Union Coop signs investment contract to develop commercial centre in Dubai Silicon Oasis
Retailer 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 AED94.4 million ($25.7 million).
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, a statement said.
The investment contract was signed by Dr Juma Al Matrooshi, deputy CEO for Operations and Client Affairs at DSOA, and Khalid Humaid bin Diban Al Falasi, CEO of Union Coop.
Al Matrooshi said: “In line with its efforts to develop an integrated community, 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 DSO.”
Al Falasi added: “In a bid to achieve our expansion goals, we are always looking for investment opportunities, in 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 maximize shareholder returns in the long run.”
He added: “We have signed a renewable 30-year investment contract with DSOA to open a 141,589 sq ft commercial centre that will meet the needs of the residents of DSO and the neighbouring areas. We have purchased land from DSOA at a total cost of AED5 million within the framework of our community contributions.”