Dubai Yiwu China Commodities City commenced trial operation on Monday, Zhejiang China Commodities City Group Co said during a meeting on Wednesday. The new project has total investment of approximately 1.1 billion yuan ($173.2 billion).
On Tuesday, the company released its financial report for 2021, showing that annual revenue reached 6.03 billion yuan, up 61.9 percent year-on-year. Its net profit stood at 1.22 billion yuan, an increase of 136.2 percent compared with the previous year.
The Dubai market is the company’s first overseas sub-market, offering a professional wholesale market integrating commodity display and storage with bonded functions. It covers eight industries, 1,600 commercial spaces and 324 warehouses.
The Middle East and Africa are the two largest trading partners for Yiwu, with a combined annual trade volume surpassing 130 billion yuan, making up nearly half of the city’s total foreign trade.
Dubai, a commercial hub in the Middle East, is the region’s largest distribution center for “Made in Yiwu” products. Most of Yiwu’s exports to Africa have to go through a transfer in Dubai.
As a result, the Dubai market became the first overseas marketplace in the global strategy of Zhejiang China Commodities City Group, which aims to boost bilateral trade and industrial investment between China and the United Arab Emirates as well as other neighboring countries and regions. The company also hopes to achieve a win-win result under the framework of the Belt and Road Initiative, according to its financial report.
In 2021, Yiwu’s import and export value reached 390.3 billion yuan, an increase of 24.7 percent, with the export value totaling 365.9 billion yuan, up 21.7 percent from the previous year.
Photo: Screenshot of website
