Qatar and Algeria embark on tourism and real estate investments – Doha News

Qatar is the largest Arab investor in Algeria, accounting for 74% of all foreign investment, with the two countries sharing many memoranda in different sectors.

Qatari and Algerian businessmen discussed bilateral investment opportunities in the real estate and tourism sectors during a meeting in Algiers, the Gulf State News Agency (QNA) reported on Saturday. ).

The meetings were attended by the Qatar Businessmen’s Association (QBA).

Algerian officials present at the meetings included Minister of Tourism and Handicrafts Yacine Hamadi, as well as Minister of Housing, Urban Planning and the City Mohamed Tarek Belaribi.

QBA Chairman Sheikh Faisal bin Qassim Al-Thani has suggested the creation of an integrated tourist city that will allow investment from both countries and beyond. The officials looked at the latest investment trends in the two sectors, with Sheikh Faisal pointing to the increase in the transfer of state-owned hotels to the private sector to better manage them.

Hamadi also gave the QBA delegation a presentation on tourism and hotel investment opportunities in Algeria. Some of the potential investment sites include the Msida region near Annaba and the Tunisian border, as well as the Ghar Daya region, as well as various others.

The tourism minister said opportunities arise as both sides continue to renew their “willingness to strengthen and intensify their efforts” to develop their trade relations “in a way that serves the interests of both countries.”

In addition, the Algerian minister of housing declared that a new law on investment is being studied which will allow free investment by foreign and Algerian investors.

“We have attractive areas near airports and transport is available, and we have a new philosophy to create a new Algeria away from bureaucracy. The goal is to complete the projects and overcome the obstacles,” Belaribi said.

During the discussions, the two parties agreed to form a working team of technicians to study the existing projects.

Qatar-Algeria investments

Qatar is the largest Arab investor in Algeria, accounting for 74% of all foreign investment, with the two countries sharing many memoranda in different sectors.

Among the major investments is the Algerian Qatari Steel project in the Bellara industrial zone in Jijel, northeast of Algiers. The $2 billion project has a production capacity of five million tons of steel.

In February, Emir Sheikh Tamim bin Hamad Al Thani of Qatar and Algerian President Abdelmadjid Tebboune signed two memoranda and an agreement on an executive program in Doha.

The signing took place during Tebboune’s visit to Qatar ahead of his participation in the Gas Exporting Countries Forum (GECF) summit.

A Memorandum of Understanding (MoU) concerned the establishment of political consultations and coordination between the Foreign Ministries of Qatar and Algeria. Other agreements have been signed in the areas of social development and the family, justice and education.

The education agreement is the second between the two countries, covering the academic years 2022-2025.

“The Emir and HE the Algerian President also attended the signing of the second executive program in the field of higher education, scientific and technological research of the educational and scientific cooperation agreement between the two countries”, reads -on in a statement by the Amiri Diwan at the time.

The strength of ties between Algeria and Qatar was seen during the GCC crisis in 2017, when an illegal blockade was imposed by Saudi Arabia, Bahrain, the United Arab Emirates and Egypt.

Algeria was among the countries that refused to follow in the footsteps of the quartet and some of their Arab allies by cutting ties with Doha.