"The cooperative has allocated 2.5 billion dirhams to be invested in 20 projects, including commercial centers and new branches, which are due to be implemented in the next three years," said Khalid Humaid Bin Theban Al Falasi, CEO of the Union Cooperative.
He added, during a press conference, yesterday to announce the signing of an agreement with «Al Shafar Civil Engineering», that «has already begun the steps to establish these projects, through the signing of the agreement with (Al Shafar Civil Engineering) to implement two commercial centers projects at a cost of more than AED 82 million in Al Bada'a (Jumeirah) and Al Barsha 3 (Hessa Street) »
He explained that «the total area planned for the commercial center project in Bidaa is 105.9 thousand square feet, at a cost of 40 million and 39 thousand dirhams», adding that «the center expected to be completed in December 2020, contains 61 parking, and consists of two basements and ground floors and the first, where the floor The first (supermarket) of the cooperative ».
Al-Falasi said that «Al Barsha project, a commercial center also on an area of 141.7 thousand square feet, at a total cost of about 42 million and 36 thousand dirhams».
He pointed out that the new center includes 127 parking spaces in the basement and ground floor, in addition to 12 shops and (hypermarkets) of the Union's cooperative on the ground and first floors, expected to be completed during December next year.
Al-Falasi announced that «the cooperative intends to complete 10 commercial centers within its expansion plans in Dubai at a cost of more than one billion dirhams with the value of land and construction», pointing out that «centers planned to be completed during the next year, include different areas of Dubai».
He said that «the cooperative has a tendency to rely on self-financing in its new projects during the next three years without resorting to banks».
- «Cooperative» started
Establishment of two commercial centers
At a cost of 82 million
AED, in heresies
And «Al Barsha 3».