Logistics Middle East – August 2019

AUGUST 2019 | UPDATE

http://www.logisticsmiddleeast.com LOGISTICS MIDDLE EAST | AUGUST 2019 13

Lease-to-own warehousing initiative
Senaeyat launched in Dubai
Dubai-based
Lootah Real Es-
tate Develop-
ment has announced
the launch of Senaeyat,
a company that provides
lease-to-own industrial
warehouses for busi-
nesses.
Located in Dubai Industrial
Park, Senaeyat is the first to of-
fer a lease-to-own model for
clients, in which they can have
full ownership of the pre-built
industrial warehouses within
10 years.
Lootah said in a statement
that it has acquired three million
square feet land for 49 years in
Dubai Industrial Park to establish
Senaeyat.
Saleh Abdullah Lootah, CEO of
Lootah Real Estate Development,
said: “We are pleased to offer
this sustainable business model
to different industries to help
them convert their operational
costs to assets. This signifies
our commitment, not only to
residents whom we have de-
veloped world-class residential
projects for, but to the business
community as well.”
Senaeyat will be offered in two
phases, the first spread across
one million square feet and

the second across two million

square feet.

The first phase of the project

has four different built-up ar-

eas – 20,000 sq ft, 24,000 sq ft,

30,000 sq ft, 36,000 sq ft – to

cater to diverse market segments,

especially focusing on the un-

derserved market of small to

medium-sized industries.

The second phase will have the

same size options, in addition to

bigger built-up areas – 50,

sq ft and 60,000 sq ft.

“We understand the unique

requirements of different busi-

nesses from multiple industries,

and our portfolio of turnkey

warehouses are designed to

address them,” added Lootah.

“We found that many vacant

warehouse units are due to price

mismatch in the market, so we

made sure that Senaeyat keeps its

portfolio at a reasonable price,”

he said.

Dubai Industrial Park hosts

over 250 factories and more than

700 business partners in sector-

specific zones.

Arabtec pinches top executive from Abu

Dhabi Ports

Dubai-listed con-
struction firm
Arabtec Holding
has announced the appoint-
ment of Adel Al Wahedi as
its acting chief financial
officer.
Al Wahedi joins Arabtec from
Abu Dhabi Ports Company
where he worked on turning
around financial performance
over the last six years.
This news comes two months
after the group’s former CFO

vacated his position to tempo-

rarily take on the role of chief

executive officer from Hamish

Tyrwhitt, who stepped down

from the job.

Arabtec at the time provided

no details on why Tyrwhitt left

the company.

In its statement, Arabtec re-

ferred to Pollard as its group

CEO rather than an acting CEO,

and said the new CFO will help

deliver the company’s strategic

priorities.

For the rest of this year, these

priorities will include debt re-

financing, collection of receiva-

bles, shortening payment cycles

The l rst phase of the project has four different built-up areas.

and improving working capital.

Arabtec also said it plans

to diversify its backlog in the

infrastructure and industrial

sectors, focusing on the UAE,

Saudi Arabia, Egypt, Bahrain

and Kuwait.

Prior to joining Abu Dhabi

Ports, Al Wahedi was the chief

financial officer of Petrofac

Emirates, Mubadala Petro-

leum and deputy CFO of

Etisalat Misr, a subsidiary of

Etisalat UAE.

STORY SUMMARY

UK RAISE S THREAT LEVEL FOR BRITISH SHIPS IN

ARABIAN GULF

The UK raised the security level

for British ships in the Arabian

Gulf to its highest state of alert

as it deployed a second warship

to the region amid growing ten-

sions with Iran.

The decision to raise the

threat level to 3, or “critical,”

was made the day day before

Iranian ships attempted to seize

a British oil tanker in the Strait of

Hormuz, according to Sky News.

A security level of 3 means that

there is an imminent risk of an

attack on a UK ship, according to

the International Ship and Port

Facility (ISPS) security code.

The UK is sending the warship

HMS Duncan to the Arabian

Gulf to support HMS Montrose,

which will soon undergo main-

tenance and a change of crew,

according to the Ministry of

Defense.

“This will ensure that the UK

alongside international partners

can continue to support freedom

of navigation for vessels transit-

ing through this vital shipping

lane,” the statement added.