BY: Hana Saada
ALGIERS- Algeria and Saudi Arabia have inked eight agreements during a business forum, signaling an intent to deepen their economic, investment, and tourism ties. The agreements were signed on the sidelines of the Algeria-Saudi Business Forum, co-chaired by Algerian Minister of Commerce and Export Promotion Tayeb Zitouni and Saudi Minister of Investment’s representative Badr Ibn Ibrahim Al Badr. The diverse agreements encompass various sectors.
Among the agreements, a notable one involves cooperation between the Algerian Council for Economic Renewal (CREA) and the Federation of Saudi Chambers of Commerce and Industry. The agreement was signed by CREA President Kamel Moula and Saudi Federation Vice President Badr Al-Ruzaïza.
Additionally, an agreement was reached in the realm of incubators, business accelerators, and co-working spaces. Another significant pact involves the establishment of an Algerian-Saudi company specializing in Data Mining.
Furthermore, the two nations agreed to create an Algerian-Saudi investment company. Other agreements include cooperation between two Algerian and Saudi companies in tourism services and investment, as well as collaboration between two companies for the trade of elevators and spare parts, with a focus on marketing Saudi products in Algeria.
The forum also witnessed the signing of memorandums of understanding related to entrepreneurship cooperation, the establishment of an Algerian-Saudi company in the entrepreneurship sector and construction materials, and cooperation between the Algerian investment group “Normad” and “Al-Harish Trading” in Saudi Arabia.
Following the signings, Minister Tayeb Zitouni expressed optimism that amendments to investment laws would boost trade between the two countries. He highlighted that the current trade volume of approximately $837 million does not adequately reflect the available investment opportunities and aspirations in both nations.
Vice President of the Federation of Saudi Chambers, Badr bin Sulaiman Al-Raziza, remarked that the creation of the Saudi-Algerian Supreme Coordination Council and the establishment of the Saudi-Algerian Committee and Joint Business Council mark a qualitative leap in economic relations. He emphasized that the entry of Saudi investors into the Algerian market would bring new experiences and expertise.
President of CREA, Kamal Moula, underscored Algeria’s investment incentives, including skilled labor, low energy costs, advanced infrastructure, and tax facilities. Meanwhile, Raed Al-Mazrou, President of the Saudi-Algerian Business Council, highlighted Saudi entrepreneurs’ diverse projects, suitable for Algeria, spanning industries, tourism, agriculture, and services.
Azzedine Adoul, President of the Algeria-Saudi Business Council, emphasized the immense economic potential and opportunities offered by both countries, constituting a favorable factor for bilateral partnerships and trade. He noted that the reforms undertaken by Algerian authorities aim to establish a diversified economic model reinforced by a legislative and legal framework to stimulate investment.
