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Tue 12 Feb 2008 10:14 AM

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Emaar to pump $30bn into Algeria

Dubai-based properties developer offers to increase investments in North Arfican state, minister says.

Dubai-based Emaar Properties has offered to increase its investments in Algeria to $30 billion, Al-Bayan reported on Tuesday, citing the minister of industry and investment promotion.

Emaar's first project, worth $5.5 billion, will start in the next few weeks, Abdelhamid Temmar said, according to Al-Bayan. The newspaper did not give more details.

Emaar, the largest Arab real-estate developer by market value, said in October it had agreed to develop four residential and leisure projects around the Algerian capital, Algiers, at a cost of $20 billion.

A spokeswoman for Emaar could not immediately be reached for comment. (Reuters)

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