Snasco will enter Algerian market
Real estate company Snasco has its sights set on the Algerian market as part of a strategy to expand in the Arab world. The Saudi-owned company, which holds an impressive project portfolio, including the renowned Dh2 billion Sharjah Investment Centre, has been an active player in the UAE’s property market, especially in Sharjah.
“The Arab world’s growing role in the global economy has opened up opportunities and the company is willing to enter prospective markets,” said Chairman Saleh Al Sorayai. “Entering the Algerian property market is part of our strategy. Expansion throughout the UAE and the Arab region currently feature heavily on the agenda and there are possible projects in the pipeline in Abu Dhabi and Jordan.”
He said Snasco had studied the Algerian market and discovered the country had attracted $20bn (Dh73bn) of Arab investment in different sectors, including property, tourism, banking, agriculture and commodities.
Algeria, which has valuable hydrocarbon resources, is well situated just south of the European Union – one of the world’s major energy consumption areas. “This combination promises to yield exceptional opportunities in terms of oil and gas production, which, in turn, will lead to heightened opportunities across the full spectrum of Algeria’s economic sectors, including property,” said Al Sorayai.
“Our studies show that there is an increasing demand in the property sector.
“The Algerian Government supports foreign investment and offers incentives in the form of tax advantages, such as reduced custom duty rates on imports, value-added tax exemptions on goods and services and exemption from property transfer tax,” said Al Sorayai.
“There is a great deal of potential for development in Algeria – the country’s natural resources are a prime target for investment.
“The demand for housing and other property developments and the support given by the government were factors behind the company’s plans to enter this market and explore possible opportunities,” said Al Sorayai.
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