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Update: Tuesday, 6 January 2009    

A $500 million project waits authorities’ approval

Saudi company Sansco ready to engage in a huge “marina village” project
Thursday Dec 25 2008.

Representatives of the Saudi real estate company, Snasco, have exposed the architectural plan of a huge project called “marina village,” which is to be constructed in partnership with the company of familial housing promotion, EPLF.

The Vice- chairman of board of administration of Snasco, Mr. Talal Al Sorarai, said the company is to undertake the works as soon as they receive authorities’ approval related to the detailed plans and construction licences.

During the exposé he made about the technical aspects of this project, which is extended on 11hectares, and whose amount is estimated at $500 millions, the same speaker said Algerian authorities are responsible of the delay the project is suffering from, as his company is still waiting for the construction license.

Responding to a question whether the Saudi company will finance the entire project, in case of a withdrawal of some banks, Mr. Talal said the Saudi company is ready to face such a problem, “we are engaged in negotiations with several state-owned banks in view of gathering the sufficient budget.”

In this regard, the General Manager of Snasco Algeria said his company will afford the charges of the project.

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