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UAE, Algeria discuss cooperation
September 19, 2018
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ALGIERS: The Ministerial Meeting of the 14th session of the Joint Committee between the UAE and Algeria took place in the Algerian capital, Algiers.

The meeting was chaired by Sultan Bin Saeed Al Mansouri, Minister of Economy, and Abdulqader Al Mussahel, Minister of Foreign Affairs of Algeria.

The UAE delegation included representatives of various federal and local government authorities, as well as quasi-government and private companies.

Al Mansouri said that the meetings of the committee were an opportunity to develop and reinforce the bilateral ties between the UAE and Algeria, through opportunities for cooperation and reaching practical suggestions on how to maximise these opportunities and overcome challenges.

Regarding the economy, Al Mansouri highlighted the importance of the joint efforts of public and private sectors from both countries to building on their recent achievements and promoting mutual commercial exchange and investments.

He called on Algerian exporters and importers to benefit from the UAE’s advanced ports and logistical facilities, which are ideal centres for the launch, storage and transportation of goods from Algeria to Asian markets while noting that the UAE occupies the 11th position in the international index of logistical services, which includes 160 countries.

Regarding investments, he explained the fact that Emirati investments in Algeria exceeded $10 billion in various economic sectors while highlighting the opportunities for more Emirati investments, which desire to benefit from the Algerian market and the strategic location of Algeria as a gateway to European and African markets.

He then lauded the investment partnership worth $1.5 billion between the UAE and Algeria in the iron and steel sector that is expected to generate around 1,600 direct job opportunities and other indirect job opportunities. He also praised the partnership in the energy sector between CEPSA, a company owned by Mubadala, and Sonatrach Algerian, which is valued at $1.2 billion until 2043 and is expected to increase Algerian oil and gas production in the coming years.

WAM

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