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Tue 19 Feb 2008 02:15 AM

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GFH plans $3bn Algiers business zone

Bahraini investment bank to launch major economic development zone on outskirts of Algerian capital.

Gulf Finance House is to establish a $3bn economic development zone on the outskirts of Algiers, the Bahraini investment bank said Monday.

The Zone will be the primary commercial development covering 2.8 square kilometers within the new master planned city of Bouinan.

It is expected to include energy, financial, telecommunications and IT business districts along with residential development and leisure facilities.

Algeria’s minister of land planning Cherif Rahmani said in a statement the initiative would bring new industries to Algeria, which is relatively prosperous, but with a concentration in the oil and gas sector.

Algeria enjoys the highest national gross domestic product (GDP) in North Africa and has averaged 5% growth over the past 6 years thanks to the oil price boom. The Oil and Gas sector accounts for 46% of Algeria’s GDP and is a powerful driver of economic growth.

“Economic development is vital to any nation and we believe that this initiative will act as a catalyst that will bring new ideas and new industries to Algeria”, said Rahmani, adding, “we would like to see a greater proportion of our gross domestic product being generated by other industries”.

GFH Acting CEO Peter Panayiotou said the company would work closely with the government to help enhance the appeal of the country for further foreign investment.

A similar project, the GFH Mumbai Economic Development Zone, was launched in India in the autumn of 2007.

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