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Bahrain-headquartered GFH Bank has signed a memorandum of understanding (MoU) with Dubai-based OCTO Management Consultancies (OCTO) to develop a $300 million logistics and industrial real estate platform across Saudi Arabia and the UAE.
The collaboration aims to capitalise on the strong growth fundamentals underpinning the logistics and industrial sectors across the GCC, driven by the rapid expansion of e-commerce, supply chain localisation, manufacturing growth and major infrastructure investments in both markets, the lender said in a statement to the Dubai Financial Market.
GFH will act as investment manager and development partner for the platform, which will focus on large-format warehousing, multi-let industrial assets, cold storage facilities and distribution centres.
The strategy will primarily target development-stage assets with a balanced mix of build-to-suit and speculative developments designed to capture growing occupier demand.
The bank currently manages assets and funds valued at $24 billion, including a global investment portfolio spanning the GCC, the US and Europe, across sectors including logistics, healthcare, education, technology and real estate.
GFH Bank is also listed on the Bahrain Bourse, Abu Dhabi Securities Exchange and Boursa Kuwait.
(Writing by P Deol; Editing by Anoop Menon)
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