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UAE investment in Algeria hits $40b

Trade between two countries records an increase of 7% in the past five years.

Image Credit:Ravindranath/Gulf News
Karim Joudi, Algerian Minister of Finance, with Sultan Bin Saeed Al Mansouri, UAE Minister of Economy after theirmeeting yesterday at Emirates Palace hotel in Abu Dhabi.
Gulf News

Abu Dhabi: The UAE's investments in Algeria have reached $40 billion, Minister of Economy Sultan Bin Saeed Al Mansouri said here on Thursday.

"These investments have been distributed to various economic sectors in Algeria. We hope the confidence of the UAE investors will stay stable towards Algeria," Al Mansouri said at the 7th meeting of the UAE-Algerian Joint Committee which was attended by Algeria's Minister of Finance Karim Joudi.

"We are also looking forward to see more regulations and legislation to support the investment climate in Algeria," Al Mansouri added. He said UAE-Algeria trade exchange rates have witnessed high progress and recorded an increase by 7 per cent during the past five years.

"We are looking forward to exert more efforts in order to achieve higher rates of trade exchange," said Al Mansouri. The UAE and Algeria signed several agreements on Thursday.

Abu Dhabi (WAM) The UAE market has begun to show positive signs of riding over the international financial crisis, thanks to a raft of proactive preventive and confidence-building measures taken by the government to cushion the economy, according Shaikha Lubna Bint Khalid Al Qasimi, Minister of Foreign Trade.

"Positive preliminary indicators show that the UAE market has overcome the impact of the global financial meltdown thanks to early measures adopted by the government which have given a big boost to underpin confidence in the UAE economy,'' Shaikha Lubna said during talks Thursday with visiting Algerian Minister of Finance Karim Djoudi.

She said these measures had also boosted confidence in the UAE economy among local and foreign businessmen and investors.

The two ministers explored ways of enhancing bilateral cooperation in areas of trade and investment and stimulating private sectors in the two countries to establish joint ventures.

Hurdles facing UAE companies which are executing investment projects in Algeria were also discussed.

Shaikha Lubna stressed the importance of increasing trade exchange and investment given the fact that the UAE is the largest Arab investor in Algeria.

She cited trade, industry, agriculture and tourism as the most potential sectors for prospective joint investment cooperation.

For his part, the Algerian minister said his country was keen to strengthen relations with the UAE in trade and economy.

He affirmed the desire of the Algerian private sector to benefit from experience of UAE companies through establishing joint ventures in agriculture, tourism, animal wealth and services.