Algeria seeks investment in key economic sectors

UAE-Algeria joint economic committee

Khaleej Times | 13 October 2010

Adel Arafa

ABU DHABI — The Government of Algeria is offering huge investment opportunities in tourism, real estate, agriculture, services and banking sector to attract foreign investors especially from the UAE, Algerian Ambassador to the UAE Humaid Shibaira said.

“The government guarantees these offers and provide blanket protection to foreign investors who enjoy all rights of ownership in equal footing the native citizens,’’ the ambassador said in a statement to Khaleej Times on the occasion of visit of Speaker of the UAE Federal National Council (FNC) Abdul Aziz Al Ghurair to the Algeria.

“The trip to Algeria will have significant parliamentary, political and economic dimensions. While in Algiers, Al Ghurair will hold talks with Prime Minister of Algeria Ahmed Ouyahia and a number of ministers and top officials over prospects of joint investment and partnership,’’ the diplomat said.

He indicated that the UAE-Algeria ties have experienced unprecedented headway and qualitative leaps over the last five years through the activation of investment and partnership with the UAE investors and major firms. UAE investors are pumping huge funds into the agricultural sector given the availability of vast arable lands and water and production inputs along with a large market which can serve as a gateway to European and African markets.

He termed prospects of joint cooperation as ‘promising’ under the support of the Emarati and Algerian leadership. He added that the UAE-Algeria joint ministerial committee will meet in May 2011 in Abu Dhabi to evaluate progress of the current joint cooperation and draw a one-year action plan to clear all obstacles ahead.

“Parliamentary cooperation can be very instrumental towards achievement of these ends through bilateral consultations and exchange of know-how and successful democratic experiences,” he said. The ambassador said that the Algeria Investment Council which is headed by the Prime Minister have the nod to the Emirates International Investment Company to build $6 billion integrated city in Algeria.

The civil aviation authorities in both countries, he said, had concluded air traffic agreements granting the UAE national carriers Emirates and Etihad Airways to operate new commercial flights between the two countries. Algerian Airways is running three flights per week to passengers and freights from the UAE.

Dubai is also linked by sea with many Algerian seaports. The ambassador told the paper that Algiers and Abu Dhabi had activated two important treaties on avoidance of double taxation and encouragement and protection of investment. — [email protected]
URL to Article:

Source: Khaleej Times§ion=business&col=

Links in this article