Snasco rules out SIC replication

Snasco, Sharjah-based master developer, has ruled out replicating the model of Sharjah Investment Centre (SIC) in any other country, a top company executive said.

"We will not be replicating the Sharjah Investment Centre model in any other country as the projects that we launch are specific to the needs of the certain area. We study the market carefully before launching any project, but we do have plans to introduce other new ideas," Snasco General Manager Dr Omar Mashabi told Emirates Business.

Although the master developer is studying opportunities in many other countries, it may launch a mega project in Saudi Arabia by second half of next year.

"We are studying mega projects in Saudi and we will be launching a project there. There is good demand for residential projects specially in Jeddah, Riyadh and Damman."

The company, however, is not looking at any acquisitions in the realty sector.

"We believe in launching our own projects and so we are not interested in acquiring any project launched by any other developer," Mashabi said.

Meanwhile, Snasco launched the sales for the third phase of Sharjah Investment Centre. "We have sold the first phase and about 80 per cent of the second phase. We are now launching the third phase," he added. The first and second phase were launched in 2007 and 2008 respectively.

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