Al Mansouri: Algeria is a strategic investment destination for UAE entrepreneurs

Al Mansouri: Algeria is a strategic investment destination for UAE entrepreneurs Algiers, Algeria; May 23, 2010: The UAE Minister of Economy His Excellency Sultan Al Mansouri said that Algeria is a strategic investment destination for UAE entrepreneurs offering promising growth opportunities in several sectors. He met several senior Algerian officials, during the eighth Joint Committee Meetings of Algeria and the UAE and addressed several opportunities in enhancing bilateral cooperation in tourism, finance and investment sectors. Al Mansouri met Mr. Cherif Rahmani, Algeria's Minister of Land Planning, Tourism and Environment, and discussed ways to strengthen cooperation in tourism and environment, highlighting the initiatives already taken by the UAE’s tourism and travel entrepreneurs. Al Mansouri explained the UAE’s policy of diversifying income resources, and the vital role played by the tourism sector and its contribution to the economy. The country’s modern infrastructure and various attractions make it an attractive tourism destination, he said, adding that the UAE is the fifth leading destination in the world in hosting exhibitions and events after the UK, France, Japan and Canada, which makes it a popular business travel destination too. He said that the UAE is open to sharing its expertise in the tourism sector with Algeria. Mr. Cherif Rahmani congratulated the UAE for the great successes achieved by nation. He also lauded UAE's efforts and commitments towards environment related issues and its leading position in renewable energy, having chosen as the headquarters of IRENA International Renewable Energy Agency. Al Mansouri also met Mr. Hamid Temmar, Algerian Minister of Industry and Investment Promotion. The two ministers discussed possible areas of cooperation in industrial and investment sectors now and in the future. Al Mansouri said that Arab market is mature enough to host and establish sophisticated industries, as it has easy access to all necessary components such as capital, human and infrastructure do exist. He said that UAE is also focusing on the Industrial sector and decrease the dependence on oil and gas sectors. The industrial sector has contributed to 15% of GDP and is expected to achieve 20% share in the coming years. The country has over 4644 industrial firms with a capital of 81 billion exist in UAE. He also met the Governor of the Central Bank of Algeria Mr. Mohammed Laksaci and discussed how to strengthen relations between the UAE and Algerian financial organisations. He stressed the importance of permitting UAE banks to establish branches in Algeria and the value they add to the Algerian financial systems. Al Mansouri said that the UAE financial system in UAE is stable, reiterating that the liquidity ratio is good and sufficient to finance various development projects.