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Qatar And Algeria Are Planning to Invest in Tourism and Real Estate

  • Publish date: Monday، 20 June 2022
Qatar And Algeria Are Planning to Invest in Tourism and Real Estate
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Because the two nations have multiple memorandums in various industries, Qatar is the largest Arab investor in Algeria, accounting for 74% of all foreign investments.

During a meeting in Algiers on Saturday, Qatari and Algerian businesspeople discussed bilateral investment potential in the real estate and tourist industries, according to the Gulf state's news agency (QNA).

The Qatari Businessmen Association was present at the meetings (QBA).

Minister of Tourism and Handicrafts Yacine Hamadi, as well as Minister of Housing, Urban Planning, and City Mohamed Tarek Belaribi, were among the Algerian officials present at the meetings.

Sheikh Faisal bin Qassim Al-Thani, Chairman of the Qatar Business Association, proposed the creation of an integrated touristic city to facilitate investment between the two countries and beyond. The officials looked at the most recent investment trends in both sectors, with Sheikh Faisal pointing to an increase in the transfer of state-owned hotels to the private sector in order to better manage them.

Hamadi also gave a presentation to the QBA delegation regarding tourism and hotel investment potential in Algeria. The Msida area near Annaba and the Tunisian border, as well as the Ghar Daya area and others, are some of the possible investment sites.

The prospects arise when the two sides renew "their will to enhance and increase efforts" to build their economic ties "in a way that suits the interests of the two countries," according to the tourism minister.

Meanwhile, Algeria's housing minister announced that a new investment law is being developed that will allow foreign and Algerian investors to freely invest.

"We have attractive places near airports with accessible transportation, and we have a new mentality to develop a new Algeria free of bureaucracy." "Our goal is to finish projects and overcome challenges," Belaribi stated.

During the meetings, the two parties agreed to form a technical working group to examine existing initiatives.

Investments between Qatar and Algeria

Because the two nations have multiple memorandums in various industries, Qatar is the largest Arab investor in Algeria, accounting for 74% of all foreign investments.

The Algerian Qatari Steel project in the Bellara industrial zone in Jijel, northeast of Algiers, is a large investment. The $2 billion project has a five-million-tonne steel manufacturing capacity.

Qatar's Amir Sheikh Tamim bin Hamad Al Thani and Algerian President Abdelmadjid Tebboune signed two memorandums and an executive program agreement in Doha in February.

The agreement was signed during Tebboune's visit to Qatar, which came ahead of his participation in the GECF meeting.

The creation of political contacts and cooperation between Qatar and Algeria's foreign ministries was the subject of one memorandum of understanding (MoU). Other agreements in the areas of social development and family, justice, and education were also inked.

The education agreement, which covers the academic years 2022-2025, is the second betweenthe two countries.

"The Amir and HE the Algerian President also saw the signing of the second executive program of the educational and scientific cooperation agreement between the two nations in the fields of higher education, scientific and technical research," the Amiri Diwan said at the time.

During the 2017 GCC crisis, when Saudi Arabia, Bahrain, the UAE, and Egypt put an unlawful blockade on Qatar, the strength of Algeria and Qatar's ties was demonstrated.

Algeria was one of the countries that refused to cut ties with Doha in the same way that the quartet and several of their Arab allies did.