Qatar Invests $5 Billion in Algeria

Qatar will invest 5 billion dollars in Algeria over seven investment projects.  The signing ceremony of the investment agreements was held on Monday in Algiers in the presence of the Emir of Qatar.  Most of the agreements focus on the development of the mining and petrochemical industries.

According to local newspaper El Khabar, the first project will be the establishment of an iron and steel production compound in Jiljel, with the capacity of up to 10 million tons per year.  A 1200 MW electric plant will be built to supply it with electricity, with the excess to be added to the national grid.  The plant will be run jointly by the National Steel Corporation (Sider) and the Qatar Steel Company with a total investment of $2.1 billion.

The second project is a logistics city by the Gulf Warehousing Company and the National Agency for Real Estate Brokerage in Boumerdes.  The companies will build a pilot city on 4.5 million square meters for storage, refrigeration, and warehouse facilities.  If successful, seven more such cities could be created in other states in Algeria.

The other investment agreements were signed in the areas of gold and phosphate mining, and the petrochemical industry.  In particular, the funding will go towards the creation of phosphate and nitrogen fertilizers.  A maritime shipping line will also be established between Doha and Algeria.

Lastly, Qatar and Algeria will also cooperate on a project to develop squid breeding by working with endangered eggs.

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