Dubai Industrial Park (DIP), a major industrial hub in the region and 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 1 million sq ft for the first phase of the project, said a statement from Dubai Industrial Park.

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 sq ft. Once completed, the project will span a total area of 3 million sq ft, remarked Abdulla Belhoul, the chief commercial officer of Tecom Group, after signing the deal with Saleh Abdullah Lootah, the executive director of Lootah Real Estate Development on the sidelines of Gulfood 2019.  

Belhoul said the strategic agreement with Lootah Real Estate Development aligns with its 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," he noted.

On the agreement, Saud Abu Al-Shawareb, the 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," he stated.

Lootah said the agreement with Dubai Industrial Park signifies an important step for its group 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 noted.-TradeArabia News Service