Logipoint + Gulf Islamic Investments (GII) launch a SAR 1 bn logistics JV: Saudi Industrial Services Company (SISCO) subsidiary Logipoint and Dubai-based private equity company GII inked a SAR 1 bn (USD 300 mn) agreement to establish a joint venture logistics company that would provide “grade A warehousing solutions” in the Kingdom, according to a joint press release. No information was provided about the ownership structure of the potential JV.

The pitch: The JV aims to provide “warehousing and handling facilities as the backbone of a multi-asset logistical network serving companies across the Kingdom.” The new platform will start by serving Riyadh, and Jeddah before expanding to other cities, the statement reads.

What they said: “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,” said GII co-CEO Pankaj Gupta. Earlier this month, Canada-based Brookfield Asset Management acquired a majority stake in GII’s logistics arm, according to the statement.

About the companies: Jeddah-based industrial and logistics real estate developer Logipoint is in the business of investing, managing, and operating bonded and non-bonded logistics parks and zones. Meanwhile, Dubai-based GII is a shariah-compliant private equity firm that specializes in real estate, private equity, and venture capital, with over USD 4.5 bn in assets under management.

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