ALGIERS – Friday, 24 November 2023 (APS) – Several agreements and memorandums of understanding were signed on Thursday in Riyadh (Saudi Arabia) between Algerian economic operators and their Saudi counterparts on areas of cooperation between businessmen, business incubators and the setting up of joint ventures, according to the Ministry of Trade and Export Promotion.

The agreements were signed on the sidelines of the Algeria-Saudi Arabia Business Forum, co-chaired by the Minister of Trade and Export Promotion, Tayeb Zitouni, and the representative of the Saudi Minister of Investment, Badr Ibn Ibrahim Al Badr, in the presence of the Chargé d’Affaires at the Algerian Embassy in Riyadh, Bachir Bakhouche.

A cooperation agreement was signed between the Algerian Economic Revival Council (CREA) and the Federation of Saudi Chambers of Commerce and Industry, on the Algerian side by CREA President Kamel Moula, and on the Saudi side by Federation Vice-President Badr Al-Ruzaïza.

A cooperation agreement was also signed on incubators, business and coworking spaces, in addition to an agreement to set up an Algerian-Saudi company specializing in data mining.

The forum also saw the signing of an agreement on the creation of an Algerian-Saudi investment company, a cooperation agreement between two Algerian and Saudi companies in the field of tourism services and investment, and a cooperation agreement between two Algerian and Saudi companies on the trade of elevators and spare parts for the marketing of the Saudi company’s products in Algeria.

Moreover, memorandums of understanding were inked on cooperation in the field of entrepreneurship, the creation of an Algerian-Saudi company operating in the entrepreneurship and building materials sector, and cooperation between the Algerian investment group “Normad” and “Al-Harish Trading” in Saudi Arabia.

The forum was attended by many companies and business representatives from both countries, including Kamel Moula, President of the Algerian Economic Revival Council (CREA), and Hassan Al Huwaizi, President of the Federation of Chambers of Commerce and Industry.