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Saudi investments in UAE construction sector reach Dh29b

DUBAI — Investments by Saudi Arabian companies in the UAE construction industry have reached Dh29.4 billion (SR30 billion) this year, the organiser of a property show to be held next year said in a statement yesterday.

Strategic Marketing & Exhibitions said the creation of laws protecting investors has been the driving force behind this growth. It also noted that existing rules are being modified for the benefit of buyers.

It said the International Property Show 2008 would have many participants from Saudi Arabia including Snasco, which has an ongoing Dh2 billion mixed-use development project in Sharjah, as a platinum sponsor.

"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 want to establish long-term investments," said Saleh Al Sorayani, chairman of Snasco.

Dawood Al Shezawi, managing director of Strategic Marketing, said the increasing presence of Saudi-based participants means that the show has become an established platform in tapping into the booming UAE construction sector.

Set on February 17-19 at the Dubai International Convention and Exhibition Centre, the exhibition will showcase the latest developments in the Middle East's construction industry and facilitate property purchases.

The show will attract buyers and investors, regional and international exhibitors, property developers, financiers, designers, real estate agents and consultants. Last year's event attracted over 18,000 visitors from 70 countries and facilitated multibillion-dirham worth of deals.

Al Sorayani said Snasco's Sharjah Investment Centre, the first mixed-use industrial development in sharjah, occupies a 32 million sq ft plot along Emirates Road and is close to Sharjah International Airport and Hamriyah Port.

Ninety per cent of the project, which offers investors a combination of industrial, commercial and residential communities, has been sold out. The project will also have hotel facilities, leisure services, a commercial centre and an investment centre.