GII and Saudi’s Logipoint launch a USD 300 mn logistics JV: Dubai-based private equity company Gulf Islamic Investments (GII) and Saudi Industrial Services Company (SISCO) subsidiary Logipoint inked a SAR 1 bn (USD 300 mn) agreement to establish a logistics firm that will develop Grade A warehousing solutions in Saudi Arabia, according to a press release. The ownership structure of this joint venture was not disclosed.

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The JV will initially focus on serving Riyadh and Jeddah, with plans for expansion to other cities later on. The platform aims to provide “warehousing and handling facilities as the backbone of a multi-asset logistical network serving companies across the Kingdom,” according to the press release.

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,” GII co-CEO Pankaj Gupta said.

About the firms: Logipoint, based in Jeddah, focuses on investing in, managing, and operating bonded and non-bonded logistics parks and zones. GII is a Shariah-compliant private equity firm specializing in real estate, private equity, and venture capital, managing assets worth over USD 4.5 bn.

REMEMBER- Canada-based Brookfield Asset Managementacquired a controlling interest in GII's logistics division earlier this month.

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