LOC10:32
07:32 GMT
(With photos)
ALGIERS, Feb 12 (KUNA) -- Grand Real Estate Projects Company plans to
invest around three million dollars in various projects in Algeria, CEO Sami
Al-Bader Al-Jenaee said Tuesday.
Al-Jenaee told KUNA, on the sidelines of the international tourism
conference currently held in Algeria, that he had met with the Algerian Prime
Minister Abdelaziz Belkhadem who informed him of the facilities granted to
Grand to help them launch their projects.
Among the most important projects is the construction of a village near the
sea in the Ain Taya town with an area of three million and two hundred
thousand square meters.
The project includes three five-star hotels and two four-star hotels,
villas, training institutes, a water sports club, theatres, a press center, a
business center, restaurants, cafes, medical centers, palaces to host official
delegations, and more, he added.
Grand's CEO said the project is worth USD 1.7 billion and is expected to be
completed over four years. Official procedures for this venture will begin
within two months and will be executed within the first six months of 2007.
Grand is also thinking about establishing an investment bank in Algeria
after it received the green light and appropriate facilities from the Algerian
government. The establishment of the bank will cost USD 100 million and will
finance tourism projects and other ventures.
Al-Jenaee also noted his company's intentions to invest in fields of
energy, mines, insurance, finance, and asset management.
He noted that the mother company based in Kuwait opened a branch in Algeria
with a capital worth around USD five million.(end)
ft.hm
KUNA 121032 Feb 08NNNN