Alternative investment company Gulf Islamic Investments (GII) has signed an agreement with Saudi Arabia's industrial and logistics real estate developer Logipoint to create a joint venture (JV) for a logistics platform in a deal worth over 1 billion riyals ($300 million).

The GII-Logipoint JV will create new logistic infrastructure in key Saudi cities, starting in Riyadh and Jeddah, providing warehousing and handling facilities across the kingdom, a statement said.

This is the second logistics deal in quick succession for the Dubai-based GII, a Shari’ah-compliant investor with over $4.5 billion of assets under management (AUM). Earlier this month, Toronto-based Brookfield Asset Management acquired a majority stake in GII’s logistics business  in Dubai.

Pankaj Gupta, GII’s co-founder and co-CEO, said: “GII’s partnership with Logipoint extends GII’s logistic operations across Saudi Arabia to facilitate rapid expansion of the Kingdom’s infrastructure, supporting its booming economy. It is a natural progression for GII after our recent transaction in which Brookfield acquired a majority stake in GII’s logistics assets in the UAE”.

Logipoint is a subsidiary of KSA-based logistics and infrastructure investment company, SISCO Holding.

(Writing by Brinda Darasha; editing by Seban Scaria)