Gargash Prime and JINGDONG Property, the infrastructure investment and asset management arm of JD.com, Inc., announced the signing of an MoU on the sidelines of the Dubai Business Forum – China, which was organized recently by Dubai Chambers in Shenzhen.
According to the MoU, the parties will invest in a joint venture to collaborate on the development of a 2.5 million square feet land (~250,000 sqm) for a logistics facility in the UAE, envisioned as a regional distribution and fulfilment hub supporting local and regional supply chain needs across the Middle East.
The MoU was signed on 13 October, with the signing witnessed by H.E. Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers. The agreement underscores the growing commercial ties between UAE- and China-based businesses and the role of direct engagement in facilitating cross-border investment and partnerships.
The partnership forms part of Gargash Prime’s strategy to develop large-scale real estate and logistics infrastructure in the UAE through partnerships with global category leaders. It also supports the UAE’s ambition to strengthen its position as a global trade and logistics hub and aligns with the broader objectives of economic diversification and the Dubai Economic Agenda D33.
Commenting on the partnership, Shehab Gargash, Founder, Gargash Prime, said: “This joint venture with JINGDONG Property is about building the infrastructure that the UAE eyes to cement its position as a global logistics and trade hub. It brings together the capabilities of two partners with a shared ambition to build at scale and reflects the kind of strategic partnerships that will support the UAE’s next phase of economic growth.”
Walid Hizaoui, Chief Strategy Officer, Gargash Prime, added: “This facility gives us the scale and the partner to establish a serious logistics footprint in the region. It’s a clear example of how we’re translating Gargash Prime’s real estate ambitions into infrastructure that supports the UAE’s trade and logistics economy.”
From JINGDONG Property’s perspective, Carl Chen, CEO, JINGDONG Property, stated: “The partnership with Gargash Prime represents an important step in JINGDONG Property’s long-term development in the UAE. We look forward to supporting the UAE’s ambition to strengthen its position as a leading global trade and logistics hub. The new distribution and fulfilment facility will strengthen our regional capabilities while providing high-quality logistics infrastructure to local and international customers. ”
Feng Guo, CEO, JD.com Middle East, said: “The UAE is a key gateway between major global markets, supported by its connectivity, world-class infrastructure and pro-business environment. Together with Gargash Prime, we will combine JINGDONG Property’s technology and logistics capabilities with strong local expertise to develop a hub that supports more efficient and resilient supply chains in the UAE and across the wider region.”
JINGDONG Property manages more than 300 infrastructure assets globally, covering over 28 million square metres of gross floor area, with over USD 16 billion in assets under management. The company specialises in the investment, development and management of high standard and green logistics parks, business parks and data centres, serving customers across e-commerce, third-party logistics, manufacturing, retail and other emerging industries.
The signing further strengthens the commercial relationship between the UAE and China and reflects the opportunities created through direct engagement between businesses and institutions in both markets. The announcement during Dubai Chambers’ visit to Shenzhen reinforces Dubai’s role as a platform for international partnerships, investment and trade.
For Gargash Prime, the joint venture represents a significant step in building its real estate and logistics portfolio and in translating its strategy of partnering with global category leaders into large-scale infrastructure assets serving the UAE and the wider region.
