Dubai Airport Freezone Authority (DAFZA) and wasl Asset Management Group have joined hands to launch Dubai CommerCity in the Umm Ramool area. This AED 2.7 billion, 2.1-million square feet joint venture is the first free zone dedicated to ecommerce in the MENA region.
The initiative intends to promote Dubai’s position as a platform for international ecommerce and to support economic diversification and smart transformation strategies.
The project will accelerate the growth of the ecommerce market which is expected to reach USD 20 billion in 2020 in the GCC countries. It aims to provide an environment that stimulates creativity and attracts more direct foreign investments. This is in line with Dubai Plan 2021 that seeks to create a sustainable economy based on innovation.
At the launch, Sheikh Ahmed Bin Saeed Al Maktoum, the chairman of DAFZA expressed his confidence that the joint venture will add a new dimension to Dubai’s commercial activity and will help attract more direct foreign investments to the emirate.
The project is led by the vision of Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, to establish an economy based on growth, innovation, diversification and competitiveness. These are features of the post-oil stage which are in sync with Dubai Plan 2021’s goal of making Dubai first globally, in the ease of doing business as well as a preferred investment destination by 2021.
“Dubai CommerCity will enhance the role of ecommerce as a key driver of Dubai’s sustainable economy. DAFZA will apply its leading experiences and services based on comprehensive studies on the future of ecommerce in the MENA region. Dubai CommerCity complements the expansion plans and achievements led by DAFZA aimed at attracting foreign direct investments to Dubai, driven by its vision, ‘The free zone that goes beyond,’ in cooperation with wasl Asset Management Group with which we have a successful partnership,” said Dr. Mohammed Al Zarooni, Director General, DAFZA.
The project intends to be a comprehensive system that supports the ecommerce sector and meets the current and future needs of logistics, electronic payments, IT solutions, customer services, and other related businesses. It will be an ideal opportunity for major regional and international manufacturers to store their goods, products and spare parts in fully-equipped, technology-enabled warehouses, to be shipped later to the local markets in record time via ecommerce. The free zone is committed to modernizing and updating the regional ecommerce legislative system as well.
“We look forward to partnering with DAFZA to translate the vision of our wise leadership to make Dubai one of the best investment destinations in the world. Our joint venture supports the national economic diversification strategy and the creation of a sustainable economy based on innovation and competitiveness. The free zone is strategically located near Dubai International Airport, offering attractive investment opportunities to reputed ecommerce companies that are seeking to establish in the MENA and South Asia regions,” said Hesham Abdulla Al Qassim, CEO, wasl Asset Management Group.