Gulf Islamic Investments, LogiPoint ink SAR 1bn logistics JV deal in Saudi Arabia

Gulf Islamic Investments, LogiPoint ink SAR 1bn logistics JV deal in Saudi Arabia

Riyadh – Mubasher: Gulf Islamic Investments (GII) has signed a SAR 1 billion agreement with LogiPoint, a subsidiary of Sustainable Infrastructure Holding Company (SISCO Holding), to create a joint venture (JV) for a logistics platform.

The new platform is planned to provide Grade A warehousing solutions across Saudi Arabia, according to a press release.

The JV will offer warehousing and handling facilities to support a multi-asset logistical network serving companies throughout the kingdom.

Farooq Shaikh, CEO of LogiPoint, said: "Our collaboration with GII reinforces our position as leaders in the logistics industry. LogiPoint is proud to be aligned with the Vision 2030 goals, playing a pivotal role in transforming Saudi Arabia into a global logistics hub.”

Pankaj Gupta, Co-founder and Co-CEO of GII, stated: “GII’s partnership with LogiPoint extends GII’s logistics operations across Saudi Arabia to facilitate the rapid expansion of the kingdom’s infrastructure, supporting its booming economy.”

Mohammed Alhassan, the other Co-founder and Co-CEO of GII, commented: “Our logistics JV with LogiPoint is the latest element of GII’s growth strategy within the kingdom, which already includes a CMA banking licence for GII Saudi Arabia and the acquisition of Emad Bakeries in Jeddah within the last two months.”

This partnership marks the second recent logistics deal for GII,