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FinancialNews
13-10-18
Dubai CommerCity sees 18.5 percent jump in investments
(MENAFN) E-commerce project Dubai CommerCity recorded an 18.5 percent surge in its investments, reaching USD870 million, and a 32.5 percent jump in its total leasable area.
The joint venture between Dubai Airport Freezone Authority (DAFZA) and the Wasl Asset Management Group was initiated last year in an area in Umm Ramool covering 2.1 million square feet.
It comes as expectations emerged of the e-commerce field witnessing a boost within the region at a value of USD48.6 billion by 2022.
DAFZA director general Mohammed Al Zarooni stated "Dubai CommerCity is a strategic initiative that will position e-commerce as an economic driver for growth in Dubai. It aims to attract foreign direct investment within this sector, which is witnessing huge growth already in the Middle East, led by developments in Dubai."
Al Zarooni added "in the United Arab Emirates and Saudi Arabia the market is expected to grow by 16.4 percent over the next three and a half years. The UAE's e-commerce sector is expected to reach $10 billion by 2018 compared to 2014 figures of $2.5 billion, this is equivalent to a spectacular 400 percent growth by the end of this year."
MENAFN1310201800450000ID1097562925
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