French Group to invest $160 million in Algeria
The French Group, CMA CGM, run by its founder, M. Jacques R. Saade, a businessman of Lebanese origin, announced it will invest $160 million in projects for developing dry and container ports in in the capital, in Wahran and in Jijel Port, reported the Algerian newspaper, al-Khabar on Wednesday. The company has recently opened a branch in Algeria. Some 110 workers are employed in this branch.
CMA CGM aims to strengthen its presence in Africa and shows large interest in the privatization of Algerian ports.