Qatar is the largest Arab investor in Algeria, accounting for 74% of all foreign investments as the two countries share numerous memoranda in different sectors.
Qatari and Algerian businessmen discussed bilateral investment opportunities in the real estate and tourism sectors during a meeting in Algiers, the Gulf state’s news agency (QNA) reported on Saturday.
The meetings were attended by the Qatari Businessmen Association (QBA).
Algerian officials at the meetings included the Minister of Tourism and Handicrafts Yacine Hamadi, as well as Minister of Housing, Urban Planning and City Mohamed Tarek Belaribi.
QBA Chairman Sheikh Faisal bin Qassim Al-Thani suggested the establishment of an integrated touristic city that will enable the investment of the two countries and beyond. The officials looked into the latest investment trends in both sectors, with Sheikh Faisal pointing towards the rise of transferring state-owned hotels to the private sector to better manage them.
Hamadi also delivered the QBA delegation with a presentation about Algeria’s tourism and hotel investment opportunities. Some of the potential investment sites include the Msida area near Annaba and the Tunisian border, as well as the Ghar Daya area, along with various others.
The tourism minister said the opportunities come as the two sides continue to renew “their will to strengthen and intensify efforts” to develop their business ties “in a way that serves the interests of the two countries.”
Meanwhile, Algeria’s minister of housing said that a new investment law is being studied that will enable the free investment of foreign and Algerian investors.
“We have attractive areas close to airports and transportation is available, and we have a new philosophy to create a new Algeria far from bureaucracy. The goal is to complete projects and overcome obstacles,” said Belaribi.
During the discussions, the two sides agreed to form a working team of technicians to study existing projects.
Qatar-Algeria investments
Qatar is the largest Arab investor in Algeria, accounting for 74% of all foreign investments as the two countries share numerous memoranda in different sectors.
One major investment includes the Algerian Qatari Steel project in the Bellara industrial zone in Jijel, northeast of Algiers. The $2 billion project has the production capacity of five million tonnes of steel.
In February, Qatar’s Amir Sheikh Tamim bin Hamad Al Thani and Algerian President Abdelmadjid Tebboune signed two memoranda and an agreement over an executive programme in Doha.
The signing took place during Tebboune’s visit to Qatar ahead of his participation at the Gas Exporting Countries Forum (GECF) summit.
One memorandum of understanding (MoU) pertained to the establishment of political consultations and coordination between Qatar and Algeria’s foreign ministries. Other agreements were signed in the fields of social development and family, justice, and education.
The education agreement is the second between the two countries, covering the academic years 2022-2025.
“The Amir and HE the Algerian President also witnessed the signing of the second executive program in the field of higher education, scientific and technological research of the educational and scientific cooperation agreement between the two countries,” read a statement by the Amiri Diwan at the time.
The strength of Algeria and Qatar’s ties was seen during the 2017 GCC crisis, when an illegal blockade was imposed by Saudi Arabia, Bahrain, the UAE and Egypt.
Algeria was among the countries that refused to follow in the footsteps of the quartet and some of their Arab allies in severing ties with Doha.
