October 15, 2008 -- Leading regional master developer, SNASCO today announced its prolific partnership with world-leading professional services firm, Ernst and Young, for the provision of consultancy services in relation to the realty firm's epic project in Algeria, launched recently.
Speaking on the strategic collaboration of two industry leaders, ahead of preparations for SNASCO's immensely anticipated entry into the North African market, Vice-Chairman of SNASCO, Talal Al Sorayai, said the partnership best reflects the leading developer's practice of utilizing world-class expertise to deliver on meticulously planned projects.
'SNASCO is committed to forming quality-driven partnerships with globally reputed institutions in the aim of enriching all aspects of the projects' developmental process with utmost professional sophistication and expertise; and the appointment of Ernst and Young is best testimony to our policy of excellence in all our operations'; Mr. Sorayai said.
SNASCO's major mixed-use project in Oran, the economic capital in the west of Algeria, was launched in the middle of August this year, as a strategic partnership with Algeria's national 'Institution for the Promotion of Family Housing'.
'The collaboration with Ernst and Young for the North African mega-project will encompass two distinct phases of engagement; the first comprising of intensive market studies of the Algerian market in the aim of analyzing the specific qualities, demands and trends in order to ascertain the capability range for the project.
'The second phase of our collaboration with Ernst and Young will involve the financial and technical studies, which are aimed at identifying the stages of completion of the project and which we are expecting to be completed by this month'; Mr. Sorayai said.
The Algerian mega-project is SNASCO's first North African development, intended to provide an integrated real estate solution comprising of residential, commercial and retail configurations in a magnificent waterfront district lining the Mediterranean coast, in the vicinity of the Conference Palace in Oran City.
The project is already billed as one of the most unique projects intended for development in North Africa, encompassing an area of more than 150 thousand square meters, with a cost estimated at more than Euro400.