Snasco, one of the leading real estate firms in the region, has set its sights on the Algerian property market as part of its strategy for expansion in the Arab world.

The Saudi-owned firm, which holds an impressive project portfolio, including the renowned multi-million dollar Sharjah Investment Centre project, has been an active player in the real estate boom currently enjoyed by the UAE.

The company is playing a significant role particularly in the development of Sharjah, said a Snasco official. 

Plans for expansion throughout the Arab region, however, currently feature heavily on the firm’s agenda, with possible projects in the pipeline for Abu Dhabi as well as Jordan.

“The Arab world’s role in the global economy has taken on many new facets in recent years, opening up opportunities around every corner,” said Snasco chairman Saleh Al Sorayai. 

“There is a great deal of potential for development in Algeria. The country’s rich natural resources are a prime target for investment, while the demand for housing and other property development is high.  As the Algerian economy continues to improve, it is becoming increasingly attractive to potential investors.”

'Algeria, which has wealth of hydrocarbon resources, is located 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,' Al Sorayai observed.

This, in turn, will lead to heightened opportunities across the full spectrum of Algeria’s economic sectors, he added. 

The Algerian government offers incentives to investors in the form of tax advantages, such as reduced import custom duty rates and VAT exemptions on goods and services to be used in the implementation of investments, and exemption from property transfer tax in return for payment for all property acquisitions made as part of an investment.-TradeArabia News Service