The Egyptian "Al -Suwaidi" expanded its investments in Algeria with an agreement with half a billion dollars

The Egyptian “Al -Suwaidi Electric” today signed an agreement with the Algerian iron industry with investments of up to a half billion dollars concentrated in the field of the development of irrigation and agricultural infrastructure consenters, according to Al -Sharq, the President, the general manager of the company of the Algerian government. This agreement comes a day after the Egyptian Company agreements with the ‘Algerian Investment Agency’ with projects in renewable energy and the electricity sector with investments worth $ 2.5 billion, according to the director -general of ‘Al -Suwaidi Electric’ Awad Al -Halawani to ‘Al -Sharq’. Look more: The Egyptian “Al -Suwaidi” invests $ 2.5 billion in new projects in Algeria. The iron industry company today signed 7 other agreements with Chinese and African businesses with investments estimated at $ 450 million to develop industrial activities, including auto parts, and to improve exports to African markets, according to a statement issued by the Algerian company. The axes of industrial projects increase the new agreement with “Al -Suwaidi” its total investment in Algeria to $ 3.5 billion. Al -Halawani said on Monday that continued discussions with the Algerian government will be launched for other investments after approval, including the establishment of ten new factories during 2025 and 2026. Awad explained that industrial projects include basic axes such as seawater treatment, sanitation, agricultural irrigation, aluminum and electrical materials. “Al -Suwaidi Electric Algeria” is a unit belonging to the Egyptian Swedish electrical enterprise, the largest business for producing cables in the Arab world. Egypt and Tunisia dominate Africa investments in Algeria, which number 45 investment projects launched since the approval of the new investment law in 2022, according to previous statements by the general manager of the Algerian Investment Promotion Agency Omar Rakash. The Al -Suwaidi family has about 68.1% of the shares of the listed company, and the UAE EcicTrimcMcMcMentengengen Company 20%, while the remaining percentage on investment funds, financial portfolios and small investors are spread on the Egyptian stock exchange.