Saudi Arabian companies Blominvest and SinoGulf have signed an agreement to develop an industrial logistics park in Riyadh for US$306mn
Hussain Al Awlaqi, chairman of SinoGulf, said, ?We are excited to continue investing in the Saudi Arabian market and look forward to partnering with a reputable establishment like Blominvest. We will remain committed in delivering quality products, in line with our previous developments in the UAE and Saudi Arabia.?
The logistics park will cover an area of 1.1mn sqm, and contain warehouses, office spaces as well as labour camps. The project is expected to be carried out over a period of four years and handled by a private fund that will be managed by Blominvest, stated officials from the company.
Abdullah Saud AlRashoud, CEO of Blominvest revealed that the main purpose of the fund is to invest in the industrial real estate sector through the acquisition of a plot located in Eastern Riyadh.