2004 News Story

Saudi-Algerian investment company to be half private sector

Saudi Arabia and Algeria signed in Kuwait today an agreement on the establishment of a joint company for investment. The agreement was signed by Minister of Finance Dr. Ibrahim Al-Assaf and Algerian Finance Minister Abdullatif bin Shinho on the fringes of the meetings of Arab Monetary Agencies currently in progress. Dr. Al-Assaf noted that this is the first company of its kind in which the private sector takes part from the start, since the two governments will each subscribe one quarter of the company's capital of U.S. $110 million, while the other half will be subscribed by establishments, institutions and individuals in the two countries.