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April 14, 2024
Egypt Bulletin
Business

PM Modi and Sheikh Mohammed unveil plans for Bharat Mart

Sheikh Mohammed bin Rashid Al Maktoum, the Vice President, Prime Minister, and Ruler of Dubai, alongside Prime Minister Narendra Modi of India, marked a significant milestone today by laying the foundation stone for Bharat Mart, a groundbreaking market and trading platform tailored for Indian businesses in Dubai. The ceremony took place at the World Governments Summit 2024, showcasing the deepening economic ties between the two nations.

PM Modi and Sheikh Mohammed unveil plans for Bharat Mart

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, graced the ceremony with his presence. Plans for the marketplace were unveiled by DP World, revealing an ambitious vision to provide Indian manufacturers and exporters with access to global markets through Bharat Mart, slated to open its doors in 2026.

Dignitaries including S Jaishankar, External Affairs Minister of India, and Ajit Doval KC, National Security Advisor of India, among others, attended the ceremony, underscoring the importance both nations place on strengthening economic cooperation. Their presence highlights the strategic significance of Bharat Mart in bolstering initiatives such as Make in India and D33.

Sultan Ahmed bin Sulayem, Chairman and CEO of DP World Group, emphasized the pivotal role Bharat Mart will play in achieving the target of US$100 billion in non-oil bilateral trade between the UAE and India by 2030. He highlighted the state-of-the-art infrastructure and logistical capabilities of Jebel Ali Free Zone (Jafza), positioning Bharat Mart as a premier gateway for Indian goods to reach high-growth markets.

Envisaged over an area of 2.7 million square feet, Bharat Mart is set to become a mega distribution hub, offering 1,500 showrooms, retail and wholesale spaces, and Grade A warehousing facilities. Strategically located in Jafza, the market will facilitate seamless trade operations, bolstering the UAE’s status as a key trade gateway for Indian businesses.

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