Dubai supermarket cooperative Union Coop has signed an investment deal with Dubai Silicon Oasis Authority (DSOA) to establish a Dsh94.442m ($25.7m) commercial centre in the zone.
The 141,589sqft centre is designed to meet the needs of Dubai Silicon Oasis residents and will be based on land purchased from DSOA for Dhs5m ($1.36m).
It will include basement parking a ground floor with shops and 250 parking spaces and an upper level with a 60,500sqft Union Coop hypermarket.
It comes under a 30-year renewable investment contact.
“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 maximise shareholder returns in the long run,” said Union Coop CEO Khalid Humaid bin Diban Al Falasi.
Union announced tenders for two new supermarkets in June and plans to open two others by year-end at Nad al Sheba and Palm Jumeirah’s The Pointe.