China Export & Credit Insurance Corporation (SINOSURE) has recently underwritten the Yiwu Market UAE overseas warehouse trade city project in Dubai, the United Arab Emirates (UAE), with an insured amount of $13.814 million.
The project is the first public overseas warehouse investment project integrating investment, construction and operation in East China’s Zhejiang Province.
The project is the overseas warehouse investment insurance project with the largest underwriting amount undertaken by SINOSURE. Located in the heart of Jebel Ali Free Zone (Jafza) in Dubai, close to the Expo 2020 Dubai, the project aims to forge a world-class trade service platform jointly built by Zhejiang China Commodity City Group (CCC) and DP World.
Integrating commodity showrooms, bonded warehouses, logistics transit and other functions, the platform has leveraged the advantages of CCC and DP World to accelerate trade of companies on the platform, support the Belt and Road Initiative, further improve Chinese networking in Dubai and enhance the influence of Chinese brands.
The project covers an area of 210,000 square meters, radiating Middle East and North Africa regions. Despite the impact of COVID-19 on international trade, the project has strengthened Chinese products’ presence in overseas markets through a “store in front of warehouse” model, which effectively facilitates foreign purchases of Chinese products.