(3 minutes read)
· Algeria & UAE to work on boosting economic cooperation
· The growing bilateral trade is pegged at US$271 million
(Dh995m) as on first eight months of 2019
His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu
Dhabi and Deputy Supreme Commander of the UAE Armed Forces, met Major
General Saïd Chengriha, Acting Chief of Staff of the Algerian National
People’s Army and discussed wide ranging issues relating to economic
cooperation between the two countries.
The Algerian Acting Chief of Staff is visiting the UAE to participate
in the Unmanned Systems Exhibition and Conference ( UMEX) and the
Simulation and Training Exhibition and Conference, SimTEX, currently
being held at the Abu Dhabi National Exhibition Centre.
The meeting between the two dignitaries took stock of current ties
between the UAE and Algeria, in areas like the military and defense
sectors, areas for enhancing cooperation to serve the interests of
the two countries and their peoples and need for boosting regional
cooperation.
The meeting was also attended by H.H. Sheikh Mansour bin Zayed Al
Nahyan, Deputy Prime Minister and Minister of Presidential Affairs and
Mohammed bin Ahmed Al Bowardi, Minister of State for Defence Affairs,
and Mohamed Mubarak Al Mazrouei, Under-Secretary of the Abu Dhabi
Crown Prince’s Court.
Relations between the UAE and Algeria are in the upswing. Importantly,
the UAE is home to about 10,000 Algerian expatriates. Logistically
also both countries are well linked. There are 10 flights between the
two countries which have helped to increase commercial and business
ties. Major UAE companies, such as Dubai World, Mubadala, Al Qudra,
Arabtec, Aabar Investments and Emaar, have a presence in Algeria.
The growing bilateral trade is pegged at US$271 million (Dh995m) as
of the first eight months of 2019. The two countries have signed more
than 30 cooperation agreements for increasing bilateral trade,
investment and other types of cooperation including tourism.
Importantly, there is a pact between the two countries for prevention
of double taxation, sharing expertise and experience in sectors like
education, judiciary, agriculture, the environment and media. Shortly,
an aluminum smelter unit will be set up in Algeria by the UAE, which
will involve a cost of US$5 billion. Gulf Pharmaceuticals Industries,
Julphar, is setting up a pharmaceutical production unit in Algeria.
A wide variety of projects, such as irrigation, electricity and
housing, are being financed by the Abu Dhabi Development Fund in
Algeria, which according to official data, would cost upwards of
Dh256m.
