Dubai will set up “the world’s largest” logistics centre for food trade as it seeks to diversify its economy and boost investment opportunities.

An agreement was signed on Wednesday between Dubai Municipality and DP World to double the current size of the fruit and vegetable market.

It will be developed and managed by ports operator DP World, which will also link it to global markets, the Dubai Media Office said.

Further details about the project were not disclosed.

“This expansion and doubling of the current market area will support our economic agenda and create larger commercial and investment opportunities,” said Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai.

Dubai’s strategic location and advanced infrastructure already attract major companies, with the emirate also taking efforts to create “investment opportunities for global companies and youth, integrating them into developmental projects”, he said.

“Dubai aims to be a leading destination for markets, export, and re-export operations across various sectors, maximising economic opportunities for investors in this field,” Sheikh Mohammed said.

The latest initiative supports the Dubai Economic Agenda D33, which aims to double the size of the emirate’s economy to Dh32 trillion ($8.7 trillion) by 2033, transforming it into one of the top three economic cities globally by 2033.

It also aims to raise foreign trade to Dh25.6 trillion and expand Dubai’s global reach to 400 additional cities over the next decade.

The plan also aims to support 30 private companies to achieve unicorn status. A unicorn is a start-up worth more than $1 billion.

Other business incubators will support the growth of private companies, with 400 of the most promising identified.

The strategy also aims to make Dubai a global digital economy leader, the fastest-growing and most attractive global business centre, a centre for sustainability and economic diversification, and an incubator for talent.

Last month, the Dubai Executive Council also approved the Foreign Direct Investment Development Programme, with the goal of attracting Dh650 billion in investment by 2033.

The programme will allocate Dh25 billion over 10 years to support the objectives of the D33 economic agenda, the Dubai Media Office said at the time.

In February, Sheikh Mohammed announced that Dubai’s non-oil foreign trade reached Dh2 trillion ahead of schedule, driven by continuing economic growth.

“Due to its strategic location, Dubai has become a global market for food trade, especially fruits and vegetables,” said Sultan bin Sulayem, group chairman and chief executive of DP World.

“This sector is witnessing increasing growth in both local markets and exports, indicating immense opportunities that can be leveraged through strategic projects that Dubai continues to develop.”