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Dubai Yiwu China Commodities City commenced trial operation on Monday, Zhejiang China Commodities City Group Co said during a meeting on Wednesday. The new project has total investment of approximately 1.1 billion yuan ($173.2 billion). 

On Tuesday, the company released its financial report for 2021, showing that annual revenue reached 6.03 billion yuan, up 61.9 percent year-on-year. Its net profit stood at 1.22 billion yuan, an increase of 136.2 percent compared with the previous year.

The Dubai market is the company's first overseas sub-market, offering a professional wholesale market integrating commodity display and storage with bonded functions. It covers eight industries, 1,600 commercial spaces and 324 warehouses.

Dubai is the Middle East's largest distribution center for "Made in Yiwu" products, and a large number of Yiwu's exports to the Middle East and Africa transit in Dubai, the Yiwu government said, adding that Dubai Yiwu China Commodities City will bring new business opportunities to the Middle East, Africa, the Mediterranean and Europe.

The company hopes to achieve a win-win result under the framework of the Belt and Road Initiative, according to its financial report.In 2021, Yiwu's import and export value reached 390.3 billion yuan, an increase of 24.7 percent, with the export value totaling 365.9 billion yuan, up 21.7 percent from the previous year.