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FinancialNews
11-01-23
Bahrain’s Investcorp finalizes first real estate acquisition in Saudi Arabia in its USD1B GCC investment
(MENAFN) Bahrain’s Investcorp prepares to fund up to USD1 billion in the real estate market through the Gulf Cooperation Council nations during the upcoming five years, with a main concentration on Saudi Arabia as it seeks to capitalize on the nation’s expanding logistics industry.
The worldwide investment manager lately made its initial real estate purchase in Saudi Arabia, with a 215,000 square feet temperature-controlled warehouse in Dammam. This is the opening of USD100 million value of real estate funds that the company is presently evaluating in the nation, the firms stated in an announcement.
The firm has assigned its Dammam warehouse to Racking Systems Logistics Services Co., also recognized as RTL, a third-party logistics firm, which helps the Saudi market in the temperature-controlled warehousing and delivery segment.
This takes the worth of Investcorp’s worldwide warehousing logistics funds to more than USD4 billion, signifying nearly 42 million sq. ft of industrial capacity.
“The Saudi Arabian real estate market is experiencing strong growth. The logistics and industrial sectors have enormous potential as key pillars of Saudi Arabia’s Vision 2030 agenda to transform the Kingdom into a leading industrial powerhouse and a global logistics hub,” according to Hazem Ben-Gacem, co-chief executive of Investcorp.
MENAFN11012023000045014228ID1105412002
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