Qatari-Algerian delegation announce $5bn investment

New investment deals will cover industry, mining and trade Qatari Emir Sheikh Hamad Bin Khalifa Al Thani will visit Algeria on Monday to enhance deepening economic relations between the two countries, it has been announced. It is expected that seven partnership agreements will be signed across a number of sectors during the visit, including a host of $5 billion investment projects.
The Sheikh’s visit will be accompanied by an economic and ministerial delegation, considered the largest of its kind in recent years, aiming to sign off on major agreements in industry, mining, trade and services, well-informed sources told Arabstoday.
The announcement follows a Qatari-Algerian bilateral committee held in Algiers last November when the two states agreed on a joint venture to produce five million tonnes of iron and steel in Bilara.
The project is expected to create around 2,000 new jobs while reducing the cost of Algerian steel imports, which amount to $10 billion annually [approximately 20 percent of total national imports].
It is also expected the heads of state will discuss other political issues, such as the Syrian crisis and the ongoing Palestinian issue.