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SNASCO announces the launch of the Sharjah Investment Center
- September 20, 2006, 10:18 pm
Leading property developer SNASCO has announced the launch of the Sharjah Investment Center (SIC), a 32 million sq ft project in the Emirate of Sharjah.
The project situated on the Emirates Road near to Sharjah International Airport and Hamriyah Port, is the first mixed use industrial development in Sharjah, and will include large industrial, commercial, and residential communities. The SIC has been designed to provide investment and logistic services that are valuable to Sharjah’s economic sector.
SNASCO, a Saudi property development and investment company, will lead a joint Saudi/Emirati alliance to invest and implement the project. Due to this venture’s large scale, they have announced that a new company would be established for the project under their supervision and management, as a means to ensure that the development is managed professionally and efficiently. This new alliance will include well-known and leading organizations from the investment and real estate sectors across the GCC.
Mr. Saleh N. Al Sorayai, Chairman of SNASCO that develops markets and supervises SIC, announced: “We are pleased to invest in this huge project that has given us the opportunity to present something distinguished to the UAE and Sharjah in particular.”
He added: “The Sharjah Investment Centre with its services represents a new addition to the economic investment rules of Sharjah that were established by H.H. Sheikh Dr. Sultan Bin Mohammed Al Qassimi, Member of Supreme Council and Ruler of Sharjah. The economic growth of Sharjah under his leadership reflects positively on other sectors like the social, cultural and political sectors”.
The project includes storage areas, labor accommodation, logistic support areas, and a special area for light and medium industry. Additionally there will be hotels, leisure services and a commercial center, accompanied by the Investment Center that will be considered one of its kind.
The Residential area has special housing units that set new standards of accommodation for all levels of employment, from managers to laborers, and features lush landscaped gardens and walk-ways. Everyone from all walks of life based in the Sharjah Investment Center are expected to benefit from the facilities that will be provided for them. The facility’s design is expected to result in the saving of time, effort and transportation costs.
The storage area of this project will present many features for owners of factories and companies, which will allow for them to benefit from the Centre’s location on the Emirates road, which is one of the main roads near to Sharjah Airport and Hamriyah Port, which are known for their huge commercial movement.
Mr. Al Sorayai concluded: “SNASCO and its partners are proud of launching a number of real estate developments in the UAE. The projects were initiated after conducting several in-depth feasibility studies on the local market and its requirements. SNASCO announced this development within one week of the launch of the “West Bay” tower project in Business Bay in Dubai and “Al Basateen” project in Sharjah, which is a commercial and residential environment that includes more than 350 units of different spaces”.
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