Joint venture set to develop Gulf distribution parks

WAREHOUSE PLAN: The new company aims to tap into the demand for warehouses in the Gulf. (For illustrative purposes only)

A new joint venture agreement has been signed to develop a series of distribution parks throughout the Gulf region.

Logistics company Helios Properties has inked a deal with SinoGulf, the Abu Dhabi-based real estate investment company, to develop a network of distribution parks.

The two companies have formed a 50/50 joint venture named Helios-SinoGulf Property Development to take advantage of the growth in demand for warehousing and logistics services in the region.

The company has an initial development programme of more than 300,000 square metres in its first 12 months and is currently in negotiations for several projects in the UAE.

Trevor Cartner, executive director of Helios, said: "There is huge potential for logistics in the Gulf states, which is a market we have tracked for a number of years.

"The UAE has emerged as the region's trading and transhipment hub which is generating strong demand for warehousing. Helios' proven ability to deliver large scale development projects together with SinoGulf's track record in the UAE will be a winning combination."

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