Dubai Industrial Park has inked a long-term agreement with Lootah Real Estate Development to build Senaeyat, a 28ha industrial project.
The partnership includes a 49-year lease for a 9.3ha land plot that will make up Phase 1 of the project. The first phase will comprise industrial units ranging from 1,860-5,574m2.
Speaking on the deal, Saud Abu Al-Shawareb, managing director of Dubai Industrial Park, said: “Driven by our mandate to grow the industrial sector, we are committed to fulfilling the requirements of the developing market and our partners through dedicated business support, integrated scalable solutions, and world-class infrastructure.”
Saleh Abdullah Lootah, executive director of Lootah Real Estate Development, added the move “signifies an important step for Lootah Real Estaet Development in entering the industrial market segment”.
He added: “It’s exciting to be part of the iconic facility of Dubai Industrial Park, which will add value to UAE businesses wishing to relocate to establish industrial units that suit their current and future needs.”