September 07, 2008

Saudi investments in UAE construction sector reach AED 29 billion

Khaleej Times reported that investments by Saudi Arabian companies in the UAE construction industry have reached AED 29.4 billion in 2007.

Strategic Marketing & Exhibitions, the organizer of a property show to be held in 2008, in a statement said that 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.

The report cited Mr Saleh Al Sorayani chairman of Snasco as saying that "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."

Strategic Marketing & Exhibitions is organizing International Property Show 2008, which would have many participants from Saudi Arabia including Snasco. Set on February 17th to 19th 2008 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.

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