Gargash Prime and JINGDONG Property, the infrastructure investment and asset management arm of JD.com, have signed a memorandum of understanding to form a joint venture that will develop a logistics facility on 2.5 million square feet of land in Dubai.
The site is envisioned as a regional distribution and fulfilment hub serving local and Middle East supply chains.
The agreement was signed on the sidelines of the Dubai Business Forum – China, organised by Dubai Chambers in Shenzhen. Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, was present.
The project forms part of Gargash Prime’s strategy of building large-scale real estate and logistics infrastructure in the UAE with global category leaders. It also supports the country’s ambition to strengthen its position as a global trade and logistics hub, in line with economic diversification goals and the Dubai Economic Agenda D33.
Shehab Gargash, Founder of Gargash Prime, said the venture will help deliver infrastructure at scale for the next phase of the UAE’s economic growth. Walid Hizaoui, Chief Strategy Officer, said the facility gives the company the scale and the right partner to establish a significant logistics footprint in the region.
Carl Chen, CEO of JINGDONG Property, called the partnership an important step in the company’s long-term development in the UAE. Feng Guo, CEO of JD.com Middle East, said the hub will combine JINGDONG Property’s technology and logistics capabilities with local expertise to support more efficient and resilient supply chains.
JINGDONG Property manages more than 300 infrastructure assets globally, covering over 28 million square metres of gross floor area and more than $16 billion in assets under management. It specialises in green logistics parks, business parks and data centres.
News Source: Emirates News Agency
