Dubai Industrial Park (DIP) has signed an agreement with Lootah Real Estate Development to establish a 3m ft² pre-built industrial manufacturing development called Senaeyat.
The project, to be established in the industrial park, will consist of a 49-year land lease agreement covering an area of one million ft² for the first phase.
DIP is one of the largest industrial hubs in the region and member of the Tecom Group.
Tecom Group chief commercial officer Abdulla Belfour and Lootah executive director Saleh Abdullah Lootah signed the agreement.
Belhoul said: “We are pleased that Dubai Industrial Park, the business enabler in the industrial sector within TECOM Group, continues to make strides in developing the sector as a main engine for growth for Dubai and the region.”
“This strategic agreement with Lootah Real Estate Development to establish Senaeyat in Dubai Industrial Park is a significant step in line with our Group’s vision to stimulate investment and business growth in Dubai and the region.
“Our ongoing efforts amongst our different business communities are aimed at achieving the wise leadership’s vision and directives to position Dubai as one of the most competitive economies in the world.”
Senaeyat will provide sustainable supply chain solutions to FMCG, retailers, wholesalers, distributors and manufacturers in the region.
Under the first phase, Senaeyat will also offer built-up industrial units ranging from 20,000ft² to 60,000ft².
DIP managing director Saud Abu Al-Shawareb said: “We welcome our new business partner Senaeyat to Dubai Industrial Park, a key value addition to our growing industrial hub.
“We look forward to a long successful partnership to 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 meet the requirements of the developing market and our business partners through business support, integrated scalable solutions and world-class infrastructure.”
Saleh Abdulla Lootah said that the Senaeyat project supports the Dubai Industrial Strategy 2030, enabling the growth for the industrial ecosystem.
Image: DIP, Lootah to establish industrial manufacturing facility in Dubai. Photo: Courtesy of Dubai Industrial Park.