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.
17 Sep 2025
BBK and CrediMax launch exclusive offers for customers in collaboration with The Ritz-Carlton, Bahrain
31 Aug 2025
BBK announces an exceptional 6-month grace period financing campaign for Personal and Car Finance customers
13 Aug 2025
BBK’s BD 5,000,000 Al Hayrat scheme awards BD 680,000 to 390 Al Hayrat winners in August and September
04 Aug 2025
HM the King’s Support for Youth is an Inspirational Model for Their Empowerment Journey
28 Jul 2025
BBK discloses its financial results for the half year ended 30th June 2025
20 Jul 2025
CBB approves the transfer of the retail banking operations of HSBC Bank Middle East, Bahrain Branch to BBK
08 Jul 2025
BBK proudly launches the third edition of “Grow” and welcomes 20 Bahraini graduates
03 Jul 2025
BBK hosts executive leadership session on digital assets in collaboration with Rain
This website uses cookies to ensure you get the best experience and by clicking “I Accept” below, you consent to the use of cookies. Learn more