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FINANCIAL NEWS
Aabar’s car plants in Algeria to start production
26 May 2011
(MENAFN) Algeria’s minister of finance, Karim Joudi, said that two years ago, the Abu Dhabi’s government owned company, Abar Investments, signed an agreement with the Algerian government along with other five German companies in order to establish three plants in Algeria to manufacture cars, lorries, coaches and engines, and production would start this year, reported The National.
Joudi added that the yearly production capacity of the project would reach 10,000 vehicles, adding that the agreement would enhance the UAE’s government plans to increase trade and investment with Algeria which economy wasn’t affected by the conflicts in its neighboring countries.
He also said that the project would create job opportunities for Algerians; in addition it would provide subcontract deals to local companies. It would also cover the local market as well as the export market.
It is worth noting that over the past five years, trade between Algeria and the UAE has surged by 60 percent annually, up from about USD16 million in 2005 to about USD173 million in 2010.
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BBK announces December Al Hayrat Grand Prize winners and another wave of Grand prizes for February
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