Phase I of the Logistics Park is to be completed by CPL

Centre Point Logistics (CPL) is a supply chain services and logistics company in Dubai. One-third of the flagship 2.1 million square feet property is about to be completed as it’s expected by the logistics company. This property is a logistics park in Jebel Ali Free Zone. As the official said the property will be completed by the end of this year. The Managing Partner of Centre Point Logistics Dubai, Brent Pearson told “We expect Phase I of the park, which is around 30 per cent of the 2.1 million square feet facility, to be completed by the end of this year and we believe our business model supports our target. In regards to our investment returns, I'm confident that by the end of this year we will have a customer base that will enable us to meet our targets.”

Last year in Q4, the construction of this logistics park was launched and for the construction of the warehouses, site preparations are also being done. As far as the cost of the project is concerned, he further said, “Finalisation of some contracts with the contractors is going through at the moment. Therefore, the final cost hasn't been worked out. Nevertheless, it is expected to be in the vicinity of a couple of hundred million dirhams." For the warehousing facilities the firm has already started receiving interests from customers. The firm would be able to finalize few deals with both regional and international customers.

Regarding the funding of the project, Brent Pearson told, “We have spoken to a number of finance providers. Obviously bank financing is more difficult in this environment, so we're putting in our own equity and looking at the various options. Any financing we may obtain will be Shariah-compliant which can include come investment banks, Islamic banks, and private equity both based in Dubai and outside the UAE.”

If we compare the logistics sector in the year 2010 with the previous year, he said that the year that had passed was a year of fluctuations. He also told that the firm currently is negotiating for building warehouse facilities in other countries as well.