Saudi businessmen to finance 130 projects in Algeria

A group of Saudi businessmen, visiting Algeria, voiced on Tuesday readiness to finance some 130 investment projects in various Algerian cities.

The group, which comprises 40 businessmen, is negotiating deals with the Algerian authorities since arriving on Monday.

The outcome of talks will be made public on Thursday when a list of projects and locations chosen is named.

The projects, to cost approximately $ 200 million, were agreed on during a visit earlier this month by the Saudi crown Prince Abdullah Bin Abdulaziz to Algiers.

The Saudi investors showed interest in implementing 49 projects in the industrial sector, 30 in the pharmaceutical field and several agricultural ventures.

Meanwhile, they expressed reservation at the taxation system in the country, stressing that the 30 % income tax and the tax exemption period on new projects, which is less than five year, do not attract foreign capital, reports Kuwaiti news agency KUNA.