Two shareholder agreements were signed Tuesday between Algerian companies and Emirati Aabar Investments firm in bid to set up two joint ventures producing commercial vehicles and engines, a National Defense Ministryâ€™s statement reported by APS news agency reads.
The first firm is due to be installed in Tiaret province and meant to produce VLL four whhel drive vehicles, as part of the implementation of the memorandum of understanding sealed between the government, Aabar and Germany based Dailmer, Deutz and MTU groups in 2009.
The second firm is to be installed in the locality of Oued Hamimine, in Constantine eastern province, and meant to produce engines, the source added, noting that it is the third agreements that Aabar Group seals with the Algerian government, highlighting the will of the Emarati Group to participate in the development of mechanic industry in the North African nation.
Elsewhere, another Algeria -UAE-German industrial and commercial memorandum of understanding was sealed to modernize and extend the platform of the production of commercial vehicles in Rouiba locality, eastern Algiers.
The memorandum is meant to create an Algerian-UAE joint venture in partnership with the German Dailmer, for the manufacturing of commercial vehicles of Mercedes-Benz.