DUBAI, 28 December 2007 — The real estate sector in the UAE is set to attract over SR30 billion of Saudi investments in 2007 as the growth in interest by the global community in the local real estate industry continually soars.
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 on Feb.17-19, 2008 at the Dubai International Exhibition Center (DIEC).
“The tremendous growth that we have achieved through our most recent development project mirrors the attractiveness of the UAE real estate landscape to Saudi investors who are looking at tapping into the region’s booming market opportunities by establishing long term investments,” Saleh Al-Sorayai, SNASCO’s chairman, said in a statement on Wednesday.
“Our dedicated participation at the International Property Show is a testament to our deep resolve to further our presence in this highly lucrative market by presenting the most suitable development prospects, thereby establishing SNASCO as an important participant in the rapidly evolving market.”
During the exhibition’s three-day run, SNASCO will showcase some of its latest development projects, including the AED2 billion Sharjah Investment Center (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 percent of phase one already sold out, SIC offers investors a combination of industrial, commercial and residential communities, incorporating hotel facilities, leisure services, a commercial center, and a state-of-the-art investment center.
Organized by Strategic Marketing & Exhibitions, the International Property Show 2008 is set to attract buyers and investors, international and regional exhibitors, property developers, financiers, designers, real estate agents and consultants.
“Since the launch of the International Property Show, Saudi investors have viewed the event as a definitive avenue to diversify their client base and an ideal vehicle for high-impact marketing and information drives. The ever-increasing presence of Saudi-based participants is indicative of the show’s standing as a significant and well-established platform to leverage the booming property developments market in the UAE. We are confident that the International Property Show 2008 will surpass the records set by previous editions, as we are fully committed towards dedicating all our resources in the preparation and mounting of the best show in the series so far,” said Dawood Al-Shezawi, managing director, Strategic Marketing & Exhibitions.