Investcorp announces completion of first European real estate portfolio

Mohammed Alardhi, executive chairman of Investcorp.
Updated 22 November 2017
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Investcorp announces completion of first European real estate portfolio

Investcorp, a leading global provider and manager of alternative investment products, has announced the completion of its first European real estate portfolio following the acquisition of seven additional assets.
The completion of the firm’s debut European portfolio — its UK industrial and logistics portfolio — is the first step in the firm’s ambition to build on its success in the US, where it is one of the biggest international real estate investors. The European strategy, which aims to create a portfolio of income-generating assets for investors, was launched in 2016. Following this acquisition, Investcorp’s European real estate investment already exceeds $100 million.
Investcorp will continue to explore multiple other European strategies, targeting income generating assets across various sectors and European geographies.
Mohammed Alardhi, executive chairman of Investcorp, said: “As we embark on our next phase of growth, I am pleased that our European real estate team is making significant progress in building out its property portfolio. This deal is further evidence of the momentum we’re creating in this important pillar of our growth strategy.
“The strength of our global network combined with our local expertise provides Investcorp with a leading edge in sourcing and originating real estate deals across Europe, providing the potential for long-term attractive returns for our investors.”
Yasser Bajsair, managing director at Investcorp in Saudi Arabia, said: “Europe continues to be an attractive market for Investcorp. With our recently formed European real estate team, and the completion of our first European real estate portfolio, we believe that we are on the right track to further strengthen our track record in Europe. It is also exciting to see our successful real estate investment business in the US grow into the UK.”
The investment announced comprises approximately 700,000-square-feet across three single-let distribution warehouses and four multi-let light industrial properties.
The properties are located in High Wycombe, Leeds, South Elmsall, Liverpool, Warrington, Glasgow and Edinburgh, and have a high level of occupancy rate with more than 40 tenants including many well-established occupiers.
The investment has been made in partnership with Citivale, a UK-based asset manager.


MCIT, Huawei launch Kingdom’s first IoT Lab

Updated 10 December 2018
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MCIT, Huawei launch Kingdom’s first IoT Lab

The Ministry of Communications and Information Technology (MCIT) and Huawei have announced the launch of the Kingdom’s first Internet of Things (IoT) lab and a fund of $1 million to support Saudi entrepreneurs. The announcement was made during the Huawei Day 2018 event held at The Ritz-Carlton, Riyadh.

The event was attended by Dr. Sulaiman Mirdad, minister adviser for IT industry development; Dennis Zhang, CEO of Huawei Saudi Arabia; and other representatives, including senior government officials, IT leaders and professionals.

The new lab will be located at Huawei’s innovation center in Riyadh and aims to provide entrepreneurs with a platform to innovate IoT applications, which will directly target the most important vertical sectors to the Kingdom.

This joint initiative between MCIT and Huawei is expected to boost the development of products and applications and promote an open and participatory IoT ecosystem. The new IoT lab is the first such innovation and development joint lab in Saudi Arabia. 

Under this cooperation, Huawei has also made available $1 million of funding to developers to accelerate the adoption of IoT in the Kingdom.

IoT development and innovation have transformed traditional industries and daily life. As hundreds of millions of IoT devices will be used for innovative services, the technology has a key role to play in digitalization across industries. Yet currently there is not much IoT adoption in Saudi Arabia, and there is a shortage in local skills and funding necessary to drive the sector forward. The lab is intended to bridge this gap, and ultimately to drive forward the Kingdom’s digital transformation forward and assist the leadership in achieving their vision of building a knowledge economy, in line with Saudi Vision 2030 and the National Transformation Plan 2020.

Dr. Ahmed Altheneyan, deputy minister for technology and digital capacities at MCIT, said: “We are proud to launch the Kingdom’s first IoT lab and fund with our partner Huawei, believing as we do that this initiative will help to promote ICT innovation and entrepreneurship ecosystem, accelerate the adoption of emerging technology within the Kingdom, and support in developing the skillset and technology necessary to enable our vision and national transformation plan.”

Huawei Saudi Arabia CEO Zhang said: “Saudi Vision 2030 calls for the development of the Kingdom into an innovative and globally competitive economy through digital transformation, and our aim at Huawei is to support the success of this vision. 

We are committed to open innovation and collaboration to promote the IoT sector here in Saudi Arabia and we see the launch of this lab as another milestone in our strategic partnership with MCIT.”