Saudi-Algerian marine company establishment under study

Saudi-Algerian marine company establishment under study
Updated 13 June 2015

Saudi-Algerian marine company establishment under study

Saudi-Algerian marine company establishment under study

A study is being conducted to establish a marine company that will promote business and trade between Saudi Arabia and Algeria, according to Abdularahman Al-Zamil, who is chairman of both the Council of Saudi Chambers (CSC) and the Riyadh Chamber of Commerce & Industry (RCCI).
"Once it is completed, it will be submitted to Saudi and Islamic banks and funds for finance," he told a recent meeting of the joint Saudi-Algerian business council held at the CSC headquarters.
Al-Zamil said promoting the trade and economic ties between the Kingdom and Algeria is a major goal for the top political leaders of the two Arab countries but absence of adequate information and lack of marine lines between the geographically distanced countries have contributed to the weakness of these ties. He hoped the new marine company under study will enhance business and trade between the two countries.
Algerian Chamber of Commerce and Industry Chairman Mohammed Al-Aid Bin Omar noted that the bilateral trade relations witnessed a four-fold increase with the trade balance very much favoring the Kingdom.
"The Kingdom’s exports to Algeria rose from $143 million in 2007 to almost $600 million in 2014. However, our exports to the Kingdom did not exceed $10 million," he said and called for serious efforts to boost its exports.
Bin Omar said that the investment and business environment in his country improved considerably in the last few years and hoped that this will attract more Saudi investment and business collaboration in trade and industry in his country.
"In the past few years, my country has gone very far in economic reforms that resulted in improving its legal, financial, and tax aspects to create better investment environment," he said, adding that the reforms have enabled the private sector to play a bigger role in the economy.