financing solutions for this vital sector," he added.

The "Dubai Car Market" will also be a top spot for major conferences and special events for car enthusiasts. Dubai plans to continue developing new projects as part of its goal to become one of the largest economic and commercial centers in the world.

This market is a key project that supports Dubai's future vision, offering a range of services including buying, selling, registration, banking and logistics. The market will be able to host global events, making it a favorite destination for car enthusiasts and investors.

"Through strategic initiatives like the 'Dubai Car Market', we aim to provide an integrated investment environment that supports sustainable economic growth," Sheikh Mohammed bin Rashid added, noting that this "initiative will accelerate the achievement of the goals of the Dubai Economic Agenda D33 to double the size of the emirate's economy and transform it into one of the world's top three urban economies by 2033."