Dubai: Gulf Islamic Investments (GII), based in the UAE, has announced its second major logistics deal in recent weeks. The company has entered into a new joint venture with LogiPoint, a subsidiary of SISCO, to establish a logistics platform that will offer Grade A warehousing across Saudi Arabia. The deal is valued at over SR1 billion (approximately $300 million).
LogiPoint specializes in industrial and logistics real estate, investing in, managing, and operating both bonded and non-bonded logistics parks and zones.
The new joint venture aims to “create new logistic infrastructure in key Saudi cities,” beginning with Riyadh and Jeddah.
Earlier this month, GII sold a majority stake in its UAE logistics portfolio to the global investment firm Brookfield Asset Management. GII currently manages over $4.5 billion in assets.
GII’s expansion into logistics began in December 2017 with the acquisition of a logistics fulfillment center in Dortmund, Germany, covering 1 million square feet. This center was sold to an Asian investor in 2020, yielding an internal rate of return (IRR) of 18%.
GII’s investments in GCC logistics assets have focused on “acquiring, aggregating, repurposing, and developing facilities” for third parties, including notable clients such as Hellmann, CEVA, Sinotrans, Noon, and others in Dubai.
Pankaj Gupta, GII’s co-founder and co-CEO, stated, “GII’s partnership with LogiPoint extends GII’s logistics operations across Saudi Arabia, facilitating the rapid expansion of the Kingdom’s infrastructure and supporting its booming economy. This is a natural progression for GII following our recent transaction where Brookfield acquired a majority stake in GII’s logistics assets in the UAE.”
