Leading real estate investment and development company, Snasco, has announced plans to enter the Abu Dhabi real estate market.

The Snasco move comes after its successful completion of Sharjah Investment Centre (SIC) mega-project as a master developer.

The Sharjah-based company, which is a Saudi-Emirati tie-up, is exploring opportunities in the capital, where many of the country's leading firms are currently taking advantage of the emirate's burgeoning real estate boom.

The company's move is consistent with the firm’s development strategy and follows several due diligence studies assessing the emirate’s feasibility.

“The UAE as a whole is undergoing rapid economic growth, and Abu Dhabi is no exception," said SNASCO Chairman Al Saleh Sorayai.

"Before developing any project, we like to conduct in-depth feasibility studies, which in this case have shown that the estimated total investments into the capital over the past 12 months have reached Dh6.8 billion, demonstrating the strength and potential that rests there," he added.

Al Sorayai pointed out that the company was keen to explore the various opportunities in Abu Dhabi, and has already established a foothold in a key project. 

“We are paying close attention to the market in Abu Dhabi and we see a number of promising prospects, whereby both, our business and the local community would benefit.  Abu Dhabi certainly has a great deal to offer any investor, considering its significant role in the nation’s economy, producing 90 per cent of the country's oil, owning 10 per cent of the oil reserves and 5 per cent of the reserves in the world.”

The SIC is primarily a commercial project, a state-of-the-art development located on the Emirates Road, in close proximity to  Sharjah International Airport and Al Hamriyah Port.  The project spans 32 million square feet. - TradeArabia News Service