In Dubai, a brand-new shopping destination, the Yiwu market, opened on June 28, 2022. The Middle East's first smart free zone market claims to be cost-effective for consumers, wholesalers, and retailers.
Since Dubai is the major trading hub for most businesses, establishing the Yiwu market brings a complete solution for the warehouses and trading business.
A Gist of Yiwu Market Dubai
Yiwu market is the result of a partnership between global ports operator DP World and the China Commodity City Group, which built and managed China's largest wholesale market.
The market was established to support commerce by reducing supply chain limitations caused by the coronavirus epidemic.
Yiwu Market is one such solution devised for the local traders and consumers. It was established by understanding the need for a market where products could be bought, sold, imported, and exported in one location with the least hassle and expense.
Moreover, knowing how to start an import and export business in Dubai will help you in knowing a detailed vision of the trading culture in Dubai.
Yiwu Infrastructure and How it Supports Business
Yiwu Market is divided into two purpose-built sections. The first section has 1,600 showrooms, acting as a shopping mall or trading area. Parallel to the showrooms, the second section comprises 324 bonded warehouses. Each bonded warehouse has a dedicated loading dock, providing complete logistical support for the seamless movement of goods.
According to the Dubai Media office, DP World and the China Commodity City Group, which manages the world's largest wholesale market in China, partnered to build the Yiwu market in Dubai.
The innovative initiatives and advanced trade and logistics solutions have successfully cemented Jafza as an ideal destination for traders and businesses. Yiwu Market is one such solution the government devised for the local traders and consumers.
The government recognised the need for a marketplace where products could be bought, sold, imported, and exported in one location with the least hassle and expense. So, with high hopes, they established it to improve traders' and customers' trading experiences.
How Does the Yiwu Market Benefit its Customers and the Traders?
The primary benefit for customers of Yiwu Market is its proximity to Al Maktoum International Airport and Jebel Ali Port. This makes it possible for companies to quickly and cheaply transfer items to and from their warehouses through various routes. While seeing the major benefit if you wish to start a business, starting a business in Jebel Ali Free Zone Authority (JAFZA) is a wise choice.
Yiwu Market also offers significant value-added services to its tenants and shoppers. For instance, tenants won't have to pay a management charge for the first 27 months following the market's launch.
In addition, the market's position within Jafza and the lower transportation costs for import and export result in comparatively cheap licence fees.
This results in lower shelf prices for consumers, making Yiwu Market ideal for traders and buyers.
The market will allow for 100% foreign ownership, 100% repatriation of capital and earnings, and 0% re-export duties. Additionally, the development has more than 11,835 square metres of solar panels installed, which, according to Jafza, will provide more than 20% of its energy requirements.
Additionally, the introduction of Yiwu serves as a bridge for trade between the UAE and international markets.
What Does Yiwu Offer You?
The Yiwu market offers a dual-free zone and onshore environment to its customers. It allows the transportation of goods directly from the airfield or quayside into storage areas, thus avoiding any additional customs charges.
According to a recent study by the JAFZA, to enable competitive prices and seamless distribution, Yiwu will set up a dependable international logistics connection with the China Yiwu Market. Additionally, the trading sector in Dubai will benefit from the "advanced end-to-end solutions of Yiwu Market."
"The market is the best choice for all trade needs due to its showrooms and warehouses. In addition, businesses might gain from storage and logistical facilities, improved reach to their target market, and connections to important global markets.
The services offer hassle-free cargo gate clearances, custom declarations, secure payment gateways for electronic transactions, and upkeep of online inventory.
While considering the above details, if you are interested in starting a company, explore the company formation in Dubai.
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How is the Yiwu market established?
The Yiwu market is established due to the collaboration between DP World and China Commodity City Group.
What makes Yiwu ideal for trading needs?
The market's showrooms and warehouses make the Yiwu market an ideal solution for all trading needs.
When did the Yiwu market open in Dubai?
The Yiwu market opens in Dubai on 28 June 2022.
What did the Yuwi market offer?
Dubai's Yiwu Market offers a new experience for traders and shoppers.