Sheikh Mohammed Bin Rashid Al Maktoum, vice president and prime minister of UAE and the ruler of Dubai, launched the ‘Dubai Wholesale City’, which is the largest wholesale hub worldwide. He said the emirates is moving headway with its strategic plan to diversify the national economy and reduce dependence on revenues from oil. The hub spans 550 million sq ft that will be developed over a 10-year period at an estimated cost of AED30 billion. The new development will help increase the UAE’s contribution to the global wholesale trade sector that is valued at $4.3 trillion and expected to grow to $4.9 trillion in the next five years. The new global hub will comprise specialized integrated trading parks and an international trade exhibition facility.
