DP Executive Director: Global financial crisis will not affect our projects in Algeria
Executive Director of “DP†Dubai Ports, Mohamed Sharaf, denied any impact of the global financial crisis on the company’s projects in Algeria.
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“Decision to review the largest projects and stop recruitment process will not affect the plans of our company in Algeria. Emirates leaders confirm that our presence in Algerian and North Africa is very important to develop infrastructure of the Arab economy. We only stopped projects that are under study, those in Algeria are continuing,” Mohamed Sharaf told Echorouk.
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DP Executive Director expresses fears of the new changes that have affected the law of foreign investment, “Changes which affected aspects of capital and profits’ transfer raised fears among investors. Our company is studying the impact of the new amendments on its projects in Algeria’.
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“Proceedings to launch our projects took a very long time because of the “old system”, despite these projects serve the Algerian economy through developing ports and bringing them in line with international ports. The establishment of a UAE institution takes 48 hours, in Algeria we waited for the founding of the company with the Government since three months. Time is important for us; we are trying to accelerate the projects”.
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“I understand concerns by Algerian ports officials. We stopped recruitment because of the current world situation, but I think our company will not fire its employees. We fear Indian trade companies because they are strong enough to face us, but we insist on developing our projects and increase number of workers”.
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“DP” Executive Director confirms that redeveloping the main containers’ terminal at the port of Algiers which hand over 47% of the country’s activity, aim at raising the current capacity of the port from 500.000 containers to 800.000 containers, as well as bringing new equipment and provide training in order to improve efficiency and productivity by allocating more than $700 million.