In July 2020, GII acquired a general warehouse located on Sheikh Zayed Road; the main freeway connecting multiple nodes of the two major cities in the UAE: Dubai and Abu Dhabi. Despite the challenges presented by the COVID-19 pandemic, within 9 months of the acquisition GII successfully refurbished and leased the first phase to Noon Daily - one of the region’s leading e-commerce companies - for general, air conditioned and cold storage.
The Noon Daily warehouse is located in National Industries Park, approximately 14 kilometres from Al Maktoum International Airport and 10 kilometres from Jebel Ali Port. GII was able to unlock further value from Noon Daily as the latter’s growth in operations and geographical expansion across the UAE meant a larger space requirement. GII developed and leased an additional 107,000 ft², leading to a total built up area of 275,000 ft².
The logistics and warehousing real estate asset class is growing globally. In the Middle East, this sector shows strong indications for further growth as a key focus area for Governments across Dubai and the wider GCC.
GII’s business focus within the logistics and warehousing asset class is to acquire high-yield investments backed by resilient and stable occupiers. The firm’s investments in a portfolio of high-quality and diversified warehousing and logistics assets allows our investors to enjoy stable and predictable returns.