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Kuwait - Algeria business ties

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  • Kuwait - Algeria business ties

    KUWAIT, May 31 (KUNA) -- Kuwait and Algeria signed Wednesday an accord to avoid double taxation and encourage investments.

    Speaking to KUNA, the Algerian Finance Minister Mourad Medelci said that the accord would boost Algerian-Kuwaiti ties in various economic fields, adding that this would increase joint investments in both countries.

    As for the investment opportunities in Algeria, he said they include agriculture, industry, tourism, energy and commerce projects.

    The accord was signed on the sidelines of the 31 annual meeting of the Islamic Development Bank (IDB), which kicked-off here on Tuesday.


  • #2
    Kuwaiti businessmen meet Algerian top officials

    ALGIERS, Nov 17 (KUNA) -- Kuwait Investments Projects Company (Kipco) chief Faisal al-Ayyar was Friday received by Algerian president Abdulaziz Bouteflika and tourism minister Nouruddin Moussa.

    Al-Ayyar, Kipco's managing director and CEO, told KUNA that they were received in a hospitable atmosphere and he benefited from the meetings, which dealt with ways of further cementing cooperation in fields of tourism and hotels.

    Kipco's CEO North Africa, Emad Al-Saleh said the tour carried out by Kipco delegation to North African countries would have great investment gains for the company.

    Al-Saleh, speaking to KUNA, said the tour which took them to Libya and Tunisia has created investment opportunities in these countries.

    Algeria is a rich investment environment, he added, so as in the other countries they have visited.

    Kuwaiti businessmen meet Algerian top officials


    • #3
      Kuwaiti investments in Algeria welcomed - ambassador

      ALGIER, Nov 28 (KUNA) -- Kuwaiti businessmen are urged to explore investment opportunities in Algeria which, in a period of three years, became the Mecca for Arab investments, Kuwait's ambassador to Algiers Shamlan Al-Roumi told al-Mustathmir al-Arabi (the Arab Investor) monthly magazine Tuesday.

      "Algeria has natural and economic potentials that would persuade Kuwaiti investors to engage in asset projects," Al-Roumi told the magazine in an interview published today.

      He added that current Kuwaiti investments achieved positive results in Algeria such as Mobile Telecommunications Company (MTC) which invested one USD billion after winning the third license for mobile phones in addition to the partnership experience of Safir Hotel Mazafran in Zeralda, Algeria, which was run by Kuwaiti investors.

      Al-Roumi pointed to the role of the embassy in tapering points of view and supporting bilateral relations between Kuwait and Algeria by easing businessmen's paperwork and outlining them with the Algerian economic status.

      On Algeria's economic state of affairs, Al-Roumi said that counter-terrorism policies had a positive effect on the economy and the government made regulations to encourage investments. He added that Algeria backboned its budget with a reserve that exceeded USD 60 billion in addition to the rising percentage of growth average on a yearly basis.

      Kuwaiti investments in Algeria welcomed - ambassador


      • #4
        Kuwait Finance House seeks investment in Algeria

        MANAMA, Dec 25 (KUNA) -- An Algerian economic delegation here Monday discussed with the Kuwait Finance House (KFH) branch in Bahrain investment opportunities in Algeria, involving diverse economic sectors.

        The Algerian team, headed by Deputy Chairman of Algeria's Chamber of Commerce and Industry Balkhir Jobef, met with KFH-Bahrain General Manager Abdulhakim Al-Khaiat, and Bahraini Al Salam Bank CEO Yussef Taqi, KFH-Bahrain said in a news release here.

        They considered investment in banks, financial services, tourism, communications, seaports and real estate projects, the news release said, noting that KFH has already set up industrial, petrochemical and real estate projects in Bahrain.

        Both KFH and Al Salam Bank are expected to dispatch a team to Algeria early next year to look into investment opportunities there, focusing on investments that could contribute to economic growth in Algeria, Al-Khaiat said.

        Meanwhile, the Al Salam Bank CEO voiced his bank's willingness to invest in Algeria, especially as it has already obtained permission to open an office there.

        KFH seeks investment in Algeria


        • #5
          Kuwaiti Chamber of Commerce and Industry delegation visits Algiers

          KUWAIT, May 5 (KUNA) -- A Kuwaiti economic delegation from the Chamber of Commerce and Industry will visit Morocco and Algiers on May 6 to discuss means of boosting economic cooperation, announced the chamber on Saturday.

          The chamber said in a press statement that President of the Chamber of Commerce and Industry Ali Thunayyan Al-Ghanim would lead the delegation in the six-day visit. The statement added that the Kuwaiti delegation would hold talks with a number of senior officials and private sector representatives.

          The delegation will discuss investment opportunities as well as the laws and legislations to bolster investment cooperation, it said.

          The visiting delegation will include a number of the chamber's board members as well as leading representatives of companies in Kuwait.


          • #6
            ALGIERS, May 7 (KUNA) -- Algerian Minister of Housing and Urban Affairs Mohammad Al-Natheer Humaimeed met here on Monday with the visiting Kuwaiti delegation representing the Chamber of Commerce and Industry headed by its President Ali Thunayyan Al-Ghanim.

            Humaimeed told KUNA the visit aimed at becoming acquainted with Algeria's experience in the investment sphere.

            He said that his country was keen on bolstering bilateral cooperation with Kuwait in various domains particularly in the investment sphere.

            He hailed the tremendous aid offered by the state of Kuwait to his country represented in the construction of developmental projects in addition to its assistance in the reconstruction of areas that had been devastated by an earlier earthquake.

            Al-Ghanim on his part hailed Algeria's market describing it as "promising." He said the Kuwait delegation would be expected to hold talks with senior Algerian officials topped by Ministers of Finance, Health and Tourism in addition to a number of Algerian businessmen.


            • #7
              ALGIERS, May 7 (KUNA) -- Algerian President Abdelaziz Bouteflika on Monday received chairman of Kuwait's Chamber of Commerce and Industry Ali Al Ghanim, who is currently on a visit to Algeria.

              During the meeting, Al Ghanim expressed hope that the Algerian president would patronize the launch of Kuwait's giant investment project in Algeria.

              He said that talks with the Algerian president have focussed on Kuwaiti investments in Algeria and cooperation between businessmen of both sides.

              Ghanim said he was greatful for the Algerian hospitality, noting that the two countries' enjoyed deep-rooted ties.


              • #8
                ALGIERS, May 8 (KUNA) -- A visiting delegation of the Kuwait Chamber of Commerce and Industry (KCCI) will hold on Tuesday several meetings with senior Algerian officials.

                KCCI Chairman Ali Al-Ghanim, who is heading the delegation, told KUNA a meeting will be held with Algerian Parliament Speaker Abdulqader bin Saleh, Minister of Participation and Promotion of Investments Abdulhameed Tammar, and Governor of the Algerian Central Bank Mohammad Leksassi on laws and legislations to organize investments in Algeria.

                Algerian President Abdulaziz Bouteflika and Minister of Housing and Urban Development Mohammad Nadir Humaimeed received the Kuwaiti delegation on Monday.


                • #9
                  ALGIERS, May 8 (KUNA) -- Speaker of the Algerian People's National Assembly Abdulqader bin Saleh met Tuesday with Chairman of Kuwait Chamber of Commerce and Industry Ali Thunayan Al-Ghanim and Kuwaiti Ambassador in Algiers Shamlan Al-Roumi.

                  Speaking to Kuwait News Agency (KUNA) following the meeting, Al-Ghanim said the two sides exchanged views on means to activate cooperation between their countries.

                  He said the meeting allowed the visiting Kuwaiti delegation a chance to better understand Algerian legislations related to investment and partnership.

                  Moreover, he said talks focused on the importance of the Algerian market and noted its material and human resources.

                  For his part, Saleh told KUNA the two sides discussed economic and commercial cooperation and bringing them to the level of political relations.

                  The delegation had begun its visit to Algerian on May 6 and is expected to head to Casablanca, Morocco, tomorrow.


                  • #10
                    ALGIERS, May 8 (KUNA) -- Kuwaiti head of Chamber of Commerce and Industry Ali Al-Ghanim met on Tuesday with Algerian Minister of Participation and Promotion of Investments Abdelhamid Temmar.

                    Al-Ghanim told KUNA after the meeting that talks were very fruitful as they attempted to grasp Algerian economic laws and Arabian Gulf investment issues in the country.

                    Al-Ghanim added he was briefed during his meeting with Temmar on numerous new investment projects, along with the great desire of "our Algerian brothers to help Kuwaiti investments to the country." The head of the Chamber of Commerce and Industry described the talks as direct, noting Kuwait's strong wishes to invest in Algeria.

                    However, Al-Ghanim said the problem which stands in front of such investments is that such projects are only ideas and not thoroughly studied ventures.

                    For his part, Temmar praised the visit by the Kuwaiti delegation, adding that such discussions has contributed in enlighten "our Kuwaiti brothers in the positive and suitable atmosphere for such investments." Earlier, Al-Ghanim met with the Speaker of the Algerian People's National Assembly Abdulqader bin Saleh.

                    The meeting gave the visiting Kuwaiti delegation a chance to better understand Algerian legislations related to investment and partnership, Al-Ghanim said.


                    • #11
                      ALGIERS, May 8 (KUNA) -- Chairman of Kuwait Finance House (KFH) Bader Al-Mukhaizeem hoped Tuesday his bank will venture into the Algerian banking sector, as well as a various investment projects.

                      Speaking to Kuwait News Agency (KUNA) before departing from Algeria to Morocco, Al-Mukhaizeem stressed the importance of launching Kuwaiti investments in Algeria, adding that Kuwaiti banks were ready to consider all projects that have economic feasibility.

                      All necessary Algerian economic data must be made available to Kuwaiti investors and this lack of information has delayed Kuwaiti investments in Algeria, he noted.

                      Al-Mukhaizeem, who is also a board member of Union of Kuwaiti Banks (UKB), said this visit was quite a fruitful opportunity, especially as it included meeting Algerian President Abdelaziz Bouteflika, Bank of Algeria's Governor Mohammed Laksaci, as well as several other officials.

                      Algeria is witnessing a great amount of liberalization to attract foreign investments and Kuwaiti businessmen have abundant expertise in investing in many countries, he noted.

                      It is hoped to establish some form of economic integration as Kuwait has the capital and expertise, while Algeria has investment opportunities and development potential, he explained.

                      Another visit to Algeria is needed to examine investment opportunities that would boost Algerian economy, he added.

                      Al-Mukhaizeem was part of a 13-member Kuwaiti economic delegation headed by Chairman of Kuwait Chamber of Commerce and Industry Ali Al-Ghanem.

                      Established in 1977 as an Islamic bank, KFH has investments exceeding USD 30 billion.


                      • #12
                        ALGIERS, May 8 (KUNA) -- A Kuwaiti official here Tuesday commended Algerian President Abdulaziz Bouteflika's support for Kuwaiti investment projects in the North African country.

                        Ali Al-Ghanim, chairman of the Kuwait Chamber of Commerce and Industry (KCCI), leading a Kuwaiti economic delegation, thanked the Algerian president in an interview with Kuwait News Agency (KUNA) ahead of departure for Morocco.

                        The Kuwaiti economic team's visit showed how much His Highness the Amir of Kuwait Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah attached attention to the further development of bilateral economic ties.

                        "What has spurred us to invest in Algeria is President Bouteflika's support for Kuwaiti projects and investment in Algeria, and his efforts to push forward Kuwaiti economy in Algeria," he added.

                        Al-Ghanim added that he was impressed by the Algerian leader's strong will in supporting investment projects, a will which was largely appreciated by the Kuwaiti side.

                        He also lauded the visit of the Kuwaiti team as an opportunity to promote economic relations between Algeria and the State of Kuwait.

                        He went on to say "We will come back here soon in order to lay the cornerstone of the first Kuwaiti-Algerian project under the supervision of President Bouteflika." This project will pave the way for developing a broader project for investment in other projects, he predicted.

                        The Kuwaiti economic delegation had separate meetings with Bouteflika, Parliament Speaker Abdulqader bin Saleh, Minister of Participation and Promotion of Investments Abdulhameed Tammar, Minister of Housing and Urban Development Mohammad Nadir Humaimeed and Governor of the Algerian Central Bank Mohammad Leksassi on laws and legislations to organize investments in Algeria.

                        The Kuwaiti team comprised 12 officials from the KCCI, Kuwait Industry Union, Kuwaiti Investment Group, Union of Kuwait Banks and Federation of Investment Companies and others.

                        The Kuwaiti economic team has already left here for Morocco on a two-day visit for talks with senior officials there.


                        • #13
                          Après la visite d’une délégation d’hommes d’affaires :

                          Le Fond de Financement Koweitien a annoncé sa décision de créer une branche en Algérie, après avoir étudié tous les aspects juridiques concernant l’obtention de l’agrément officiel du Conseil du Crédit et de la Monnaie.

                          Le membre du conseil d’administration de l’Union des Banques Koweitiennes, et représentant du Fond de financement koweitien, M. Badr El Mokhaizim a indiqué lors d’une visite en Algérie, * la tête d’une délégation d’hommes d’affaires Koweitiens, que la présence des banques Koweitiennes sur le marché algérien représente actuellement une nécessité économique, pour les avantages et potentialités de développement, et le bénéfice assuré que représente ce marché.

                          M. Bard El Mokhaizim a expliqué le retard des Koweitiens * venir investir en Algérie par « l’absence d’échange d’informations entre les deux parties ».

                          Après la visite de cette délégation en Algérie, où elle a été reçue par le président Abdelaziz Bouteflika et par le gouverneur de la banque d’Algérie M. Laksaci, ainsi que par le Ministre des Participations et de la Promotion de Investissement, M. Hamid Tammar, il a déclaré « c’est une grande opportunité de venir investir ici, surtout que l’Algérie connaît une ouverture pour attirer les investissements étrangers ».

                          Concernant les démarches opérationnelles pour l’ouverture d’une branche bancaire en Algérie, M. Mokhaizim a déclaré qu’une autre visite est programmée en Algérie pour étudier tous les aspects techniques, et pour fixer un calendrier concernant les opérations de réalisation.


                          • #14
                            Kuwait, Algeria business ties

                            ALGIERS, June 17 (KUNA) -- The state of Kuwait is among top contributors to Algeria's economic, tourism, and real estate scenes, stated Kuwait's Embassy chargé d'affaires to Algiers, Ahmad Al-Jeeran, on Sunday.

                            Talking to Algerian Business weekly economic magazine, the official revealed that Kuwait has offered Algeria four loans, estimated at USD 250 million, to finance oil and housing projects, indicating that the last housing project has cost USD 13 million.

                            "Our country also invests in other domains," Al-Jeeran asserted, adding that Kuwait's Wataniya Telecom has invested in several telecommunication projects here in addition to establishing the Kuwaiti-Algerian Investment Fund.

                            "Business-friendly laws which offer Arab and foreign investors many economic privileges are also key factors in attracting investments and capital," said Al-Jeeran, as he described the fluency of operating in Algeria.

                            On chances of investments in Kuwait, the diplomat called on Arab businessmen, especially Algerians, to invest in Kuwait, citing the Gulf country's progressive economy.

                            Regarding Algerians working in his country, Al-Jeeran indicated that the numbers were low due to the geographic distance between both states, affirming that the chances of bilateral investments were still on.

                            He praised the role of Kuwaiti businesswomen in building the economy, saying that their Algerian counterparts were welcomed to share their experience with them.


                            • #15
                              KUWAIT, July 1, 2007: Islamic lender Kuwait Finance House (KFH) said yesterday a high-level delegation would travel to Algeria to evaluate investment opportunities. KFH said in a statement the delegation, including Chairman Badr al-Mukhaizeem, would hold talks with government officials in the north African country to search for investment opportunities. It gave no further details. Kuwait daily Al-Rai said KFH plans to set up a lender in Algeria with a capital of up to $200 million, without saying how it obtained the information. KFH's General Manager Mohammad al-Omar told Reuters on June 18 KFH was setting up a unit in Morocco to tap north African markets as parts of an expansion.