DP World to build ‘world’s largest’ car market in Dubai
The 20 million square-foot facility will have ties to 77 international ports and is expected to generate an estimated $3.8 billion in sales
A plane lands in Dubai at sunset. (Photo: Getty Images)
Dubai is planning to build what its leaders describe as the world’s largest and most advanced car market.
Officials signed a contract with DP World on Thursday to build and manage a 20 million square-foot facility connected to 77 international ports that is expected to generate an estimated $3.8 billion in sales.
“The new market will become a global hub that offers commercial services and logistics and financing solutions” for the automobile industry,” Sheikh Mohammed bin Rashid, Ruler of Dubai and the UAE’s Vice President and Prime Minister, said in a statement released on Thursday.
The new compound – eight times the size of the city’s current car market – will enable buying, selling, registration and banking within its domain.
It will also host major conferences and events for the international automotive industry.