Retail pioneer Union Coop has signed an investment contract with Dubai Silicon Oasis Authority, DSOA, the regulatory body for Dubai Silicon Oasis, DSO, to establish a commercial centre worth an estimated AED94.442 million.
The investment contract was signed by Dr. Juma Al Matrooshi, Deputy CEO for Operations and Client Affairs at the DSOA, and Khalid Humaid bin Diban Al Falasi, CEO of Union Coop, in the presence of Madiya Al Marri, Director of the Properties and Projects Division, and Mohammed Al Marri, Director of the Business Development Section at the Properties and Projects Division at Union Coop.
Speaking about this new development, Dr. Al Matrooshi said, "In line with its efforts to develop an integrated community, the DSOA is keen on attracting investment opportunities that contribute to the diversification of services available to its residents. The new Union Coop commercial centre will be a quality addition to the retail offering at the DSO."
Al Falasi said, "In a bid to achieve our expansion goals, we are always looking for investment opportunities, in the form of both purchase and lease of land, that will allow us to supply the community with a wide range of products at competitive prices and maximise shareholder returns in the long run.
"We have signed a renewable 30-year investment contract with the DSOA to open a 141,589 sq. ft. commercial centre that will meet the needs of the residents of the DSO and the neighbouring areas. We have purchased land from the DSOA at a total cost of AED5 million within the framework of our community contributions."
The commercial centre will comprise a partial basement reserved for car parking, and a ground floor with a number of shops and 250 parking spaces. The first floor will house a Union Coop hypermarket spanning 60,500 sq. ft.