Daijiworld Media Network - Dubai

Dubai, Apr 27: Vice president and prime minister of the UAE and ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum attended the launching ceremony of the 60-million square feet 'Traders Market', an international station for the Belt and Road Initiative in Dubai.

During the ceremony he said that the UAE plays an integral part in pushing forward international efforts to enhance global economic growth due to its strategic location at the centre of trade routes connecting east and west.

Located opposite the Expo 2020 site, the Chinese partner in the new market will invest $2.4 billion in using the station to store and ship Chinese products from Jebel Ali to the world.

The project also highlights the UAE’s key role as a strategic partner in China’s belt and road initiative. It will include wholesale and retail outlets that help enhance regional and international trade through Jebel Ali.

As per the Emirates news report, during his state visit to the People’s Republic of China as the head of the UAE’s delegation to the second Belt and Road Forum for International Cooperation in the Chinese capital Beijing, His Highness attended the signing ceremonies of two agreements. The first was signed by DP World's Group chairman Sultan Ahmed bin Sulayem and Wenge Zhao, chairman of Zhejiang China Commodities to use the ‘Traders Market’ to store and ship Chinese products to the world from Jebel Ali.

The second agreement was signed by DP World's Group chairman Sultan Ahmed bin Sulayem, with Ma Xuezhong, president of China-Arab Investment Fund Management Co. (Ningxia); Yu Zhiqiang, President of Winland Investment Holding Co; and Hu Wei, China CO-OP group president of Ocean Economic Development Co, to create a US$1 billion 'Vegetable Basket' project in Dubai to import, process, pack and export agricultural, marine and animal products to the world through the new Silk Road.