The Kingdom of Saudi Arabia and Algeria today signed an agreement for the establishment of a Saudi-Algerian Company for Investment.
Saudi Minister of Finance Dr Ibrahim Bin Abdul Aziz Al-Assaf and Algerian Minister of Finance Abdul Latif bin Shinho signed the agreement on the fringes of meetings of Arab Monetary Agencies which are currently underway in Kuwait.
In a statement to the Saudi Press Agency (SPA), Dr Al-Assaf noted that the company would be the first of its kind established by the Kingdom. The private sector will contribute half of the company’s initial capital of $110 million. The two governments will equally subscribe half of the capital, while establishments, institutions and individuals of the two countries will subscribe the other half.
Source: SPA
