Alternative asset giant Blackstone and Abu Dhabi’s Lunate are planning to invest $5 billion in the Gulf’s logistics industry.
The new partnership — called Gulf Logistics Infrastructure Development Enterprise, or GLIDE — will build up a dedicated team to target primarily investments in new warehouses and some acquisitions. The region’s economy is growing faster than most markets, with retail, manufacturing, and e-commerce driving expansion, the companies said in a statement. GLIDE sees a gap in “the availability of Grade A logistics facilities,” which are kitted with technology to improve operational efficiency.
Blackstone is already one of the world’s largest investors in logistics assets and has been increasingly looking at deals in the Middle East, including backing UAE classifieds business Property Finder.