Commercial City will be DWC’s business and finance hub

Investment in Gulf Cooperation Council countries will hit $1.25 trillion within five years, say experts in the region, following a ‘stratospheric’ growth trajectory in the United Arab Emirates.
The news comes as the Middle East construction industry hits an all time high and U.S. oil and investment giants, Halliburton and the Carlyle Group, forge strong business ties in Dubai.

The emirate’s business proposition for Dubai World Central (DWC) - a global center for integrated supply chain management and multi-modal transportation - has captured the attention of freight forwarding associations worldwide, according to one of the industry’s most respected professionals.

Speaking during a high-level delegation visit to the U.A.E.’s global aviation and logistics initiative, Dubai World Central, Manfred Boes, president of the International Federation of Freight Forwarders Associations described the project as, “a catalyst for change.”

“In an industry that is historically influenced by traditional norms of governance, the concept of an integrated logistics platform that seamlessly integrates sea-air-land multi-modality makes for an industry path-breaking case study. With this development, Dubai will truly become the center of the business world,” Boes said.

Abdulla Al Falasi, marketing and corporate communications director of Dubai World Central explained that DWC will flourish within such an environment, making Dubai the GCC hub for regional trade.
“We are seeing growth in stratospheric proportions,” he said.

“Global investment in the region is expected to reach U.S.$1.23 trillion between 2006 and 2011, and the greater region in reach of Dubai – that is the Middle East, Africa, the southern Commonwealth of Independent States’ countries and the Sub-continent, can expect even higher growth,” he confirmed.
“This will give rise to increased trade worldwide and Dubai with its unique location is a perfect gateway to businesses requiring air cargo within their global supply chains linking the eastern and western worlds,” Falasi said.

“DLC’s regional hub proposition has already attracted the world’s leading logistics players and within the next ten years will witness a whole new community of integrators, express, forwarders, contract logistics, light manufacturing units, warehousing companies, distributors and traders making Dubai World Central their home.”

Construction of the U.S. $75.7 million, 41,000 square meter cargo terminal with an annual handling capacity of 600,000 tons is now underway. Arabtec/Max Bogl, a Dubai-German joint venture, with completion set for January 2008, is building it.

“The cargo handling operation, which includes cold and special storage areas, is on the ground floor, while modular office spaces will be at mezzanine level,” said Michael Proffitt, CEO, Dubai Logistics City (DLC) – the logistics arm of DWC.

“This is a dream becoming reality; DLC is seeing the first steps of a major construction project that will eventually see nearly 900,000 people working and living in Dubai World Central, thus forming the world’s largest supply chain community.”

When completed, the cargo terminal will have direct interface with aircraft stands and aprons and will be close to the first runway, able to handle the next generation of aircraft, such as the Airbus A380. It is also close to DLC’s Forwarders’ Area and agent buildings, providing a single-bonded free zone environment.

“Construction of the first of eventually 16 cargo terminals at the world’s largest freighter and passenger airport – Dubai World Central International Airport (JXB) will eventually fulfill trade demand that will help link Asia, Africa and Europe,” said Proffitt.