Dubai Silicon Oasis Authority, Union Coop Sign Investment Contract to Establish Commercial Center Worth Dh94 Million
Retail pioneer Union Coop signed an investment contract with Dubai Silicon Oasis Authority (DSOA), the regulatory body for Dubai Silicon Oasis (DSO), to establish a commercial center worth an estimated AED94.442 million.
The investment contract was signed by Dr. Juma Al Matrooshi, Deputy CEO for Operations and Client Affairs at DSOA, and Mr. Khalid Humaid bin Diban Al Falasi, CEO of Union Coop, in the presence of Eng. 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, DSOA is keen on attracting investment opportunities that contribute to the diversification of services available to its residents. The new Union Coop commercial center will be a quality addition to the retail offering at DSO.”
Mr. Al Falasi said: “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 center that will meet the needs of the residents of DSO and the neighboring areas. We have purchased land from DSOA at a total cost of AED5 million within the framework of our community contributions.”
The commercial center 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.
Dubai Silicon Oasis Authority
Dubai Silicon Oasis Authority (DSOA), a 100% owned entity by the Government of Dubai is a free zone, strategically placed on the Emirates road. DSOA's urban master-planned community spans 7.2 square kilometers of state of the art office towers, R&D and industrial zones, educational institutions, luxury apartments, villas, hotels, healthcare and a full range of lifestyle facilities which translate into a dynamic commercial and social environment. Businesses can flourish under the unrivalled package of incentives, including 100% ownership, and high end IT infrastructure that allows companies to begin operating immediately.
Buy credits to publish your articles on Al Bawaba Biz here