Garbe and Artar form JV
Garbe Industrial has signed a memorandum of understanding with Saudi real estate developer Artar to establish a strategic joint venture for logistics property developments in the Kingdom of Saudi Arabia. Operating under the name "AG Logistics Partners", the partnership aims to develop Grade-A logistics facilities that aim to support economic diversification and strengthen Saudi Arabia’s role as an international logistics hub as Garbe reported.
The joint venture will focus on the development of warehouses and distribution centres in the country’s main economic regions, including Riyadh, Jeddah and Dammam. Over the next five years, several logistics properties are planned in these metropolitan areas. "This collaboration marks a turning point in Saudi Arabia's transformation under Vision 2030," stated Sulaiman AlRashid, CEO of Artar. "Our aim is to achieve quality leadership for high-quality, modern logistics properties in Saudi Arabia within the framework of the joint venture," added Christopher Garbe (pictured), managing partner of Garbe Industrial.