Logipoint + GII launch a SAR 1 bn logistics JV: Saudi Industrial Services Company subsidiary Logipoint and Dubai-based private equity firm Gulf Islamic Investments (GII) inked a SAR 1 bn (USD 300 mn) agreement to establish a joint venture logistics company to 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.

REMEMBER- NYSE-listed Brookfield Asset Management snapped up a majority stake in GII’s logistics business last month gaining access to GII’s 1.5 mn sqft of premium warehousing space in the UAE. The acquisition comes as Brookfield looks to invest in and scale the platform through developing its portfolio.

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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