Phase one includes a 49-year land lease agreement for one million sqm
Lootah Real Estate has signed a long-term agreement with Dubai Industrial Park (DIP) to establish Senaeyat, a 3 million sqm pre-built modern industrial manufacturing development. Phase one comprises of a 49-year land lease agreement covering an area of one million sqm.
DIP is one of the largest industrial hubs in the region and a member of TECOM Group. Abdulla Belhoul, Chief Commercial Officer of TECOM Group, and Saleh Abdullah Lootah, executive director of Lootah Real Estate Development, signed the agreement during DIP’s participation at Gulfood 2019, the company said in a statement.
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.”
“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,” said Saud Abu Al-Shawareb, MD of DIP about the agreement. “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.”
Lootah stated: “With a strategically located and fully integrated destination such as Dubai Industrial Park, our development, Senaeyat, will meet the growing demands for quality industrial units. It’s exciting to be a part of an iconic facility of Dubai Industrial Park which will add value to UAE businesses wishing to relocate or establish a warehouse that suit their current and future needs.”
He concluded that the Senaeyat project actively supports the Dubai Industrial Strategy 2030, enabling the growth for the industrial ecosystem and providing clients with an important resource to achieve short and long-term goals.