WGS 2024: UAE, India Prime Minister Lay Foundation Stone For Bharat Mart

Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai alongside Prime Minister of India Narendra Modi laid the foundation stone for Bharat Mart at the World Governments Summit.

Bharat Mart will serve as a market and trading platform for Indian businesses in Dubai and is expected to become operational from 2026 onwards. DP World unveiled the plans for launching the marketplace, which will allow Indian manufacturers and exporters to reach global markets.

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai also attended the ceremony on Wednesday.

External Affairs Minister of India S Jaishankar, National Security Advisor of India Ajit Doval KC, Foreign Secretary of India Vinay Kwatra, Indian Ambassador to the United Arab Emirates Sunjay Sudhir, Chairman and CEO of DP World Group Sultan Ahmed bin Sulayem also attended the event.

Bin Sulayem said this foundation will ensure stronger trade ties between the UAE and India, adding that both countries have set themselves the target of reaching US$100 billion in non-oil bilateral trade by 2030 while creating more opportunities for Indian manufacturers and contributing to government initiatives like Make in India and D33.

"With our world-class infrastructure, logistics capabilities and business-friendly ecosystem in Jebel Ali Free Zone (Jafza), Bharat Mart will be the ideal gateway for Indian goods to efficiently reach the UAE and other high-growth markets in the Middle East, Europe and Africa," he said, WAM reported.

CEO and Managing Director of DP World GCC Abdulla Bin Damithan noted that India is one of the top five trading partners of the UAE, adding that the trade relationship between both nations has been significantly accelerated by a post-pandemic economic surge.

"This has created a dynamic trade landscape, and we remain steadfast in our commitment to fostering continued growth," he said. "Bharat Mart is designed to complement Jafza's existing offerings, providing Indian SMEs with a seamless platform to export their cargo to new markets and strengthening our position as a key trade gateway between the two nations."

Bharat Mart is expected to have 1,500 showrooms spread over 700,000 square feet of Grade A warehousing space, which will also provide tenants with combined free zone and onshore benefits.

Bharat Mart will be located 11 km from Jebel Ali Port, the largest seaport in the Middle East, and 15 km from Al Maktoum International Airport, providing seamless logistics connectivity for Indian exporters.

Dubai plays a significant role in the trade relationship between the UAE and India, with 87 percent or US$44.9 billion of the total non-oil trade value of US$51.4 billion flowing through the emirate in 2022.