Dubai Industrial Park has signed a long-term agreement with Lootah Real Estate Development to establish Senaeyat
Dubai Industrial Park has signed a long-term agreement with Lootah Real Estate Development to establish Senaeyat, a pre-built industrial manufacturing development.
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.
The location of Dubai Industrial Park will enable Senaeyat to provide FMCG retailers, wholesalers, distributors and manufacturers in the region with sustainable supply chain solutions.
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.
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.
"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.”
Lootah added: “The agreement with Dubai Industrial Park signifies an important step for Lootah Real Estate Development in entering the industrial market segment. 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.
Dubai Industrial Park hosts over 250 factories and more than 700 business partners in sector-specific zones.For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.