Gulf Islamic Investments and Logipoint, a subsidiary of SISCO, have signed an agreement in Jeddah to create a joint venture for a logistics platform providing Grade A warehousing solutions across the Kingdom in a deal worth more than SR1 billion ($300 million).
LogiPoint is a leading industrial and logistics real estate developer of Saudi Arabia, which invests, manages and operates bonded and non-bonded logistics parks and zones. The GII-Logipoint joint venture will create new logistics infrastructure in key Saudi cities, starting in Riyadh and Jeddah, providing warehousing and handling facilities as the backbone of a multi-asset logistical network serving companies across the Kingdom.
This partnership is the second logistics deal in quick succession for GII, a leading Shari’ah-compliant global alternative investment company with more than $4.5 billion of assets under management. Earlier last month, Brookfield Asset Management acquired a majority stake in GII’s logistics business providing high-end, long-term clients with bespoke warehousing solutions in the UAE.
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.”
Mohammed Alhassan, GII’s other co-founder and co-CEO, added: “Our logistics joint-venture with Logipoint is the latest element of GII’s growth strategy within the Kingdom, which already includes a CMA banking license for GII Saudi Arabia and the acquisition of Emad Bakeries in Jeddah within the last two months.”
Farooq Shaikh, CEO of LogiPoint, said: “This partnership with GII has opened up a new world of investment opportunities. We are committed to leveraging our expertise in developing logistics zones and parks to drive our expansion strategy. Our collaboration with GII reinforces our position as leaders in the logistics industry. LogiPoint is proud to be aligned with the Vision 2030 goals, playing a pivotal role in transforming the Kingdom of Saudi Arabia into a global logistics hub.”
