Investcorp to invest $1bln in GCC real estate in five years

Bahrain-based Investcorp will invest $1 billion in GCC real estate over the next five years, with $100 million already under consideration for Saudi Arabia This includes the alternative investment company’s first real estate acquisition in Saudi, a 215,000 sq.ft. warehouse in Dammam, which was announced last year, and is leased to third-party logistics provider Racking Systems Logistics Services Company (RTL). The warehouse will be part of Investcorp’s $4 billion warehousing logistics investments globally, the company said today. Hazem Ben-Gacem, Co-Chief Executive Officer of Investcorp, said: “The Saudi Arabian real estate market is experiencing strong growth. “The logistics and industrial sectors have enormous potential as key pillars of Saudi Arabia’s Vision 2030 agenda to transform the Kingdom into a leading industrial powerhouse and a global logistics hub.” Babak Sultani, head of GCC real estate at Investcorp, said: “Our first acquisition of a warehouse facility in the GCC expands on our recent activity in the region where we see long-term growth dynamics, particularly in the Saudi Arabian market. “We have ambitious plans across diversified real estate sectors that support healthcare, education, entertainment, consumer goods, tech-enabled services, manufacturing, transport and logistics, and industrial services.” In September 2022, Investcorp’s Gulf Pre-IPO Growth Fund led a $100 million financing round in TruKKer Holding Limited, a digital freight network, and acquired a majority stake in NourNet, a Saudi Connectivity and ICT services provider. As of December 2022, Investcorp employs more than 20,000 people across the Kingdom of Saudi Arabia, the company said. (Writing by Imogen Lillywhite; editing by Seban Scaria) imogen.lillywhite@lseg.com

Investcorp to invest $1bln in GCC real estate in five years

DISCOVER MORE

Kuwait Investment Authority cuts stake in Mercedes-Benz

Five African cities hold more than 50% of continent's private wealth

Gulf institutions may find ripe pickings with distressed financial assets in the West

Kuwait extends maturity of $2bln deposit at CBE to September 2023

UAE: Are gold, bonds best bets for investors amid global market turmoil?

Musk denies report on SpaceX's plans for new funding from Saudi, UAE

British billionaire to offer $5bln against Qatari bid for Man United

Credit Suisse collapse threatens Switzerland's wealth management crown

Five African cities hold more than 50% of continent's private wealth

AI may affect 300mln full-time jobs: Goldman Sachs

Maldives airport temporarily shut down after Flydubai aircraft suffers tire burst on landing

Real GDP growth in the GCC region will slow to 3.5% in 2023

UAE approves 24 national initiatives to double re-export industry

Gulf Ventures launches food business platform

Infracorp posts net profit of $33mln: Bahrain

Saudi's SIIG agrees to invest $70mln in Unibio

Investments ‘created 6,400 new jobs’: Bahrain

India and Saudi Arabia to create investment bridge

LATEST VIDEO

VIDEO: Why is China's Belt and Road Initiative facing setbacks?

ZAWYA COVERAGE

Saudi Al Rajhi Bank raises $1bln in Islamic bonds

Dubai’s Empower approves $115mln dividend

Aldar and Mubadala to launch JV to develop ADGM office tower

Abu Dhabi's ADNOC Gas posts 2022 net profit of $4.9bln on higher prices

Bulgaria's producer prices down 7.9% m/m in February

Hungary central bank: inflation risks and growth outlook balanced

Mideast Stocks: Gulf markets gain on steady oil, receding bank fears

DEWA discusses enhancing cooperation with General Electric

Britain sets out plans to boost energy security

THE BRI REPORT

China is reshaping the Belt and Road Initiative ahead of a post-pandemic era

DISCOVER MORE

LATEST VIDEO

ZAWYA NEWSLETTERS

ZAWYA COVERAGE