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Date: 06/10/2010

DSO Signs Deal With Souqextra For New Complex At Technology Park

Dubai Silicon Oasis (DSO), the integrated free zone technology park, today announced it has entered into a deal with SouqExtra, the pioneering national chain of community supercentres, to build a sprawling lifestyle complex at DSO.

The deal was signed by Eng. Muammar Al Katheeri, Senior VP Engineering Management - DSOA, and Saleh Abdullah Lootah, Managing Director of SouqExtra, at the DSO pavilion in Cityscape Global 2010, one of the largest business-to-business real estate investment and development events in the world.

Developed on an area of 140,000 sq. ft., the community supercentre will occupy a built-up area of 90,000 sq. ft. Construction work on the facility that will additionally host a mosque and an open park will commence in 2nd Quarter 2011 and completed in 2012.

Eng. Muammar said: “SouqExtra represents a truly unique concept and an authentic approach towards providing facilities and amenities that benefit residential communities in the UAE. Its presence within this fully integrated technology free zone will complement the rich offerings of Dubai Silicon Oasis, presenting to residents and visitors a wider choice to suit each individual’s lifestyle where they can live, work, and play.”

Saleh Abdullah Lootah said: “Our research into the area revealed that an open park would be highly valued among the residential community in Dubai Silicon Oasis. We also added a mosque to our plan which will complement the existing mosques in DSO. In line with SouqExtra’s community spirit and business model that promotes a holistic lifestyle offering, we aim to incorporate these structures and facilities as a part of our ninth development plan across the UAE.”

SouqExtra is a pioneering lifestyle supercentre model, representing an innovative retail concept shaped by extensive research into outlet positioning as well as the quality and variety of services offered. The confidence in the new retail concept is confirmed by the number of reputed investors who have invested in SouqExtra!, which include the Lootah Group, Emirates Post Group, National Bonds Corporation and a number of high net-worth individuals.

The deal for the supercentre in DSO is part of SouqExtra!’s strategic expansion plan to open 75 outlets across the UAE and the Middle East over the next 10 years.

Located within the 7.2-square km state-of-the-art integrated high-technology free zone, SouqExtra! is part of a comprehensive urban community at DSO that combines office towers, research and development (R&D) facilities and industrial zones, educational institutions, luxury apartments, villas, hotels, healthcare facilities, mosques, and a wide range of lifestyle options to create a dynamic commercial and social environment.