#GWADAR #DUBAI #PAKISTAN
Will GWADAR be the next DUBAI?
Dubai – a modest fishing village off the Arabian Gulf is now a global business hub and luxury travel destination that boasts the world’s tallest building and a police force with super cars.
But how did Dubai get so rich?
It wasn’t oil, as oil accounts for less than 1% of Dubai’s annual GDP.
The main source of Dubai’s wealth is its prosperous maritime activities.
Benefiting from its location inside the world’s busiest shipping route Dubai established itself as the busiest port in the Middle-East.
Jebel Ali Port is arguably the UAE’s most valuable commercial asset.
Located inside Jebel Ali Freezone or JAFZA, The freezone attracts businesses with tax breaks, custom duty benefits, and no restriction on foreign ownership.
The zone employs close to 150,000 people helping to generate over $180 Billion worth of trade which accounts for 21% of Dubai’s GDP.
Fast forward to 2018, this once modest fishing town is now global financial centre, tourist destination and economic hub.
Like Dubai 20 years ago, a modest fishing village lies off the Arabian Gulf, called Gwadar. Gwadar Port is located at the entrance of the world’s busiest shipping route.
China acquired this strategic asset from Pakistan for a period of 40 years with a commitment of $62 Billion to be invested in infrastructure development across the country.
China are spending $4.7 Billion on developing this strategically located deep sea port with a firm vision to transform into the next JAFZA.
China have also acquired 22,000 acres of land around Gwadar Port which has been designated as Pakistan’s first Freezone.
The first phase of the Freezone was inaugurated on the 29th of January 2018
Over $500 Million has already been committed from private companies looking to operate from Gwadar Freezone and benefit from the tax breaks, custom duty benefits and no restriction on foreign ownership.
Experts predict that by 2022 the port will see 13 million tonnes of cargo passing through per annum making Gwadar the biggest shipping centre in South Asia.
The similarities between the two former fishing villages of Gwadar and Dubai are astounding.
Are we seeing another Dubai funded by the emerging power China arriving on the world map?
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