An investment of $ 28 billion
Temmar announced a definitive agreement with Emaar
Barriers to achieving the four mega-projects of this great company come to be lifted. We soon enter the phase of concrete investment projects réalisation.Les that Emirati businessmen expect to make in Algeria are being launched. UAE investment program for strategic sectors such as diversified industry, agriculture and housing. The Emaar Group and the Algerian government have just completed negotiations for the implementation of the 4 major projects already identified. According to Mr Abdelhamid Temmar, Minister of Industry and Investment Promotion, negotiations were finalized and the implementation of projects will be shortly. The UAE group account, to reiterate, invest $ 28 billion in our country. The four targeted projects by Emaar relate to development and modernization of the Bay of Algiers, the restructuring of the railway station Agha, building a technology park at Sidi Abdallah and the launch of a major resort Beach Colonel Abbes, west of Zeralda. If we are to believe the statements of Mr. Temmar sidelines of the meeting of the delegation of UAE businessmen, led by Minister of Economy of United Arab Emirates (UAE), Sheikha Lubna Al Kassim, and Algerian officials, the obstacles raised by Emaar have been removed. Thus, the group plans to provide the Bay of Algiers of luxury hotels, luxury apartments and shopping centers. Around the station of Agha, there are plans to build three towers with a high of 18 storeys, a mall and a hotel. His area of interest is the construction of hospitals in the exploration of oil and gas. Emirati investors have come to realize projects in defined areas such as housing, water, energy and ports ... Three workshops have been identified for this purpose: "ports and land," "energy, gas , electricity and water "and" industry ". Working groups were formed and discussions are programmed between the two parties in order to "reinforce the movement of investment that is taking place," says Karim Djoudi, Minister of Finance stating that the State shall ensure that any constraints that may hinder investment projects is lifted. For him, the overall cost of this investment is substantial, albeit not specify the exact amount. The Executive Director of Group D World P & O Jafza, Mr. Jamal Majid Bin Thaniah, confessed that Algeria has many opportunities for, inter alia, its geographical location. Emirati businessmen are in Algeria, he says, a growing market and a great opportunity for investment. This group should be emphasized, among other specialized areas, ports.
"Algeria: a growth market"
Thus, negotiations were held between his representatives and those of the Department of Transportation. Dubai Port Wold (DPW) is interested in managing the container terminal at the port of Algiers, and probably the port of Djendjen at Jijel. "We come with concrete proposals. Unions to listen to us because we are ready to work together, "says Mr. Jamal Majid Bin Thaniah. UAE banks have made their request to settle in Algeria. The records are confirmed by the Minister of Finance, currently under study as one of them, namely Al Salam, has been authorized. A second bank has already requested its approval. The group Al Qudra, to undertake investment research, is intensifying its activities in Algeria and is interested in a partnership in the economic field. In all these projects, it should be added that concerning the realization of an industrial aluminum production in Beni Saf, in the wilaya of Ain Temouchent, whose agreement was signed several months ago between the Algerian Sonatrach-Sonelgaz consortium and the consortium UAE Mubadala Development and Dubai Aluminium Compagny for an investment of 5 billion. UAE funding (equity stake in the investment company) is also provided for the proposed power plant Hadjret Enous, west Cherchell in the wilaya of Tipasa. This plant, with a total capacity of 1200 megawatts, will be conducted by the Canadian SNC Lavalin for an amount of one billion dollars. It must be said that in 2006 the UAE investments in Algeria have exceeded $ 10 billion. For the same year, trade has exceeded 400 million, an increase of 200% in seven years. These efforts, should be indicated, given new impetus to bilateral cooperation that has seen a "new momentum" since the meeting of the 4th session of the Joint Committee in May 2006 in Algiers, after a break of 16 years and the holding of the 5th meeting on 12 and 13 June 2007 in Abu Dhabi. Since then, Algeria and the UAE are now linked by 22 legal documents covering most areas of cooperation, including, investment, tax exemption, the desalination of seawater, information, culture, youth and sports and tourism. Nine projects are currently under review in the areas of environment, vocational training, religious affairs and PMI. Note that an agreement was signed yesterday between the General Directorate of Forestry and the instance responsible for the UAE environment. FREEDOM
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