Chinese Dragon Mart opens in Dubai

Chinese Dragon Market opened Tuesday in Dubai, signalling China's effort to consolidate its growing clout in the Middle East's retail markets, the official WAM news agency reported.

Sheikha Lubna Al Qasimi, Minister of Economy and Planning of the United Arab Emirates(UAE), and Wei Jian Guo, China's Deputy Minister of Commerce, attended the official opening ceremony.

More than 3,000 Chinese companies have taken up space at the Dragon Mart, which is the first of its kind in the Middle East region. The project cost about 246 million US dollars.

The Chinese Dragon Market is part of the International City, which is developed by Nakheel and Chinamex Middle East Investment and Trade Promotion Center and Jebel Ali Free Zone Authority.

The International City would cover an area of 800 hectares upon completion, according to the developers.

Trade volume between the UAE and China is growing rapidly in recent years. Bilateral trade is valued at 5.81 billion US dollars in 2003.