Dubai Industrial Park, Lootah Real Estate Development Embark on Strategic Partnership to Establish Senaeyat
Posted on 20th February 2019
- Entities sign agreement to construct 3 million sq ft purpose-built development in Dubai Industrial Park
- Dubai Industrial Park continues to make strides in industrial sector development in line with Dubai Industrial Strategy 2030
Dubai-UAE: 20 February, 2019 – Dubai Industrial Park, one of the largest industrial hubs in the region and a member of TECOM Group, has signed a long-term agreement with Lootah Real Estate Development to establish Senaeyat, a state-of-the-art pre-built industrial manufacturing development, on its premises. The partnership includes a 49-year lease of land spanning one million square feet for the first phase of the project.
Abdulla Belhoul, Chief Commercial Officer of TECOM Group, and Saleh Abdullah Lootah, Executive Director of Lootah Real Estate Development, signed the agreement on the sidelines of Gulfood 2019.
Abdulla Belhoul said: “We are pleased that Dubai Industrial Park, the business enabler in the industrial sector within TECOM Group, continues to make strides in developing the sector as a main driver of growth in Dubai and the wider region. The strategic agreement with Lootah Real Estate Development aligns with our Group’s vision to stimulate investment and business growth. The ongoing efforts of our diverse business communities aim to achieve the wise UAE leadership’s vision and directives to position the country among the most competitive economies in the world.”
The modern infrastructure and strategic location of Dubai Industrial Park will enable Senaeyat to provide FMCG retailers, wholesalers, distributors and manufacturers in the region with sustainable supply chain solutions that meet their evolving needs. The first phase of the project will comprise multi-purpose built-up industrial units ranging from 20,000 to 60,000 square feet. Once completed, the project will span a total area of 3 million square feet.
Speaking on the agreement, Saud Abu Al-Shawareb, Managing Director of Dubai Industrial Park, said: “We welcome our new business partner Senaeyat to Dubai Industrial Park as a key value addition to our growing industrial hub. We look forward to a long successful partnership that will see us achieve mutual milestones and contribute to the realization of the Dubai Industrial Strategy 2030. Driven by our mandate to grow the industrial sector, we are committed to fulfilling the requirements of the developing market and our partners through dedicated business support, integrated scalable solutions and world-class infrastructure.”
Saleh Abdullah Lootah said: “The agreement with Dubai Industrial Park signifies an important step for Lootah Real Estate Development in entering the industrial market segment. With a strategically located and fully integrated destination such as Dubai Industrial Park, our development, Senaeyat, will meet the growing demand for quality industrial units. It’s exciting to be a part of the iconic facility of Dubai Industrial Park, which will add value to UAE businesses wishing to relocate or establish industrial units that suit their current and future needs.”
He added that the Senaeyat project actively supports the Dubai Industrial Strategy 2030 through enabling the development of the industrial ecosystem and providing clients with vital resources that will help them achieve their short- and long-term goals. In addition, Senaeyat aligns with Dubai’s expansion plans, as it directs companies to future growth areas.
Dubai Industrial Park, one of the largest industrial and manufacturing hubs in the region, provides state-of-the-art infrastructure and integrated solutions for businesses. The destination hosts over 250 factories and more than 700 business partners in sector-specific zones, including key multinational and local organisations such as Unilever, Al Shafar General Contracting, Emirates Printing Press, Al Futtaim Logistics, Almarai Group, Patchi, Gorica Industries, Gulf Eternit Industries and BASF.Back to all Construction News
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