Business | Construction

Sorouh and Goodman to jointly develop business zones in Gulf

Sorouh Real Estate and Goodman on Tuesday said they had entered into a joint venture for the development and management of business and logistics parks in the Gulf.

  • Staff Report
  • Published: 00:36 March 5, 2008
  • Gulf News

Dubai: Sorouh Real Estate and Goodman on Tuesday said they had entered into a joint venture for the development and management of business and logistics parks in the Gulf.

Goodman is one of the world's leading integrated property groups that owns, develops and manages industrial property and business space globally.

With more than 2,700 customers around the world, Goodman provides office, logistics and industrial accommodation in business park locations.

The group has a large institutional investor base, managing over $30 billion of property assets worldwide.

"We chose to embark upon this JV with Goodman because they pioneered and led the concept of the business park and continue innovating to this day," Mounir Haidar, chief executive of Sorouh, said.

The venture will be established as a new company with the right to develop and manage business parks and logistics sites within the Gulf, with each of Goodman and Sorouh maintaining equal management rights and board representation in the company.

"Investors are becoming more and more attracted to international real estate opportunities, particularly in the Middle East and Asia," said Gregory Goodman, group CEO of Goodman.

"Goodman Sorouh represents two very knowledgeable and experienced commercial property companies - a combination that will benefit both our customers and our investors."

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