SNASCO showcases investment opportunities at Cairo International Exhibition

Published March 15th, 2010 - 09:28 GMT

SNASCO Real Estate Development Company is participating in the 43rd Cairo International Exhibition, taking place from 11 to 22 March 2010 at the Conferences Center in Cairo, Egypt. More than 900 local, Arab and foreign companies, showcasing products from 37 countries, including China, the UAE, Kuwait, Syria, Libya, Mexico, Brazil, Belarus, Pakistan, Malaysia, India and Sudan, are participating in the event.

SNASCO's participation in this investment and economic event provides an opportunity for the company to display the available investment opportunities across all economic sectors of Sharjah, including industrial, commercial, real estate, agricultural, investment, and other economic sectors.

The real estate development company is also showcasing a model of the Sharjah Investment Center at the Sharjah stand, under the theme "Made in Sharjah". Sharjah Investment Center, which supports investment opportunities in the emirate, is located near Emirates Rd., in close proximity to Sharjah International Airport and Al Hamriya Port.

Sharjah Investment Center, launched in 2003, is a unique project in terms of size, capacity, variety and integration, and is the largest of its kind in Sharjah, extending over an area of 32 million sq. feet. The project houses residential and commercial complexes, areas specified for light and medium industries, storage facilities and logistics support spaces. It also sports shopping centers, entertainment areas and facilities, parks, food outlets, cafes and luxury hotels.

"It is important to reinforce economic meetings between Arab countries to support investments and, in turn, encourage the private sector to enter Arab investments in support of the local economy," said Dr. Omar Al Mashabi, General Manager of SNASCO, main developer of the Sharjah Investment Center. "It is also necessary to launch new projects and initiatives to ensure sustainable growth while strengthening promising economic joints in the country."

He added: "Sharjah is one of the more distinct investment destinations in the world in terms of the low customs fees on many goods entering the country, abundant number of ports and free zones offering state-of-the-art services - including a two-month free storage service, freedom of commercial transactions, advanced infrastructure and industrial areas, as well as the full support of government authorities for various investment projects."

The UAE and the Arab Republic of Egypt has a long history of cooperation in the investment and economic sector fields, including in the development of small and medium projects, which is a top priority for both parties.

UAE investments in Egypt have witnessed a giant leap, and commercial transactions between the UAE and Egypt have significantly increased during the last few years, reaching AED 1046.4 million in 2008 compared to AED 266.4 million in 2007, while exported goods from Egypt to Sharjah amounted to AED 175.3 million in 2008 compared to AED 126 million in 2007.

The UAE is the third largest investor in Egypt, with a total contribution to capital money of USD 4.01 billion up until 2009, and with 451 UAE establishments and institutions operational in Egypt. Egyptian establishments and companies in Sharjah amount to 2487, with 640 commercial licenses, 1812 profession licenses and 35 industrial licenses respectively. Such commercial licenses are essential for the support and strengthening of the investment climate and opportunities between Sharjah and the Arab Republic of Egypt.

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