Saleh Abdullah Lootah (centre) with other top officials during a media briefing in Dubai on Tuesday.
Lootah Real Estate Development (Lootah), one of the region’s most prominent real estate developers, on Tuesday announced the launch of Senaeyat, a company that provides lease-to-own industrial warehouses for businesses of different sizes.
Located in a major industrial growth hub in Dubai, Dubai Industrial Park, Senaeyat is the first to offer a lease-to-own model for clients, in which they can have full ownership of the pre-built industrial warehouses within 10 years.
Lootah has acquired three million square feet land for 49 years with Dubai Industrial Park to establish Senaeyat, an industrial warehouse development project in Dubai Industrial Park.
Saleh Abdullah Lootah, CEO of Lootah Real Estate Development told Gulf Today that they were 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 developed world-class residential projects for, but to the business community as well,” he added.
He mentioned that they are planning to invest Dhs300 million on the 1st phase of the project that comprising of 20 units that has four different built-up areas – 20,000 sqft, 24,000 sqft, 30,000 sqft, 36,000 sqft – to cater to diverse market segments, especially focusing on the underserved market of small to medium-sized industries. 2nd phase will have the same size options, in addition to bigger built-up areas – 50,000 sqft and 60,000 sqft.
Saleh expressed his optimism over the Dubai business environment, adding that the city of wonders is a global business hub and is marching ahead under the dynamic and visionary leadership of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
“We understand the unique requirements of different businesses from multiple industries, and our portfolio of turnkey warehouses are designed to address them,” added Saleh 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,” explained Saleh Lootah.
Saleh Abdullah Lootah added that Senaeyat project brought by Lootah actively supports the Dubai Industrial Strategy 2030, enabling the growth for the industrial ecosystem, providing clients with an important resource to achieve short to long-term goals. Additionally, Senaeyat keeps its alignment with Dubai’s expansion plans, placing clients in future growth areas.
Senaeyat has acquired a total of three million square feet for the whole project in Dubai Industrial Park, which will be offered in two phases. The first one includes one million square feet, and the second, two million square feet.
According to the Saleh Lootah, Senaeyat’s wide range of modern specifications is a response to the growing demand for such warehouses in the market, as these European models aren’t widely available. The warehouses will also be ready-to-use upon handover.
Potential clients can also benefit from the warehouses’ proximity to major areas such as Maktoum Airport, Jebel Ali port, Expo 2020 site, and several major highways such as Sheikh Mohammed Bin Zayed Road and Emirates Road.
Senaeyat’s location is also considered customs-exempted due to its presence at Dubai Industrial Park, thus potential clients can also cut costs if they go for its warehouse offerings.
Senaeyat also offers the warehouses on competitive rates to counter the current fluctuating prices in the market.
Lootah has been in the industry for long, being one of the pioneer real estate companies in Dubai. It has developed major residential and commercial and has since been setting benchmarks for urban development.
Dubai Industrial Park, one of the largest industrial and manufacturing hubs in Dubai, provides state-of-the-art infrastructure and integrated solutions for businesses. The destination hosts over 250 factories and more than 700 business partners in sector-specific zones.
Since inception, Lootah Real Estate Development has acted as the pioneering real estate development arm of Lootah Holding. Through a culture of excellence and an unswerving commitment to provide the very highest standards of living, LRED has not only achieved, but exceeded, the most ambitious goals. Already over 1,000 units have been delivered to satisfied occupants, with many more planned for the future.
Lootah Real Estate Development has positioned itself as the leaders in innovation in the real estate development sector, and accordingly became the lifestyle developer of choice within the region recognised for creating modern communities.
LRED properties are all conveniently located in accessible areas across the city and offer everything from studios to one & two-bedroom apartments and of course townhouses making sure that they cater to all segments whether individuals, young couple or larger families.