Arcapita buys 10 Dubai warehouses for $150m

DUBAI: Arcapita said on Tuesday it has acquired 10 warehouses in Dubai worth $150 million (Dh550.95 million).

The warehouses, totalling 1.2 million square feet, are primarily in Dubai Investments Park (DIP), the Sharia-compliant investment firm said in a statement.

Arcapita CEO Atif Abdul Malik said, “We aim to capitalise on the burgeoning logistics sector of the UAE, which is increasingly being driven by the growth of e-commerce and the increase in regional trade to create a diversified logistics platform that covers the entire spectrum of the sector and deliver a stable yield and compelling returns for our investors.”

Last year Arcapita acquired eight warehouses in Al Quoz valued at $100 million.