Union Coop, the consumer co-operative of Dubai and a key manager of hypermarkets, has signed a contract with Dubai Silicon Oasis Authority (DSOA), the regulatory body for Dubai Silicon Oasis, to build a commercial centre at an investment of Dh94.42 million ($25.7 million).

Dr Juma Al Matrooshi, Deputy CEO for operations and client affairs at the DSOA, sealed the investment 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 civision, and Mohammed Al Marri, director of the business development section at the properties and projects division at Union Coop.

On the 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," he stated.

According to him, the commercial centre will boast a partial basement reserved for car parking, and a ground floor with a number of shops and a total of 250 parking spaces. The first floor will house a Union Coop hypermarket spanning 60,500 sq ft.

Al Falasi pointed out that Union Coop was always on the lookout for investment opportunities, in the form of both purchase and lease of land, that would allow it 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 to open a 141,589-sq-ft commercial centre that will meet the needs of the residents of the DSO and the neighbouring areas," he stated.

"We have purchased land from the DSOA at a total cost of Dh5 million within the framework of our community contributions," he added.-TradeArabia News Service