31 December 2007

The real estate sector in the United Arab Emirates is set to attract over SAR 30 billion (USD 8 billion) in Saudi investments in 2007 as the growth in interest by the global community in the local real estate industry continues to soar. The key factor driving this growth has been the emergence of significant government legislation aimed at protecting investors, which is steadily being refined to benefit more buyers.

In line with the increased Saudi investment into the country, SNASCO, a leading property developer in the region, and one of the first to recognize the potential in the UAE, has announced its participation as a platinum sponsor at the International Property Show 2008, the biggest transactional property exhibition in the region, being held in February at the Dubai International Exhibition Centre (DIEC). During the exhibition’s three-day run, SNASCO will showcase some of its latest development projects, including the AED 2 billion (USD 545 million) Sharjah Investment Centre (SIC), the first mixed-use industrial development in Sharjah, which occupies a 32 million square foot plot along the Emirates Road and is strategically located in close proximity to the Sharjah International Airport and the Hamriyah Port. With 90% of phase one already sold out, SIC offers investors a combination of industrial, commercial and residential communities, incorporating hotel facilities, leisure services, a commercial centre, and a state-of-the-art Investment Centre.