Saudi Arabia and Algeria bolster economic ties
Economy

Saudi Arabia and Algeria forge deeper economic ties

(Last Updated On: December 28, 2023)

In a significant move to bolster trade, investment, and tourism ties between Saudi Arabia and Algeria as the two nations have inked eight agreements at a business forum held in Riyadh. Organized by the Union of Saudi Chambers, the event witnessed companies from both countries signing deals spanning various sectors, including business accelerators, elevators, and spare parts.

Algeria’s Minister of Trade and Export Promotion, Tayeb Zitouni, highlighted changes to his country’s investment law that are poised to elevate the value of commerce between the two nations, currently estimated at $837 million, as reported by the Saudi Press Agency.

Vice President of the Federation of Saudi Chambers, Badr bin Sulaiman Al-Raziza, emphasized the significance of the newly established Saudi-Algerian Supreme Coordination Council, the formation of the Saudi-Algerian Committee, and the Joint Business Council. Al-Raziza described these developments as a “qualitative leap” in economic relations, noting that Saudi Arabia has issued 18 investment licenses to Algerian enterprises since 2010.

Kamal Mawla, the head of the Algerian Economic Renewal Council, outlined the incentives for investment in Algeria, citing the skilled workforce, low energy costs, advanced infrastructure, and tax facilities. Raed Al-Mazrou, head of the Saudi-Algerian Business Council, emphasized the alignment of Saudi business projects, spanning industrial, tourism, agricultural, and service sectors, with the Algerian market. He anticipates that the entry of Saudi investors will bring new experiences and expertise to Algeria.

Ezzedine Adoul, head of the Algerian-Saudi Business Council, underscored the abundant economic potential and opportunities available to both nations, identifying them as a catalyst for partnership and bilateral trade. Adoul praised Algeria’s ongoing reforms aimed at establishing a diversified economic model, reinforced by a robust legislative and legal framework that fosters investment. The deepening ties signify a promising era of collaboration between Saudi Arabia and Algeria, setting the stage for mutual economic growth and development.

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