Dubai Industrial Park, one of the largest industrial hubs in the region and a member of TECOM Group, has signed a long term agreement with Lootah Real Estate Development to establish Senaeyat, a pre-built modern industrial manufacturing development in the Park. This project comprises of a 49-year land lease agreement covering an area of one million square feet for the first phase Abdulla Belhoul, Chief Commercial Officer of TECOM Group, and Saleh Abdullah Lootah, Executive Director of Lootah Real Estate Development, signed the agreement in a ceremony that took place on the sidelines of Dubai Industrial Park’s participation at Gulfood 2019.
Abdulla Belhoul said: “We are pleased that Dubai Industrial Park, the leading 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.”
Managing Director of Dubai Industrial Park, Saud Abu Al-Shawareb commented on the agreement: “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 Abdullah Lootah said: “The signing of the 49-year land lease agreement with Dubai Industrial Park signifies an important step of Lootah Real Estate Development in entering the industrial market segment. 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.”
Saleh Abdulla Lootah added that Senaeyat project brought by Lootah actively supports the Dubai Industrial Strategy 2030, enabling the growth for the industrial ecosystem, providing clients with an important resource to achieve short to long-term goals. Additionally, Senaeyat keeps its alignment with Dubai’s expansion plans, placing clients in future growth areas.
Dubai Industrial Park, one of the largest industrial and manufacturing hubs in the region, provides state-of-the-art infrastructure and integrated solutions for businesses. The destination hosts over 250 factories and more than 700 business partners in sector-specific zones including key multinational and local organisations such as Unilever, Al Shafar General Contracting, Emirates Printing Press, Al Futtaim Logistics, Almarai Group, Patchi, Gorica Industries, Gulf Eternit Industries and BASF.