Dubai:Gargash Prime and JINGDONG Property, the infrastructure investment and asset management arm of JD.com, Inc., have signed a Memorandum of Understanding to jointly develop a logistics facility on 2.5 million square feet of land in Dubai. This project aims to establish a regional distribution and fulfillment 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 by Dubai Chambers in Shenzhen, with notable attendees including Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers. The agreement highlights the strengthening commercial ties between UAE and Chinese businesses and the importance of direct engagement in fostering cross-border investments and partnerships.
The collaboration aligns with Gargash Prime's strategy to enhance real estate and logistics infrastructure in the UAE through partnerships with leading global companies. It also supports the UAE's goals of becoming a prominent global trade and logistics hub, in line with the Dubai Economic Agenda D33 and the broader objectives of economic diversification.
Shehab Gargash, Founder of Gargash Prime, emphasized the potential of the joint venture to bolster the UAE's position as a logistics and trade hub. Walid Hizaoui, Chief Strategy Officer of Gargash Prime, noted that the facility's scale and strategic partnership would create a significant logistics footprint in the region.
Carl Chen, CEO of JINGDONG Property, remarked on the partnership's significance for JINGDONG's long-term development in the UAE, enhancing regional capabilities and providing quality logistics infrastructure for both local and international clients. Feng Guo, CEO of JD.com Middle East, highlighted the UAE's strategic position as a key gateway between major markets and the role of the new hub in supporting efficient supply chains.
JINGDONG Property is known for managing over 300 infrastructure assets worldwide, specializing in high-standard logistics parks, business parks, and data centers. The collaboration with Gargash Prime is seen as a pivotal step in expanding their logistics and real estate portfolio and furthering international business partnerships.