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.
25 Mar 2025
BBK’s General Assembly Approves 35% Cash Dividend Distribution to Shareholders
12 Mar 2025
Mr. Yaser Alsharifi completes Harvard Business School Presidents’ Program in Leadership
19 Feb 2025
Bank of Bahrain and Kuwait BSC announces the transfer of HSBC Middle East, Bahrain Retail Business to BBK.
27 Jan 2025
BBK offers customers with exclusive Tas’heel and Mazaya Finance to own their dream home
15 Jan 2025
BBK Signs Strategic Partnership with Bahrain Airport Company to Develop “Express Cargo Village”
08 Jan 2025
Bank of Bahrain and Kuwait and Global Payment Services Deliver the First Advanced Fraud Prevention Solution for Wallet Provisioning in the Kingdom of Bahrain
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