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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