Leading trade enabler, DP World, UAE Region and Zhejiang Zhidi Holding Ltd. (ZZH or Zhidi Company) of China will jointly explore the establishment of a sophisticated next-generation logistics hub to meet the rising demand for conventional and e-commerce services in Dubai.
The Memorandum of Understanding (MoU) signed between the two sides states that the intent is to create a platform for the Zhidi Company shareholders that will deliver efficient, full-process logistics services, positioning Dubai as a global e-commerce hub.
The MoU was signed by Abdulla Bin Damithan, Chief Commercial Officer, DP World, UAE Region, and Wuwei, Chairman of Zhidi Company, in the presence of Zhidi Company shareholders and senior officials from both sides.
Mohammed Al Muallem, CEO and Managing Director, DP World, UAE Region and CEO of Jafza said:
“We are greatly honoured to sign this MoU with Zhidi Company. It brings together two of the most respected companies of the UAE and China to work towards the overall economic growth of both countries. With China being the top trade partner of Dubai and the UAE, we are happy to see the increasing interest from Chinese companies to invest in Dubai and strengthen their presence in Jebel Ali Free Zone (Jafza).
“Our understanding with this reputed Chinese company is integral to DP World’s strategy to support the vision of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, to make Dubai a global hub for e-commerce. For close to 50 years, DP World has served as a frontline economic growth engine of the UAE and as a global trade enabler. This MoU is another step towards cementing our relationship with China designed to build a better future for all.”
Wuwei, Chairman of Zhidi Company, said: “It’s a great honour to have the opportunity to cooperate with DP World, UAE Region on this important project. Through the signing of MoU, it is possible to boost the economic development of our two countries and the regions.
We hope to identify and determine the specific scope of the cooperation plan at the earliest, realise complementary development activities as soon as possible, and contribute our knowledge, expertise and strength to the economies of Zhejiang province and Dubai.”
The MoU will be executed in stages and once the initial base stages are completed, it will explore more possibilities for cooperation, including logistics business closely related to e-commerce.
Zhidi Company is a conglomerate of well-known enterprises in Zhejiang Province, with significant advantages in port operations, logistic services, e-commerce, renewable resources and commodity trade and have close business contacts and solid cooperation with Dubai.
The shareholders of Zhidi Company are also main participants of the Belt & Road Initiative (BRI) Dubai Station, the giant global economic project in which the UAE is a key partner.
Another expanse that will be promoted through this initiative is communication and exchange-related activities between Dubai and Zhejiang Province, enabling more bilateral investments and trade.