Dubai:Gargash Prime and JINGDONG Property, the infrastructure investment and asset management arm of JD.com, Inc., have entered into a memorandum of understanding (MoU) to develop a large-scale logistics facility on 2.5 million square feet of land in Dubai. This joint venture aims to establish a regional distribution and fulfilment hub to support supply chain needs across the Middle East.
According to Emirates News Agency, the MoU was signed during the Dubai Business Forum - China, organized recently by Dubai Chambers in Shenzhen. The agreement is a testament to the strengthening commercial ties between businesses in the UAE and China, promoting cross-border investments and partnerships.
This collaboration aligns with Gargash Prime's strategy to enhance real estate and logistics infrastructure in the UAE by partnering with global leaders, thereby supporting the UAE's ambitions to solidify its status as a global trade and logistics hub. Shehab Gargash, Founder of Gargash Prime, emphasized that the venture will contribute to the UAE's economic growth by delivering large-scale infrastructure.
Walid Hizaoui, Chief Strategy Officer of Gargash Prime, noted that the facility will establish a significant logistics footprint in the region, demonstrating the company's commitment to expanding its real estate ambitions into high-quality infrastructure that fosters the UAE's trade and logistics sector growth.
Carl Chen, CEO of JINGDONG Property, described the partnership as a pivotal step for the company’s long-term development in the UAE, enhancing regional capabilities and offering high-quality logistics infrastructure to both local and international customers.
Feng Guo, CEO of JD.com Middle East, highlighted the UAE's strategic location as a key gateway between major global markets, commending its connectivity and infrastructure. The collaboration will leverage JINGDONG Property's technology and logistics expertise alongside strong local knowledge to create a hub aimed at enhancing supply chain efficiency across the region.
JINGDONG Property, with over $16 billion in assets under management, specializes in high-standard, green logistics parks and other infrastructure, serving a diverse range of industries globally. This partnership further cements the commercial relationship between the UAE and China, underlining Dubai's role as a platform for international partnerships and trade. For Gargash Prime, the joint venture marks a significant expansion of its real estate and logistics portfolio in the region.