Union Coop to build $25.7mn commercial centre in Dubai Silicon Oasis
Centre will be designed to serve the needs of people living and working in the freezone
Union Coop has signed an agreement with Dubai Silicon Oasis Authority (DSOA) to build a commercial centre. The project will be built in Dubai Silicon Oasis at a cost of $25.7 million and will host a 5,620sqm Union Coop hypermarket on its first floor.
The commercial centre will also feature a basement designated for car parking, and a ground floor that will accommodate shops and 250 parking spaces.
Dr Juma Al Matrooshi, deputy CEO for operations and client affairs at DSOA signed the contract with 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.
“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,” said Dr Al Matrooshi.
Al Falasi added that Union Coop is keen on investment opportunities, which allows it to supply the community with a wide range of products at competitive prices, while maximising shareholder returns in the long run.
“We have signed a renewable 30-year investment contract to open a 13,154sqm 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 $1.37m within the framework of our community contributions,” Al Falasi explained.
