✏️ BY: Dr. Hana Saada
Algiers, Algeria | June 6th, 2024 — The economic outlook for Algeria in the coming years appears promising, as highlighted by the latest data from the Algerian Investment Promotion Agency (AAPI). The agency reports a significant increase in investment project registrations on its investor platform, indicating strong interest from both local and foreign economic operators in supporting the country’s dynamic economic growth in recent years.
Promising Prospects
At the “El Moudjahid” Forum, AAPI Director General Omar Rekkache unveiled figures demonstrating the considerable efforts to create a favorable investment ecosystem and ensure ethical investment practices through digitalization and facilitation. This has helped restore confidence between economic operators and institutions.
“The numbers speak for themselves, offering several signs of a robust economic recovery,” Rekkache said. According to him, all eyes are on 2027, which President Abdelmadjid Tebboune has dubbed a “pivotal year for the national economy.” As of May 31, AAPI had recorded nearly 7,500 investment project files with a declared total value of 3,436 billion dinars and 181,700 direct jobs. Additionally, 3,184 projects are set to enter the exploitation phase soon, benefiting from extended deadlines for advantages.
Foreign Investors on the Rise
The trend in foreign investment has shifted significantly since the adoption of new investment regulations. Algeria’s commitment to rebuilding its economic foundation on solid bases is attracting more and more foreign economic operators. Rekkache revealed that AAPI has received “hundreds of investment intent requests for significant projects in the local market.” Currently, there are 127 registered investment files, including 45 direct foreign investments worth 36 billion dinars and 82 projects in partnership with local operators totaling 893 billion dinars. Notably, the Algerian-Qatari Baladna project, valued at $3.5 billion, and major projects like the integrated phosphate megaproject and the zinc mine exploitation in Oued Amizour are on the horizon.
To ensure regional balance in the distribution of major projects, AAPI faces challenges related to the availability of prepared land to host such projects. Addressing this issue, Rekkache mentioned the agency’s strategy to create “champions” to support operators capable of quickly initiating their projects. This approach aims to send a “strong signal of enthusiasm and the establishment of a climate of confidence through the participation of local and foreign operators.”
Economic Land: A Headache for Public Authorities
Discussing the critical issue of revitalizing the country’s economic activity, Rekkache pointed to a revolution in managing this complex matter through the launch of a digital platform for handling economic land requests. Since February, 1,176 land requests have been recorded across 404 proposed plots covering 344 hectares. Among these, 236 project holders have received provisional and final land allocation decisions, in addition to those who have already received concession acts and begun project implementation, totaling 317 billion dinars and aiming to create 32,486 jobs. The availability of economic land combined with high demand remains one of the agency’s significant challenges. “We have received investment intentions for major tourism projects but encountered regulatory constraints. We can only offer prepared plots. Discussions are ongoing to allow operators to develop the sites themselves,” Rekkache explained, highlighting Qatari investment intentions for high-level tourism complexes in Algeria.
Translated with adaptation from:
https://lalgerieaujourdhui.dz/lalgerie-dans-le-radar-des-investisseurs/
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