Beginning on June 28, Dubai’s new Yiwu Market, the region’s first smart free zone market, will be available to the general public.
For traders and customers alike, Yiwu is a first-of-its-kind product at the Dubai Traders Market in the Jebel Ali Free Zone (Jafza), which promises to completely transform the way goods are traded. The market will cater to both the retail and wholesale sectors.
Over the course of two floors, 1,600 mainland showrooms ranging across 200,000 square meters are available. More than 99% of the available showroom space has been taken up, according to Wam.
There are 324 warehouses in total, and they are spread out over two stories. Because the warehouses are right next to the showrooms, products can be delivered quickly, reducing the impact of inventory shortages on outward trade.
In addition, each warehouse has its own loading dock, ensuring that all shipments are handled efficiently.
Abdulla Bin Damithan, CEO and Managing Director, DP World UAE and Jafza, said, “Our innovative initiatives, and advanced trade and logistics solutions have successfully cemented Jafza as an ideal destination for traders and businesses. Yiwu Market is one such solution we devised for our local traders and consumers. We saw the need for a marketplace where goods can be stored, sold, imported, and exported; all in one place, without additional charges and with the greatest possible ease. We are very optimistic about how it will enhance the trading experience for our traders and shoppers.”
Customers can choose between a free zone and an onshore setting in this market. It enables the direct transportation of products from the airport or quayside into storage spaces, eliminating any further customs fees.
Additionally, a dedicated international logistics connection will be built between the Yiwu Markets in Dubai and China, allowing for lower prices and more efficient distribution throughout the area.
Yiwu Market is working with Dubai Trade, part of DP World, to streamline the trade process for its clients. Secure e-transaction payment gateways, online inventory management, custom declarations, and hassle-free cargo gate clearances are all part of the service.
The Yiwu Market will act as a conduit for trade between the United Arab Emirates and other markets across the world.
The market will operate as a regional buffer for worldwide brands’ products in the event of supply chain interruptions, guaranteeing that demand for these products can be met.
100% foreign ownership, 100% foreign capital and profit repatriation and zero re-export duties are all features of the Yiwu Market. Because of its close proximity to the ports of Jebel Ali and Al Maktoum International Airport, both air and sea travel is simple from here.
Over 11,835 square meters of solar panels have been installed on eight out of the ten warehouse blocks in Yiwu Market’s commitment to sustainability. More than a quarter of the market’s electricity requirements will be met in this way.