Algerian Press Service (APS) released on Thursday, 24 September 2015 information that an Algerian Business Council in Dubai was up and running with a main objective to boost investment flows between Algeria, United Arab Emirates. Here is some excerps.
A Board of Algerian Business in Dubai to boost the flow of investment between Algeria and the United Arab Emirates
The Algerian Business Council (ABC) is open to “all Algerian companies operating in the UAE, as well as all Emirati companies activating in Algeria”, explained the Algerian entrepreneur based in Dubai. It currently exists in the Emirate of Dubai about 200 Algerian companies in various sectors such as services, real estate, trade, transport and logistics.[ms-protect-content]
An Algerian Business Council was created recently in Dubai by the Algerian business community in the United Arab Emirates with the aim of bringing a business climate promoting the development partnerships and the increase of investment flows between Algeria and the UAE.
Operating under the auspices of the Chamber of Commerce and Industry of the Emirate of Dubai, this economic association, is assigned for principal mission “the accompaniment of the members in their efforts of surveys the market and investment, both in Algeria as in the UAE”, its Secretary-General, Sid Ahmed Benraouane told the APS.
Focusing its actions to commence the business relationship in the fields of the oil industry, construction, trade and services, this Council is open to “all 200 number Algerian firms operating in the UAE, as well as all Emirati businesses activating in Algeria”, explained an Algerian entrepreneur based in Dubai.
The ABC has been approved in March 2015, while the effective launch of its activities took place in June.
According to Mr. Benraouane, the organization of thematic meetings for the exchange of ideas and information between investors and responsible for specific areas is among the main activities of the Council.
The objective is to support trade between the two countries to “enable the formation of new partnerships between Algerian companies and their Emirati counterparts.” And “Involving the Algerian diaspora in the development of the country.”
Trade between the two countries has however been timid; during the first seven months of 2015, with Algeria importing some $ 178 million from the Emirates, against exports of approximately $ 4 million.
The main imports are food, energy products, lubricants, semi-finished products and agricultural and industrial goods, while exports consist mainly of food products.
“We act as a resource centre for guidance, connections, and help to investors and companies whilst exploring the market”, he argued.
Mr. Benraouane said that the ambition of the Council is to “help promoters to identify business opportunities and to support them in their strategy of market penetration in the United Arab Emirates and vice-versa”.
ABC is committed to helping Algerian companies interested in exports and / or investment in the UAE, as well as to promote Algerian products in this country emphasizes the representative of ABC, for which it will be used to “interface with Algerian residents in the UAE to contribute their skills to the development of Algeria.”
Since its launch, some twenty Emirati companies, leaders in the fields of transport, agro-industry, banking and finance, and new technologies of information and communication have approached the Board seeking opportunities of investment and partnership in Algeria.
- Benraouane, announced that the ABC wull organise the in Dubai, seminars on several topics to try to “realize potential investment projects.”
The Council has scheduled a seminar on transportation and logistics in October, another on investment in oil and gas in November 2015, and on e-payment in December.[/ms-protect-content]