GFH Partners buys $150mln Saudi, UAE logistics assets

GFH Partners buys $150mln Saudi, UAE logistics assets

GFH Partners, a DIFC based subsidiary of GFH Financial Group, has completed the acquisition of a $150 million diversified and multifaceted logistics and industrial portfolio in the Kingdom of Saudi Arabia that include assets in the UAE as well.

The portfolio combines stabilized income-yielding assets and development opportunities that are located in strategic logistics zones and industrial areas in the key cities of Riyadh and Dubai, said a statement from GFH Partners.

The portfolio has a mix of light industrial and cold storage facilities, as well as a variety of distribution and warehousing assets that are let to a diversified mix of high calibre, blue chip, international and regional tenants, it stated.

Announcing the key acquisition, CEO Nael Mustafa said the opportunity to invest in Saudi based logistics is driven by the growth of KSA’s non-oil sector GDP which is expected to grow by 5.9% in 2023 and more than 4% in 2023.

Similarly, the UAE’s economy anticipates a 3% growth in 2023 followed by a 4% growth the following year, driven by non-oil sectors as well.

The continued strength of Dubai’s position as a logistics hub is driven by continued strong demand for container and trade volumes in the key zones of Jebel Ali,