Developer expanding China trading hub into a massive mixed complex

A customer at Dragon Mart in Dubai, which is said to be the world's biggest commodity trading hub for Chinese enterprises outside the Chinese mainland. [Photo/China Daily]

A Dubai-based developer is showing its confidence in trade and business ties between China and the United Arab Emirates by approximately tripling the size of a commercial hub in the Emirate.

Nakheel PJSC is the developer behind Dragon Mart, which the group claims is the world's biggest commodity trading hub for Chinese enterprises outside the Chinese mainland.

Since opening in 2004, the facility has attracted some 3,500 shops that are run by about 1,700 Chinese entrepreneurs offering goods from the mainland.

The complex gets about 65,000 visitors a day.

The mall was previously expanded in 2012, when the developer doubled its size to 325,000 square meters of retail, parking and hotel facilities.

Under the latest expansion plan, Nakheel will transform the complex into a giant retail, leisure and residential hub and rename it Dragon City to reflect the expansion. The enlarged Dragon City will have 1 million sq m of space featuring two residential towers, two hotels and retail units

The group said that just three days after leasing began in early May for the expanded complex, 700 new retail and restaurant units were rented. Chinese traders accounted for 65 percent of those units.

Nakheel disclosed these figures during a news conference on Saturday in Beijing as part of Dubai Week.

The event is a promotional initiative that aims to raise Dubai's profile in China.

Nakheel Chairman Ali Rashid Lootah said of the expansion: "If space had allowed it, we would have liked to continue to expand the project. Unfortunately, we have run out of space."

He said the expanded project is expected to have 5,000 businesses, half of them being new tenants.