– Gulf Islamic Investments (GII) and Logipoint have formed a joint venture valued at over 1 billion riyals ($300 million) to create a logistics platform in Saudi Arabia.
– The new JV will develop logistics infrastructure in key Saudi cities, starting with Riyadh and Jeddah, providing warehousing and handling facilities across the kingdom.
– This venture follows a recent transaction where Brookfield Asset Management acquired a majority stake in GII’s logistics business in Dubai.
Gulf Islamic Investments (GII), an alternative investment firm, has entered into an agreement with Saudi Arabia’s industrial and logistics real estate developer Logipoint to establish a joint venture (JV) for a logistics platform valued at over 1 billion riyals ($300 million).
The GII-Logipoint JV aims to develop new logistics infrastructure in key Saudi cities, starting with Riyadh and Jeddah, offering warehousing and handling facilities across the kingdom, according to a statement.
This is the second logistics deal in quick succession for Dubai-based GII, a Shari’ah-compliant investor with over $4.5 billion in 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, stated: “GII’s partnership with Logipoint extends our logistics operations across Saudi Arabia, facilitating the rapid expansion of the Kingdom’s infrastructure to support its booming economy. This move is a natural progression for GII following our recent transaction with Brookfield.”
Logipoint is a subsidiary of Saudi-based logistics and infrastructure investment company, SISCO Holding.
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