Dubai's sovereign wealth fund on Monday announced the launch of Dubai Global Connect (DGC), a 1 million sq m B2B wholesale market in the emirate.

The Investment Corporation of Dubai (ICD) said the market will bring together buyers and sellers to safely and easily trade goods from all over the world, all year round in one central location.

Launched in partnership with Dubai South, the initial focus will be on three sectors which have been identified as being large enough in size, growing, and relevant to the region - furniture and living, food and fashion.

DGC has announced it has entered into a strategic alliance with US-based Market Center Management Company (MCMC) for the development and management of its permanent showroom environment which will be open to qualified retail buyers and designers, manufacturers, and industry professionals, and can be fitted out by sellers according to their own style and budget. The showrooms will be closed to the public.

Mohammed I Al Shaibani, managing director of the Investment Corporation of Dubai, pictured below, said: "As part of our mandate to enhance Dubai's position as a global, competitive economy, ICD has embarked on the creation of DGC with the vision to build a unique trade infrastructure that enhances efficiencies in global trade flows through Dubai. We are excited to have MCMC on board to support our teams in realizing this vision, as well as in the development and management of the market."

MCMC has multinational experience involving both ownership and management of wholesale marketplaces including Brussels International Trade Mart and ShanghaiMart as well as consultation experience on additional projects in Colombia, Vietnam, and Portugal.

Cindy Morris, CEO of MCMC, said: "We are pleased to be a part of this truly unique opportunity for Dubai to address industry pain points and create an important global destination for wholesale trade. This multi-year agreement aims to foster team collaboration between our companies and ultimately help create a center of commerce for buyers and sellers from around the world."

DGC, the City of Trade as it has been dubbed, is already under construction, with a purpose-built visitor centre opening by the end of 2020.

The market is expected to be delivered in phases, with the first phase comprising of 400,000 sq m of dedicated trade facilities including on-site storage, boutique offices, an innovation hub, and a smart service centre to house third party service providers.

It will be located at the crossroads of Dubai's logistics corridor at Dubai South next to Al Maktoum International Airport with a direct connection to the Jebel Ali Port.