China, UAE Announce New Trade Zone Ahead Of Xi Visit

China and the UAE have signed an agreement to build a new trade zone in Dubai, the Emirates' state-owned port operator said Thursday ahead of President Xi Jinping arriving in Abu Dhabi.

Dubai, (APP - UrduPoint / Pakistan Point News - 19th Jul, 2018 ) :China and the UAE have signed an agreement to build a new trade zone in Dubai, the Emirates' state-owned port operator said Thursday ahead of President Xi Jinping arriving in Abu Dhabi.

The UAE's DP World announced the deal with the Zhejiang China Commodities City Group to build a "traders' market" at Dubai's Jebel Ali free zone.

The project is a part of China's trillion-dollar "One Belt, One Road" infrastructure initiative, an ambitious plan to revive the ancient Silk Road trading routes with a global network of ports, roads and railways.

The new facility will cover three square kilometres (1.2 square miles) at the Jebel Ali site, which is the middle East's largest trade zone, DP World said in a statement.

The market will host a vast range of goods from food and cosmetics to building materials and technology.

DP World, which operates in 40 countries, did not announce the value of the deal or provide a timeframe for its construction.

Xi is due to arrive in the UAE capital Abu Dhabi later onThursday for talks with officials, his first stop on a tour also includingSenegal, Rwanda and South Africa.