Algeria urges the Arabs to invest in it
Algeria-Regional, Economics, 7/8/2002
Algeria's Prime Minister Ali Benflis has stressed that his country has "important and varied opportunities for Arab and Gulf investors, in particular" in the business field.
An Algerian official source explained that the prime minister expressed on the occasion of receiving in Algeria Mahmoud Zayed ,the director general of the Saudi company Sedaar, the will of the Algerian authorities to prepare the appropriate atmosphere in order to attract investors especially those who are coming from the Arab states.
The Algerian official added "valid legal and organizational measures can ensure all guarantees for smooth process of investment operations in Algeria." Worthy mentioning that the Saudi Sedaar company had joined the Algerian market at the beginning of 1999 when it launched two projects: the first was a residential complex at elite suburb at the capital Algiers at a cost of USD 50 million and the second is the completion of Jerusalem international center for trade and businesses at an approximate cost of USD 50 million).
The volume of Saudi investment in Algeria is estimated a USD 5.2 billion, most importantly in the sector of construction and contracting. However, private Saudi companies are also working in the sector of medicines. These Saudi companies, together with Algerian and foreign ones contribute to several projects like a new factory for pharmaceutical and medical products and requirements.
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