Algerian-Omani Joint Investment Fund
The President of the Republic, Abdelmadjid Tebboune, and the Sultan of Oman, Haitham bin Tariq, blessed an initiative to establish a joint Algerian-Omani investment fund, through which important projects will be launched in various fields.
According to a communiqué by the Algerian Presidency, the fund will be concerned with implementing joint projects in the fields of renewable energy, petrochemicals, desert agriculture, technology, tourism and other promising fields, which Algeria relies heavily on, and opening the doors of investment to many local and foreign companies, as they are the main starting point for raising the level of the domestic product and reaching the level of 400 billion US dollars, according to what President Tebboune confirmed in a previous statement.
“The two sides also stressed the importance of enhancing opportunities for communication and partnerships at the private sector level, promoting trade and industrial exchange, and benefiting from the markets of the two countries and their position in promoting national exports’ access to regional and global markets”, the communiqué added.
The two leaders also welcomed the signing of eight (08) memoranda of understanding in various sectors, including investment promotion, organizing exhibitions, events and conferences, education, higher education, environment and sustainable development, financial services, employment, training and media.
The two leaders held talks in a spirit of brotherliness, understanding and keenness to press ahead with bilateral cooperation in various fields to serve the two countries’ interests and manifest their historical bonds.
They expressed their satisfaction with recent steps taken to upgrade relations, including the 8th session of the Omani-Algerian Joint Committee, held in Algeria in June 2024, and the business symposium held on the sidelines of the session, which dealt with promising opportunities in the fields of investment and trade.
They also affirmed their support for the outcomes. They gave directives to all parties and sectors concerned to intensify communication to exchange visits and concretise all joint initiatives and programmes to generate benefits for the two countries’ peoples. In this context, the two leaders welcomed the initiative to establish a joint Omani-Algerian investment fund to promote partnerships and joint ventures in renewable energy, petrochemicals, desert farming, technology, tourism and other lucrative sectors.
President Abdelmadjid Tebboune, accompanied by a high-level official delegation, made a three-day State Visit to the Sultanate of Oman from 28 to 30 October 2024.
