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FINANCIAL NEWS
UAE, Algeria ink 4 agreements to boost cooperation
29 May 2013
(MENAFN) The UAE and Algeria have inked 4 agreements to boost cooperation in several fields, including transport and shipping, air services and investments, reported Gulf News.
The UAE-Algerian Joint Committee inked an agreement to establish a Business Council to explore investment and trade opportunities in both countries.
Other agreements included the USD5-billion aluminum smelter that the UAE will build in Algeria, in addition to a medicines plant to be established by Gulf Pharmaceuticals Industries (Julphar), also in the North African country.
Furthermore, the two sides have signed an agreement to avoid double taxation.
It is worth noting that the Abu Dhabi Fund for Development has funded several irrigation, electricity and housing projects in Algeria at a cost of USD69.67 million.
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