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Dubai boosts its trade ties with India!

Dubai has served as a sanctuary for Indian merchants since the inception of the UAE, with trade steadily flourishing over time.
Various sectors such as real estate, entrepreneurship, technology, and startups have witnessed significant contributions from Indian entities. However, Indian entrepreneurs have also introduced a plethora of Indian grocery stores and supermarkets to cater to the demand for products not readily accessible in the region.

Observing the escalating demand for these commodities, H.H. Sheikh Mohammed bin Rashid Al Maktoum, the Ruler of Dubai, has collaborated with Narendra Modi, the Prime Minister of India, to introduce Bharat Mart to Dubai.

Now, you might wonder, what exactly is Bharat Mart?

Bharat Mart is poised to emerge as an innovative and comprehensive platform where Indian traders, vendors, and food enterprises can converge to showcase and vend their merchandise, thereby facilitating a streamlined and accessible marketplace.
But that’s not all; it aims to function as a hub for trade and networking opportunities for individuals of Indian and South Asian descent residing in Dubai.

Moreover, Bharat Mart will establish extensive connections, offering traders the prospect of broadening their scope and conducting business across 300 diverse cities within the Jebel Ali Free Zone Authority (JAFZA) ecosystem. Additionally, it will grant access to 150 maritime destinations, simplifying global shipping logistics.

Now, delving into the specifics – what can traders anticipate?

Bharat Mart envisions incorporating 1,500 showrooms catering to both retail and wholesale traders, alongside light industrial units, office spaces, and designated meeting zones, resembling a fully-fledged commercial thoroughfare.
Furthermore, it will furnish ample warehouse facilities, affording tenants the benefits of both free zone and onshore amenities. Leveraging the robust infrastructure and logistical support within JAFZA, Bharat Mart participants can seamlessly engage in global trade activities.

How do the burgeoning India-UAE relations augment the local landscape?

With a conducive environment encouraging more Indian traders to establish enterprises in Dubai, they stand to qualify for Golden Visas, contingent upon their investment capital.

Furthermore, with an influx of traders and an uptick in foreign residency, the real estate sector in Dubai is poised for sustained growth, driven by heightened demand for residential properties.
Bharat Mart is poised to catalyze a transformation in the economic landscape, facilitated by the Comprehensive Economic Partnership Agreement between India and the UAE.

For those unacquainted with this agreement, it aims to elevate non-oil trade to $100 billion by 2030, representing a substantial surge from the $60 billion benchmark set merely two years ago. Dubai’s prominence in global trade is unmistakable, as evidenced by its handling of 87% of the total non-oil trade value in 2022.

With over 1,500 Indian enterprises thriving in JAFZA, currently facilitating the trade of more than five million tonnes of cargo valued at $8.6 billion, this is merely the inception of a transformative journey.

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