Archive for March 2011

US companies seek to invest in out of hydrocarbons sector in Algeria   Leave a comment

31/03/2011: US companies are showing increasing interest in investment in a number of sectors out of hydrocarbons in Algeria, vice-president of the US Chamber of Commerce Karim Hosni said Tuesday.

“A large number of US companies are seeking to invest in Algeria in renewable energies, heavy industries, agriculture and fishing,” Karim Hosni told a conference in Algiers.

“American investors are also interested in agriculture and fishing as the Algerian agricultural lands are large and close to the European markets,” he added.

He also said although there are about 100 US companies operating in Algeria, they do not invest in food industries. “Many issues are still hindering the US companies such as language problem and the instability of the Algerian legislation.”

“Many US companies want to develop a partnership in renewable energy due to its importance in creating new jobs and Algeria’s huge solar energy.”

The US investments in Algeria are estimated at $5 billion. They are limited in hydrocarbons only.

Speaking about the Complementary Finance Act 2009, the vice-president of the US Chamber of Commerce said the US has investments in 200 countries and in various sectors. “Each country has its own laws to protect its economy and this is not a hindrance.”

He also said American companies develop its product and start looking for a partner. “Because of that, we want the Article No 51-49 to be changed to increase the number of US companies in Algeria.”

American companies want to work with 3 to 10-year-investment plans. “Because of that, there is a need to understand well legislations and have a clear vision about investment in the future.”

A meeting is expected to be held in May in Algeria to help Algerian companies in exporting products out of hydrocarbons to the US.

In 2010, the US was Algeria’s first largest client with about $13.7 billion and its sixth largest supplier with more than $2.1 billion, according to figures from the Algerian customs.

Source : echoroukonline.com

 

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Posted March 31, 2011 by newworldconsulting in Uncategorized

Morocco, Qatar to boost cooperation in energy field   Leave a comment

Rabat – Energy, Mining, water and Environment Minister Amina Benkhadra held, on Sunday in Rabat, talks with Qatari Minister of State for International Cooperation Khalid bin Mohamed Al-Attiyah on bilateral cooperation in the energy field.

During this meeting, Benkhadra briefed the Qatari official on Morocco’s strategy in the energy field, notably renewal energy and prospects of investment in this promising sector.

In a statement to the press at the end of talks, the Qatari Minister expressed his admiration for studies conducted by Morocco in the mining sector, which encourage investment in this area.

He said that the meeting tackled the practical means to activate the agreements signed between the two countries during the fourth Moroccan-Qatari High Joint Commission, held recently in Doha.

Source: map.ma

 

Posted March 28, 2011 by newworldconsulting in Uncategorized

Foreign companies show growing interest in Algerian construction market   1 comment

25/03/2011: The Algerian construction and public works sector is “very promising,” said many foreign exhibitors taking part in the tenth International Construction and Public Works Show (March 20-25) in Oran.

The participants, in statements to APS, expressed their interest in the market ” which is favourable to investment now,” especially as huge projects, like the two-million housing units project, are planned in the 2010-2014 five-year development programme.

A representative of an Italian firm producing and marketing top-of-the-range ceramic items said the Algerian market “grows dramatically.”

Source: algeriabusinessinfo.com

 

Posted March 25, 2011 by newworldconsulting in Uncategorized

Algeria- UAE- Germany: A partnership to produce 8,500 vehicles per year   Leave a comment

Algerian defence and industry ministries on Tuesday signed a protocol agreement with Abu Dhabi’s fastest growing investment fund Aabar and German auto maker Daimler to manufacture 8,500 Mercedes-Benz industrial vehicles annually in Algiers.

An Algerian Emirati joint venture will be created this year with Daimler as a technological partner to manufacture the vehicles in the National Company ofIndustrial Cars in the area of Rouiba.

According to the agreement, a total of 16,500 vehicles will be produced annually after five years of production intended to meet the national market needs.

The agreement which will create 3,500 new jobs was signed in presence of the deputy minister of National Defence Abdelmalek Guenaizia, the industry minister Mohamed Ben Meradi, the finance minister Karim Djoudi and the CEO of the National Company of Industrial Cars Mokhtar Chahboub.

Source: echoroukonline.com

 

Posted March 23, 2011 by newworldconsulting in Uncategorized

AfDB Supports Infrastructure Development in Morocco Signs €300 Million Loan and Grant Agreements with Government   Leave a comment

The African Development Bank (AfDB) Group and the Government of Morocco, today signed six loan and grant agreements amounting to €303 million (3.4 billion dirham). Morocco’s Economy and Finance Minister, Salaheddine Mezouar and AfDB Regional Director, Nono Matondo Fundani co-chaired the signing ceremony in Rabat.

The agreements include a €300 million (3.4 billion dirham) investment loan to the national railway company—Office National des Chemins de Fer (ONCF)—to finance a major upgrade of the Tangier-Marrakech rail link.

The ONCF project is part of an ongoing national development strategy in the transport sector, which includes upgrading and modernizing infrastructure and transport services to increase Morocco’s economic competitiveness. The project will be implemented from 2011 to 2016 and aims to strengthen the rail infrastructure to meet the growing annual passenger and goods traffic on the Tangier-Marrakesh axis. Annual passenger traffic on the line is expected to increase from 16 million in 2010 to nearly 23.5 million from 2016.

The other agreements signed comprise:

• A € 678,000 (7.6-million dirham) grant to the National Ports Agency (PNA) to conduct an analytical and development study on the reinforcement and renovation of several ports in the country, notably Nador, Safi, Al Hoceima, Tangier, Casablanca and Agadir)

• A €558,000 (6.3-million dirham) grant to the Central Guarantee Fund (GCC) to strengthen the national guarantee system

• A € 576,000 (6.5-million dirham) grant to the Securities Ethics Council (CDVM) to strengthen the supervision and control of financial markets

• A €595,200 (6.7-million dirham) grant to the Directorate of Irrigation and development of agricultural land for irrigation infrastructure (DIAEA)

• A € 629,000 (7.1-million dirham) to the Department of Education to finance a study for the establishment of a development strategy in education and private training

To date, the African Development Bank has committed total of €8.6 billion in Morocco, equivalent to 96.3 billion dirhams. The Bank’s current active operations portfolio in the country is about €2 billion, equivalent to 22.4 billion dirhams. The portfolio is dominated by the infrastructure sector—including transport, energy and water and sanitation—and governance.

Source: afdb.org

 

Posted March 21, 2011 by newworldconsulting in Uncategorized

WB to contribute to financing two new projects in Tunisia   Leave a comment

TUNIS, March 17, 2011 (TAP) – The World Bank (WB) is to contribute to the financing of two new agricultural projects in Tunisia, announced on Thursday representatives of the international institution who met, in Tunis, Agriculture and Environment Minister Mokhtar Jellali.

With an investment of 87.9 million dinars, the first project concerns achievement, during the 2011-2015 period, of the second part of the natural resources management in three governorates—Jendouba, Kasserine and Medenine. This will help improve income of about 733,000 inhabitants from 72 delegations.

The second development project, worth about 80 million dinars, is to be carried out in the Tunisian north-eastern forest and mountainous areas.

The aim is to improve the socio-economic conditions of inhabitants of the Jendouba, El Kef and Bizerte regions.

On this occasion, Mr. Jellali called on WB to further contribute to financing integrated agricultural development schemes in Tunisia, highlighting the importance the World Bank’s participatory approach as part of achieving agricultural projects and local and regional development programmes.

Source: tap.info.tn

 

Posted March 21, 2011 by newworldconsulting in Uncategorized

EIIC to invest $ 5.9 billion for Dounya Park and a five star hotel in Algiers   Leave a comment

21/03/2011: Two investment agreements for the construction of a leisure park ”Dounya” and a five stars hotel for a total of $ 5.98 billion were signed Sunday by the National Agency for Investment Development (ANDI) and Emirates International Investment Company Group (EIIC).

The two conventions were signed by ANDI Manager Abdelkrim Mansouri andAlrifai Fouad general manager of Algiers Parks Company, an EIIC subsidiary, also a subsidiary of Emirates National Holding.

Dounya Park project, spread over an area of 800 hectares located northwest of the city of Algiers in the municipalities of Dely Brahim, Ouled Fayet and El Achour, cost about $ 5.2 billion and is expected to generate over 8,750 direct jobs, according to its designers.

ANDI General Manager said ”this investment aims at creating a new image for the capital with a high environmental quality and sustainable development. “

“The project also aims at creating a large natural area, green spaces, places for rest, education centers, a hospital, international school, residences, villas and apartments”, he added.

Five star hotel in Moretti (statehood in Stawali Algiers) will be completed with an amount of $196 million in three years and would provide over 778 direct jobs, with 292 rooms, 162 apartments, a center for rehabilitation, a business center and auditoriums.

“After four years of negotiations, we will be able to complete our largest investment project during the last decade. Algerian government will help Qatari investors to realize this amazing investment”, Mr. Abdelkrim Mansouri asserted.

For his part, Mr. Alrifai Fouad explained; “We are satisfied with the realization of these projects after several years of negotiations. Next phase will be allocated for the completion of these investments. We are confident with regard to the law of investments in Algeria. Now, we have a clear vision of investments in order sectors, especially in Touris, industry and hydrocarbons”.

Source : echoroukonline.com

 

Posted March 21, 2011 by newworldconsulting in Uncategorized

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