SouqExtra!, the UAE’s first chain of community supercentres, today signed a strategic agreement with Asteco, a leader in high-end property management, to secure and manage the reputed brands from the GCC and international markets on behalf of SouqExtra, a one-stop shop for day to day needs of the community.
SouqExtra, a AED 200 million worth of project with a unique and highly lucrative potential has attracted the attention of government and private sector renowned organizations of the UAE, such as, the Lootah Group, Emirates Post Group, National Bonds Corporation, Bonyan Holding, Abbasi Group as the major shareholders, along with a select group of strong businessmen established in the UAE.
Saleh Abdullah Lootah, Managing Director of SouqExtra, commented: “We are confident that SouqExtra-Asteco partnership will open a new chapter of development of high-end supercentres in the UAE and will eventually benefit the local economy. The tie-up will play a vital role in brining and introducing international super brands to the UAE that complement the ultra modern multicultural society of the country.”
Under the terms of the agreement, Asteco, using its extensive experience of retail industry, will select and secure international retail brands, manage them, establish lease booking system, facilitate the liaison with SouqExtra contractors.
“We are excited at the prospect of partnering with Souq Extra on such an inspiring concept which is establishing its mark in the UAE retail market We are sure that it would be an excellent opportunity for Asteco to work together on such an important concept, which focuses on wellbeing of the people.” Commented Camilla van der Merwe, Head of Leasing- Dubai, Asteco. – ends -
About SouqExtra!
SouqExtra! is the name of neighbourhood community-focused centers, with integrated primary services such as high-end grocery, kids’ play area, fast food outlets, coffee shops, full-fledged gymnasium, salon, photo shop and community hall, all designed to help the community meet their daily needs. SouqExtra’s tagline “My Favourite Place” sums up the concept’s unique sales proposition. The gyms, for instance, will offer the full range of fitness equipment, complete with a trainer. The community hall will be rented out to residents for hosting parties, birthdays, events, celebrations, family gatherings and other community activities. The Phase 1 of SouqExtra will add retail space of 500,000 sq. ft. in UAE. Each SouqExtra outlet will boast a uniform design with a friendly ambience and ample parking spaces, to serve as a one-stop shop for day to day needs of the community.
