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Image of Saudi port used for illustrative purpose.
Alternative investment company Gulf Islamic Investments (GII) has signed an agreement with Saudi Arabia's industrial and logistics real estate developer Logipoint to create a joint venture (JV) for a logistics platform in a deal worth over 1 billion riyals ($300 million).
The GII-Logipoint JV will create new logistic infrastructure in key Saudi cities, starting in Riyadh and Jeddah, providing warehousing and handling facilities across the kingdom, a statement said.
This is the second logistics deal in quick succession for the Dubai-based GII, a Shari’ah-compliant investor with over $4.5 billion of assets under management (AUM). Earlier this month, Toronto-based Brookfield Asset Management acquired a majority stake in GII’s logistics business in Dubai.
Pankaj Gupta, GII’s co-founder and co-CEO, said: “GII’s partnership with Logipoint extends GII’s logistic operations across Saudi Arabia to facilitate rapid expansion of the Kingdom’s infrastructure, supporting its booming economy. It is a natural progression for GII after our recent transaction in which Brookfield acquired a majority stake in GII’s logistics assets in the UAE”.
Logipoint is a subsidiary of KSA-based logistics and infrastructure investment company, SISCO Holding.
(Writing by Brinda Darasha; editing by Seban Scaria)
