Piling and shoring is expected to begin next year
Dubai Airport Freezone Authority (Dafza) and wasl Asset Management Group have announced that early works have started on the $871 million Dubai CommerCity project. Piling and shoring is expected to begin next year.
The Dubai CommerCity launched in 2017, in Umm Ramool is spread over an area of 17,651sqm. According to PropertyFinder, the area has seen a surge of 120% from those looking for business opportunities.
As per statements from Dafza and wasl Asset Management, investment value of Dubai CommerCity had increased by 18.5% to $871 million in total with an increase in the total leasable area by 32.5%
“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,” said Dr Mohammed Al Zarooni, Director-General of Dafza.
“In the UAE and Saudi Arabia, the market is expected to grow by 16.4% 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%growth by the end of this year.”
Dr Al Zarooni linked this growth to the youth demographics in the region, with high penetration rates of the internet, smart mobile phones and the use of social media.
The figures were released ahead of GITEX 2018, where Dubai CommerCity will be participating. It will be showing the development phase of the project and its solutions to global and regional e-commerce companies.