Snasco to build US $591 mn waterfront in Algeria

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Snasco chairman Saleh Sorayai with Family Housing Develpment GM Sameer Al Tawaa.

Middle East-based developer Snasco is set to develop a US $591 million (EUR400 million) waterfront project in the city of Oran in Algeria.

It has partnered with the Family Housing Development Establishment in what is considered to be the first joint venture of its kind between a private GCC developer and the Algerian State.

The project will include office space, retail outlets and around 2000 residential units.

Snasco deputy chairman Talal bin Saleh Sorayai said, "This agreement is a joint venture between the gulf investment capabilities and the creative abilities of the Algerian people.

The project is situated near the well-known Conference Palace project and extends over 150,000m². Its total development cost is estimated at $591 million.

"The project will be developed by a renowned international firm whose identity will be revealed at a later stage. The self-sustained project will include residential units, a business center and a leisure center, alongside various other facilities."

Sorayai added that the company's office in Algeria was in the process of conducting a feasibility study before moving into the next phase of the project and selecting contractors to carry out the design, master planning, construction, engineering consultation and project management.

The construction of the project is scheduled to begin in the second quarter of next year.

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