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  1. #22
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    KUWAIT, October 23, 2007 (KUNA) -- A delegation from the Algerian Chamber of Commerce and Industry discussed investment opportunities and trade exchange with their counterparts at the Kuwaiti Chamber of Commerce and Industry on Tuesday.

    Chairman of the Algeria Commerce Chamber Ibrahim bin Jaber said the visit built on the one made by a Kuwaiti delegation to his country earlier, and was aimed at exploring means for cooperation in the economic sector.

    He noted that this was the first time that he headed a delegation abroad, adding that topics discussed would include agriculture, tourism, banking and financial affairs.

    The Algerian official expressed optimism at the fruitful results of this visit, especially as he sensed a keenness on the part of Kuwaiti companies for greater investments in Algeria and increasing the volume of trade exchange.

    On his part, Chairman of the Kuwaiti Chamber of Commerce and Industry Ali Thunayan Al-Ghanim said economic relations between the two countries remained below the aspired levels, which placed greater pressure on the private sectors of Kuwait and Algeria to work to strengthen bonds in this area.

    He noted that the Kuwaiti government encouraged the chamber to strengthen its economic relations with Algeria.

    As for Salah Al-Marzouq, a member of the Kuwaiti Commerce Chamber, he said the Kuwaiti side had much anticipated this visit by the Algerian delegation, noting that this was an especially important time as Gulf states enjoyed financial surplus with the hike in oil prices.

    Algeria needs to hold more seminars in Kuwait to introduce the public to investment opportunities, he said.


  2. #23
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    KUWAIT, October 23, 2007 (KUNA) -- Commerce and Industry Minister Falah Al-Hajri said Tuesday Kuwait has been trying hard to increase its bilateral trade and investments with Algeria in a way reflecting the good relations between the two countries.

    The minister, who was speaking to the Kuwait News Agency (KUNA) after meeting with a visiting Algerian trade delegation, said both the Algerian private and public sectors were invited to check the incentives offered for foreign investment in Kuwait.

    He added that one of the best incentives was exemption from taxes during the first ten years of foreign investment.

    He stressed that both sides discussed, during the meeting, the "obstacles facing the development of trade relations and free trade exchange between the two sides." He said he was optimistic for a "bright future for bilateral relations between the two countries."

    For his part, the head of the visiting Algerian delegation Ibrahim Bin Jaber, underlined the "importance of proper exchange of information with Kuwait." Bin Jaber, who is also the head of the Algerian Chamber of Commerce, expressed hope of "removing obstacles facing the trade exchange between the two countries."


  3. #24
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    KUWAIT, October 24, 2007 (KUNA) -- The mission of the Algerian Chamber of Commerce (ACC) to Kuwait offered a large number of promising projects and investment opportunities in Algeria to Kuwaiti investors, ACC Chairman Ibrahim Bin-Jaber said Wednesday.

    The projects are mainly related to infrastructure, Bin-Jaber, chief of the mission, told reporters here.

    He hailed as "a real bridge and catalyst of bilateral relations" the economic ties between the two Arab countries.

    Algeria has recently announced a three-year plan for socio-economic development, costing some $US150 billion. The plan will definitely create large number of investment opportunities in various fields, Bin-Jaber asserted.

    The volume of Arab investments in the North African country doubled in 2007 to $US35 billion, he said.

    The Algerian economy saw a remarkable improvement with the Algerian dinar appreciating from 75 to 69 against a US dollar between 2006 and 2007, he underscored.

    The investment atmosphere in the Algerian tourist, educational and real estate sectors has also improved noticeably thanks to the recent oil price rise.

    Bin-Jaber highlighted the importance of the Algeria Economic Forum, due on January 21 and 22, 2008. The forum, to be inaugurated by President Abdulaziz Boutefika will provide a genuine opportunity for constructive dialogue between the Algerian government and Arab investors.

    The Algerian Chamber of Commerce and Industry discussed investment opportunities and trade exchange with officials of the Kuwaiti Chamber of Commerce and Industry on Tuesday.


  4. #25
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    KUWAIT, October 31, 2007: The Algerian ambassador to Kuwait Lahseeein Tohamy held a press conference on Monday in the embassy to talk about the celebration of Algeria's 53rd National Day which will take place on November 4 in the Crowne Plaza hotel. "Being proud of our glorious Algerian Revolution, we wanted to share this day with our Kuwaiti friends given that they have supported us throughout our crisis by giving us different types of aid. Kuwait truly has supported us in reconstructing and developing our country," Tohamy noted.

    The Algerian ambassador then gave facts about the Algerian revolution. "Algeria gained its independence in 1962, after the French invaded us and colonized us for 132 years. Without our great partisans and fighters, things would have never changed. One of our great heroes is the heroine Gamela Bou Herid who fought for our country till we got rid of the colonizers," he added.

    Tohamy stressed that Algeria always follows the way of democracy and things were done through public questioning. In regards to the current situation in their country, he pointed out that all Algerians refused to be colonized by the French. "Throughout the invasion and colonization of Algeria, political issues were always solved in mature, democratic, and legal methods, and this proves that Algerians are always wise in making decisions," he added.

    The Algerian ambassador then stressed on the good and long relationship between Algeria and Kuwait in terms of social and commercial issues. "Kuwait supported Algeria with loans and financial grants for carrying out projects to rebuild and reconstruct areas such as Shalaf, which was damaged by earthquakes. The Kuwait Development Fund also supported Algeria to finance projects in the fields of energy, agriculture and irrigation," he noted.

    Tohamy pointed out that Kuwaiti businessmen are keen on investing in Algeria and are ready to put their capital in projects in Algeria. When the Head of the Algerian Chamber of Commerce Ibrahim Bin Jaber visited Kuwait last week along with a delegation from Algeria, they met with representatives from the Kuwait Chamber of Commerce and Industry and talked about issues such as laws that control Algeria and the chances for Kuwaiti investors to invest in Algeria.

    Referring to good terms between the two countries he noted, "There is a joint committee between Kuwait and Algeria that was set up in December 1981 and now it will be reactivated again. There is also a treaty between Kuwait and Algeria on encouraging and protecting shared investments between both countries that was signed on December 30, 2001. Another treaty took place on April 7, 1985 about cooperating in the aviation field and a deal was set in December 27, 1991 on media cooperation and collaboration. All these things prove that the relationship between Algeria and Kuwait is extremely strong and powerful".

    Tohamy then talked about the third Algerian Commercial Forum which will be taking place from January 22 to 23, 2008 in Algeria under the patronage of the Algerian President Abdulaziz Bouteflika. This forum will host a large number of authorities from different Arab countries along with businessmen, directors of different investment funds, and representatives from the Arabic authority for finance to discuss many issues on investments and programs on reforming the role of the private sector.

    Kuwait is not only supporting Algeria in the commercial and investment sector, but also in the educational sector. Kuwait is supporting some Algerian students by giving them scholarships to Kuwait University," he added.

    In regards to the current situation in Algeria, Tohamy pointed out that the country has developed a lot, particularly in the fields of education and the media. "We now have 27 universities, 16 institutions, 12 higher education schools, four higher education schools for scholars and 217 dorms for students and teachers. In terms of media, we have many private and independent newspapers which have the freedom to write about anything. Moreover, these newspapers are supported by the government," Tohamy concluded.


  5. #26
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    November 10, 2007 -- The Managing Director of Kuwait Projects Company (Kipco), a diversified holdings firm, said that the company is planning to invest $200 million in the Maghreb region, mainly in Algeria and Tunisia, Gulf Daily News reported.

    Kipco, which manages more than $18 billion in assets, is expecting to take part in privatization bids and other investment ventures in the region ranging from real estate to banking and other financial services, he added.

    Investors from the Gulf region had pledged to pour huge money in the Mahgreb in the latest few years, dwarfing European investors - traditional sources of investment in the Maghreb over the last four decades.

    Dubai's Emaar Properties, the largest Arab property developer by market value, is among the ambitious investors in Algeria, Morocco, Tunisia and Libya where it plans to build a residential and industrial zone straddling Zowara and Abou Kemash, near the Libyan border with Tunisia.

    The UAE's Aldar Properties unveiled a plan to invest $5.5 billion in Tunisia, through its Al Maabar subsidiary.


  6. #27
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    ALGIERS, February 12, 2008 (KUNA) -- Grand Real Estate Projects Company plans to invest around three million dollars in various projects in Algeria, CEO Sami Al-Bader Al-Jenaee said Tuesday.

    Al-Jenaee told KUNA, on the sidelines of the international tourism conference currently held in Algeria, that he had met with the Algerian Prime Minister Abdelaziz Belkhadem who informed him of the facilities granted to Grand to help them launch their projects.

    Among the most important projects is the construction of a village near the sea in the Ain Taya town with an area of three million and two hundred thousand square meters.

    The project includes three five-star hotels and two four-star hotels, villas, training institutes, a water sports club, theatres, a press center, a business center, restaurants, cafes, medical centers, palaces to host official delegations, and more, he added.

    Grand's CEO said the project is worth USD 1.7 billion and is expected to be completed over four years. Official procedures for this venture will begin within two months and will be executed within the first six months of 2008.

    Grand is also thinking about establishing an investment bank in Algeria after it received the green light and appropriate facilities from the Algerian government. The establishment of the bank will cost USD 100 million and will finance tourism projects and other ventures.

    Al-Jenaee also noted his company's intentions to invest in fields of energy, mines, insurance, finance, and asset management.

    He noted that the mother company based in Kuwait opened a branch in Algeria with a capital worth around USD five million.

  7. #28
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