Sunday 21, August 2016

Dubai – MENA Herald: In line with its mandate to boost Dubai’s credentials as a wholesale hub of choice and as part of ongoing efforts to strengthen cooperation with partners and stakeholders from the private and public sector within and outside the UAE, Dubai Wholesale City (DWSC) welcomed a delegation from the Spanish embassy. During the visit, the two sides explored emerging opportunities and key challenges in building synergies.

Abdulla Belhoul, CEO of Dubai Wholesale City, and several senior officials from DWSCwelcomedVictor Suanzes, Commercial Attaché at the Spanish embassy in the UAE andLuis Cárdenas Gálvez, International Trade and Investment Advisor at the Economic and Commercial Office of Spain in Dubai.

Belhoul provided the visitors withan overview of DWSC’s vision and mission, as well as its strategic plans for short- and long-term development. Highlighting Dubai Wholesale City’s macro role as a global hub for wholesale trade, he outlined thekey mandateof the newly launched city and the facilities providedto tenants. He also underlinedits ambition to emerge as a major contributor to the UAE’s economic diversification process.

The CEO also reiterated the importance of fostering collaborations between the public and private sectors in both countriesin enhancing overall bilateral trade, economic and investment relations. Heinvited Spanish businesses and companies to benefit from theinvestor-friendly environment offered byDubai Wholesale City that complements the state-of-the-art infrastructure, superior network of roads, ports and airports, and enablingregulatory framework of the UAE.

Pointing out that Dubai Wholesale City is keento meet with Spanish businessmen, organizations and companies to leverage lucrative opportunities for existing and future partnerships, Belhoul said: “We are pleasedto step-upcooperation with Spanish companies. Spain is a uniquetrading partner for the UAE, and bilateral trade volumes are estimated at€ 2 billion per annum. The UAE is the most prominent center for re-export of Spanish products to the region.

“Spanish businesses can take advantage of our integrated services and facilities to achieve tremendous growth locally, regionally and globally. Dubai Wholesale City serves as the ideal partner of choice in supportingthese companiesto achieve their business objectives.”

For his part, Victor Suanzes asserted that the main aim of the Office for Economic & Commercial Affairs of the Embassy of Spain is to support Spanish companies working in variouscountries across the world and help them establishregional headquarters in strategically important areas. He noted that Dubai Wholesale City isa promising project that carries potential for tremendous future growth, and that the Office for Economic & Commercial Affairs is keen to collaborate with DWSC to strengthen trade and economic ties between Spain and the UAE.

The economy of Spain ranks 14thglobally in terms of GDP, and is the fourth-largest economy in the Euro Zone. According to statistics issued by the Ministry of Economy inthe UAE, the UAE accounts for 40 Spanish companies, 73 Spanish commercial agencies and 1,456 Spanish brands.

Set to span over 550 million sq feet once complete, with an expected development cost of AED30 billion over 10 years, Dubai Wholesale City aims to increase the UAE’s share inthe global wholesale trading sector. In accordance with a dynamic and innovative vision,Dubai Wholesale City is mandated to meet the needs of the wholesale tradingsector on local and international levels. The DWSC vision envisages integrated trading parks developed specifically for wholesale trade in addition to international trade exhibition facilities, country pavilions and an e-commerce platform.