Qatar and Algeria have signed a Memorandum of Understanding (MoU) to explore investment opportunities in the steel industry.
The MoU was signed by Qatar Mining CEO Mr. Khalid bin Ahmed Al Obaidli and Algeria’s Ambassador to Qatar HE Dr. Mustafa Boutoura in the presence of Minister of Commerce and Industry HE Sheikh Mohammed bin Hamad bin Qassim Al Thani and Algeria’s Minister of Trade and Export Promotion Mr. Kamel Rezig.
The MoU aims to study the feasibility of expanding the Algerian-Qatari Steel (AQS) Company factory in the Bellara Industrial Zone in Algeria to increase its production capacity to 4 Metric Tons (MT). This deal is expected to broaden the scope for cooperation, especially in the commercial and industrial sectors.
The MoU stems from the joint ambition of the two countries to develop the iron and steel industry within the framework of an industrial and commercial partnership, in addition to meeting the Algerian market’s needs allowing the export of surplus production.
It also shows the keenness of the two countries to improve bilateral cooperation frameworks that would allow Qatari and Algerian investors to strengthen bridges of communication and establish successful investment projects that serve the interests of the two nations.
The AQS is a joint venture between Algeria and Qatar in the iron and steel industry, with Qatar owning 49 percent and Algeria owning 51 percent. In 2021, the volume of trade between Qatar and Algeria was predicted to reach $40.4 million, up around 12 percent from the previous year. Moreover, there are 169 Algerian companies operating in Qatar, including two companies that are fully Algerian owned and 167 Qatari-Algerian joint ventures.