SNASCO recently announced its investment in the Family Housing Development Establishment (FHDE) in Algeria, amounting to Dh 2.2 billion. An agreement was signed by the leading Middle Eastern developer with aims to develop a waterfront project in Oran, Algeria. The signing ceremony was attended by Saleh Sorayai, Chairman of SNASCO and Sameer Al Tawaa, General Manager of the FHDE. The agreement was signed by both parties in the presence of Talal Sorayai, the Deputy Chairman of SNASCO, at the Royal Hotel in Oran.

The project's total cost is estimated to be around 400 million Euros and it's expected to include a highly sophisticated design and ultra-luxurious finish. Developed by a renowned international firm not yet revealed, the project is located close by to the recognized Conference Palace project and spreads across 150,000 square meters.

SNASCO intends to develop the project in alliance with a state owned corporation. Fully supported by the Algerian government, the project is part of the Oran province development plans. It forms a section of the government's long-term plans for waterfront development projects.

The Chairman of SNASCO, Saleh Sorayai said “SNASCO is among the first GCC developers to approach Algeria and other North Africa countries through its regional headquarter, which was opened a few months ago. Strategically situated in Haydara zone - the heart of the Algerian capital, the office will oversee all of our future projects in Algeria and NA region.”