This project comprises of a 49-year land lease agreement covering an area of one million square feet for the first phase.
Abdulla Belhoul, Chief Commercial Officer of TECOM Group, and Saleh Abdullah Lootah, Executive Director of Lootah Real Estate Development, signed the agreement in a ceremony that took place on the sidelines of Dubai Industrial Park’s participation at Gulfood 2019.
Commenting on the new partnership, 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 engine for growth for Dubai and the region.
“This strategic agreement with Lootah Real Estate Development to establish Senaeyat in Dubai Industrial Park is a significant step in line with our Group’s vision to stimulate investment and business growth in Dubai and the region. Our ongoing efforts amongst our different business communities are aimed at achieving the wise leadership’s vision and directives to position Dubai as one of 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, distributers, manufacturers in the region with sustainable supply chain solutions for their evolving needs. Senaeyat will offer investors built-up industrial units ranging from 20,000 to 60,000 square feet for a variety of needs in its first phase.
For his part, Saud Abu Al-Shawareb, Managing Director of Dubai Industrial Park, commented, “We look forward to a long successful partnership to achieve mutual milestones and contribute to the realisation of the Dubai Industrial Strategy 2030. Driven by our mandate to grow the industrial sector, we are committed to meet the requirements of the developing market and our business partners through business support, integrated scalable solutions and world-class infrastructure.”
In turn, Lootah stated that the agreement with Dubai Industrial Park signifies an important step of 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 demands for quality industrial units.”
PC: Emirates News Agency