Arab investments in 2007 set to employ 15,175 Algerians, says report

Algeria marked a turning point in the history of direct foreign investments last year recording a strong flow in different sectors especially real-estate, banks, petrochemical industry, aluminium, agriculture and tourism. That will create 15,175 permanent jobs for Algerians, according to a report from the Euro-Mediterranean Network of Investment.

• The report said Emirati Mahassil company carried out a common project worth of $100 million with local investors in Tiaret province (west of Algiers) to build the biggest milk factory in Africa. This project is expected to provide 250 direct job opportunities.  
• Safola Saudi company is going to invest 140 million Euros in a sugar refining factory in Oran province (west of Algiers) with a total capacity of 1 million ton.
• The network noted that Arab financial institutions and banks are very interested in the Algerian market. Lebanese Bank France officially started working in Algeria this year. Al Salam Bank Bahrain which operates under Islamic principles established a branch in Algeria with a capital of $100 million. Before the end of last year, Egypt’s International Commerce Bank announced it was going to buy 40 percent of the Algerian International Commercial Bank’s capital.
• The report mentioned that petrochemistry, real-estates, tourism, iron, steel, cement and transport constitute the most interesting sectors for Arab capitals. Now, they prefer Algeria for many considerations including governmental guarantees for Arab and foreign investors. In addition, easy transfer of money abroad, competitive and low-costing manpower compared to countries northern the Mediterranean.
• Emirati Emmar’s project for the construction of a touristy complex in Algeria worth of 2.923 billion Euros will create 2,000 direct jobs.  Saudi Lebanese Modern Construction Corporation which bought Al Ryad hotel in Algiers is going to maintain the complex’ workers.
• Orascom project for the production of fertilizers in association with Algeria’s energy group Sonatrach will create 550 new jobs.
• The same report said the Arab investment groups will contribute in the developing of Algeria’s capacities in construction products. A white cement factory of Orascom in Mascara province (west of Algiers) is expected to create 3,000 direct job opportunities and cover the Algerian market’s needs in white cement.