SNASCO studying options to strengthen its presence across the wider Middle East

The Sharjah Investment Center (SIC), a mega project underdevelopment by SNASCO, has generated much interest from potential investors at the 10th Al Riyadh Exhibition for Real Estate & Architectural Development, which is currently taking place in the Kingdom's capital, from April 29 to May 4. The annual expo is considered as one of the paramount meeting places for real estate investors and purchasers within the KSA and GCC. SIC, a mixed used project being developed as part of Sharjah's plan for industrial and commercial expansion, has caught the attention of many investors due to the great economical potential it brings to the emirate. The project has been designed to draw investments both locally and foreign to Sharjah, strengthening its economy and providing additional avenues for development, while creating further job opportunities. Speaking of its Sharjah based project, Mr. Saleh N. Al-Sorayai, Chairman of SNASCO said: "We aim through our participation at this exhibition to highlight and promote the projects we are productively developing in the UAE. Our SIC development is central to this promotion as it is indeed vast in nature and the fruit of a beneficial Saudi-Emirati alliance. The project spreads over 32 million sq. ft. and is a mixture of both residential and commercial units. "We have already begun infrastructural works, with its road schemes and environmental studies already near completion. We also recognize that this achievement would not be possible without the support of the Sharjah government, who has to date, given their unlimited support to establishing economically viable projects in the emirate." With SNASCO's work within the GCC moving along at a swift and successful rate, Al Sorayai, confirmed that there are definite plans to move beyond the Gulf and establish a presence in the wider Arab World. The firm is already planning to put into action several large scale investment projects - with alliances between it and several large corporations from across Saudi Arabia, the GCC and the wider region being considered. The chairman stated that SNASCO will soon officially announce its offers to expand its investments in the neighboring Arab countries.