News &
Media

Home / News / The “port market” allows 100% “foreign ownership”

The “port market” allows 100% “foreign ownership”

Nakheel Malls, the retail arm of Nakheel Real Estate, launched the “Mirfa Market” for wholesale sales, in cooperation with “DP World”, which allows 100% foreign ownership to be allowed.

A statement issued yesterday stated that the “Mirfa Market” occupies a strategic location in the “Deira Islands” and stretches for 1.9 kilometers on the waterfront. It is located near the ports of “Rashid” and “Al Hamriya”, and “Deira Marina”, with the possibility of shipping And import directly to 2,500 stores and booths.

Opportunities for growth

According to the statement, the market, which is designated for retail and general trade, which is expected to open in April 2021, will operate seven days a week and 365 days a year.

The central comprehensive “Al Mirfa Market”, which is based in the Deira region, will provide opportunities for growth at a reasonable cost to merchants, by offering them multiple benefits, including allowing 100% foreign ownership, the recovery of capital and profits, and the absence of restrictions on the movement of Currency and logistical ease, in addition to other facilities such as storage, office space, showrooms, retail, food and beverage facilities, taking into account the possibility of completing all transactions with a minimum use of paper documents.

The statement pointed out that Dubai is already the third largest re-export center in the world, as it serves, in addition to the countries of the Gulf Cooperation Council, multiple other markets, including Africa, Iraq and Yemen. Trade with neighboring countries.

Wholesale

Omar Khoury, CEO of Hospitality Projects and Asset Management at Nakheel Malls, said that Dubai is distinguished by its superiority in the movement of goods and commodities at the global level through port facilities. We have unveiled multiple opportunities that benefit owners of small and medium-sized companies in terms of wholesale .

He added, “(The Port Market) will bridge this gap, as it provides a vital central experience for trading in commercial goods and a new active economic movement.” He affirmed that the partnership of Nakheel Malls with Dubai Ports World will enhance our long-term commitment towards advancing the retail sector in Dubai forward.

“Now” application

For his part, Executive Director of Operations at “Dubai World Trade”, Mahmoud Al Bastaki, said that the launch of the “Mirfa Market” will enhance the capabilities of wholesale trade in Dubai. By providing efficient solutions for the global supply chain and supply chain, and enhancing logistics services for the freight sector in the region.

He continued: “We look forward to the project benefiting from the (NOW) application that we recently launched, which connects owners of wooden cargo ships with merchants, and allows them to search, negotiate and book shipments, and benefit from the strategic location of Rashid Port, Hamriyah Port, and Deira Port, managed by (DP World). ».

It is noteworthy that the “Mirfa Market” is the second cooperation of its kind between “Nakheel Malls” and “Dubai Ports World”, which is announced within the past five months, after the launch of the electronic trading platform dragonmart.ae in September 2020.