GKE Corporation is moving ahead with its plan to build a logistics facility in the Middle East and taking a longer term view.
First announced on Jan 6, the company had indicated plans to lease a plot within the Jebel Ali Free Zone at Dubai for a 20-year term and to then build a warehouse.
According to GKE, it has since revised the plans where under a non-binding letter of intent, it will sign the lease for a 61,881.28 sqm plot for 25 years, plus the option to renew for another 25 years.
"This alternative not only provides greater flexibility in design and functionality but also may result in long-term cost savings," explains GKE.
GKE Corp shares closed at 7.9 cents on June 16, down 1.25% for the day, extending a drop of 21% year to date.
