Algeria Seeks to Become an Investment ‘Gateway’ in Africa

Meeting at the 2nd Russia-Africa Summit (Russian Presidency)
Meeting at the 2nd Russia-Africa Summit (Russian Presidency)
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Algeria Seeks to Become an Investment ‘Gateway’ in Africa

Meeting at the 2nd Russia-Africa Summit (Russian Presidency)
Meeting at the 2nd Russia-Africa Summit (Russian Presidency)

Algeria pledged during the Second Russia-Africa Summit, which concluded its work in St. Petersburg, to become an investment gateway for Russian investors to enter the continent.

It advocated for a solid and profitable African-Russian partnership for both parties and the emergence of a fair international system.

The Algerian Prime Minister, Aymen Benabderrahmane, affirmed on the summit's sidelines that his country's positive development indicators in recent years make it the gateway to Africa within the strategic partnership with Russia.

Benabderrahmane pointed out that President Abdelmadjid Tebboune's visit to Russia in mid-June pushed the bilateral relations further.

During the visit, the two countries launched a strategic partnership covering many sectors, including renewable energies.

On Thursday, Russian Energy Minister Nikolay Shulginov announced a partnership with Algeria to produce two million cubic meters of gas daily, starting in 2026.

Shulginov said that Gazprom plans to start the production of hydrocarbons in the el-Assel area in Algeria in 2026.

Benabderrahmane stated that Algeria and Moscow are working on an approach developed by the two Presidents to move towards consolidating a deep partnership, noting that his country is Russia's second trading partner in Africa.

The PM stressed that the most crucial indicator recorded by the Algerian economy is the rise in per capita income to $4,800, while the gross domestic product was estimated at $255 billion, with a growth rate that may exceed five percent in 2023.

He explained that the positive indicators resulted from the economic dynamism, including the state measures and the new investment law, which approved projects worth more than $7.2 billion and will enable the creation of 50,000 jobs.

In a meeting with Algerian investors at an economic exhibition in St. Petersburg, the Prime Minister discussed investing in various sectors and opportunities offered by the national economy, especially in services.

He referred to Algeria's outstanding capabilities, especially in tourism and digital technologies, which create wealth and jobs, stressing that authorities took several incentive measures in favor of exporting institutions.

Officials in Algeria aspire to reach $13 billion in non-hydrocarbon exports, and the government aims to use food, agricultural, and start-up companies to increase exports.

At the summit, Benabderrahmane read a speech on behalf of Tebboune stating that Algeria looks forward to building a strong African-Russian, mutually beneficial partnership for the emergence of a just international order that respects the principles of international law and multilateralism.

Algeria is making significant efforts to support development in the continent, especially in reducing indebtedness and developing infrastructure in many of its countries, said the Prime Minister, noting that lowering debt allows African countries to overcome a significant obstacle and benefit from new funds.



Debate Resurfaces Over Political Agreement After Al-Mashhadani Elected Iraqi Speaker

Iraqi Parliament Speaker Mahmoud al-Mashhadani (Reuters)
Iraqi Parliament Speaker Mahmoud al-Mashhadani (Reuters)
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Debate Resurfaces Over Political Agreement After Al-Mashhadani Elected Iraqi Speaker

Iraqi Parliament Speaker Mahmoud al-Mashhadani (Reuters)
Iraqi Parliament Speaker Mahmoud al-Mashhadani (Reuters)

Less than a week after the Iraqi parliament elected Mahmoud al-Mashhadani as speaker, the “political agreement” document has returned to the spotlight due to delays in its implementation caused by disagreements.

The speaker's position had been vacant for nearly a year after former speaker Mohamed al-Halbousi was dismissed by the Federal Supreme Court amid Sunni-Sunni and Sunni-Shiite tensions.

Al-Mashhadani, who had been competing for about nine months with four other candidates, including Salem al-Essawi, was elected with broad Sunni support and full backing from Shiite factions, as a key member of the Shiite Coordination Framework defended his candidacy.

A former Sunni politician and ex-MP told Asharq Al-Awsat that “practically, there is no Sunni-Sunni dispute over al-Mashhadani.”

“The issue is with his nomination process and the involvement of a Shiite party, which shouldn't be a factor, especially when Sunnis should have the right to choose their candidate based on sectarian quotas,” the source noted.

They added that “the delay in electing a speaker for a year was caused by Shiite forces insisting on a specific Sunni candidate, al-Mashhadani.”

“This sparked debate within the Sunni bloc, though all Sunnis, before this insistence, saw al-Mashhadani as one of the last respected historical Sunni leaders after 2003, often called 'the elder' because of his age,” the source noted.

The politician also pointed out that “Sunnis have key demands, which were part of the current government led by Mohamed Shia' al-Sudani, including the law on general amnesty, which is still being debated after being watered down, as well as the dissolution of the Accountability and Justice Commission and its shift to a judicial matter instead of being used against the Sunni community.”

At a meeting of the “State Administration Coalition” on Thursday evening, discussions on implementing the political agreement document resurfaced after the parliament resumed its sessions and extended its legislative term following the election of a new speaker.

According to sources, during the meeting, which included al-Sudani, al-Mashhadani, and leaders from the Shiite Coordination Framework, as well as Sunni and Kurdish representatives, Al-Siyada Alliance leader Khamis al-Khanjar presented the document.

He criticized the failure to implement Sunni demands, despite two years passing since the document was signed, and warned that further delays would have consequences.

Al-Khanjar, who recently resigned from the Al-Siyada party after being included in the Accountability and Justice file, had initially supported al-Mashhadani’s candidacy for speaker, despite backing his own candidate, Salem al-Essawi, earlier.