At a Cost of AED 82 million
United Arab Emirates, Dubai, September 11, 2019: Union Coop the largest consumer cooperatives in the UAE has revealed through the Properties & Project Division to start the construction works of two commercial centers at a cost of AED 82 million in the areas of Al Badaa (Jumeirah) and Al Barsha Third. This is a part of Union Coop’s framework to achieve one of its most vital strategic objectives i.e. to establish a world-class shopping facility that offers a unique shopping experience for the valued consumers.
This has come during the signing of the contract of construction works with Al Shafar Civil Engineering Company to construct the two projects. The agreement was signed by H.E. Khalid Humaid Bin Diban Al Falasi, CEO of Union Coop, and H.E. Ali Bin Abdullah Al Shafar Chairman of Al Shafar Investment Group, in the presence of Eng. Madiya Al Marri, Director of Properties and Projects Division and H.E Saif bin Ali Al Shafar, CEO of Al Shafar Engineering Company, in addition to a number of executives from both sides.
H.E. Khalid Al Falasi, said, “The Union Coop has moved from building branches to building commercial centers with the aim of achieving the highest level of benefits to the shareholders and offering the best deals at competitive prices to the community members'. 'Union Coop is planning to expand to other Emirates during the upcoming years starting in the capital Abu Dhabi, Al Ain and then to the Northern Emirates'. Al Falasi Added.
For his part, H.E. Ali Bin Abdullah Al Shafar Chairman of Al Shafar Investment Group, said “We are delighted to deal with Union Coop to build two commercial centers in the Emirate of Dubai. He added that the company will take into account in the constructions of the two new projects the application of the latest and modern construction methods in sustainability and reduce carbon emissions, through implementing our vast experience in the field of constructions, and complete the projects within the set time frame. '
In details, H.E. Khalid Humaid Bin Diban Al Falasi said: “The first project located in Al Badaa - Dubai is a commercial center consisting of two basements, a ground floor and a first floor at a cost of AED 40 million and 39 thousand with a total Buildup area of 105,970 S.F. which includes 61 parking spaces distributed in the basement and ground floors.
The first floor includes a Union Coop supermarket. The expected time of project completion is December 2020.
The Barsha 3 project (Hessa Street) is a commercial center consisting of a basement, ground, mezzanine and first floors at a total cost of AED 42 million and 36 thousand with a total buildup area of 141,725 S.F. It includes 127 parking lots in the basement and first floors, and 12 shops & Union Coop Hypermarket are located in the ground and first floors. It is expected to be completed by December 2020.
20 projects underway
The CEO added that the number of underway projects amounted to 20 projects at a total cost of not less than 2.5 billion dirhams, noting at the same time that 10 projects will be completed in 2020 at a total cost of more than half a billion dirhams. Some of these projects are commercial centers and showrooms in different areas of Dubai such as Al Warqa 3, Al Barsha 3, Jumeirah First, Al Quoz 1, Nad Al Hamar, Al Barsha South First and other areas.