Air Algerie Incurs USD130 Million Loss Due to COVID-19

An Air Algerie Boeing 737-8b6 plane is seen on the tarmac at the Lyon-Saint-Exupery airport in Colombier-Saugnieu near Lyon, France, March 14, 2019. REUTERS/Emmanuel Foudrot/Files
An Air Algerie Boeing 737-8b6 plane is seen on the tarmac at the Lyon-Saint-Exupery airport in Colombier-Saugnieu near Lyon, France, March 14, 2019. REUTERS/Emmanuel Foudrot/Files
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Air Algerie Incurs USD130 Million Loss Due to COVID-19

An Air Algerie Boeing 737-8b6 plane is seen on the tarmac at the Lyon-Saint-Exupery airport in Colombier-Saugnieu near Lyon, France, March 14, 2019. REUTERS/Emmanuel Foudrot/Files
An Air Algerie Boeing 737-8b6 plane is seen on the tarmac at the Lyon-Saint-Exupery airport in Colombier-Saugnieu near Lyon, France, March 14, 2019. REUTERS/Emmanuel Foudrot/Files

Algerian Finance Minister Ayman bin Abdul Rahman said that Air Algerie has incurred losses estimated at USD130 million due to the suspension of flights during the coronavirus pandemic.

During a meeting on evaluating the consequences of the pandemic and its impact on the economy, chaired by Algerian Prime Minister Abdulaziz Jarad, Bin Abdul Rahman said that maritime transport losses have exceeded USD700,000.

He further announced allocating more than USD500 million to fight the pandemic.

Jarad noted that the country was undergoing a tragic and unprecedented economic condition ensuing from the structural crisis by former governments, the collapse of oil price, and the impact of the novel coronavirus.

He affirmed that Algerian President Abdelmadjid Tebboune was committed to backing the affected institutions, whether public or private. In addition, he noted that the precautionary measures have struck various economic sectors mainly commerce, hospitality, and construction.

Jarad called for an objective assessment of COVID-10 repercussions, noting that the economic and social revival would occur through establishing balanced institutions and achieving a purchasing power for households to support the economic dynamic.



Riyadh Hosts Saudi-Egyptian Industrial Forum

Officials are seen at the forum on Monday. (SPA)
Officials are seen at the forum on Monday. (SPA)
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Riyadh Hosts Saudi-Egyptian Industrial Forum

Officials are seen at the forum on Monday. (SPA)
Officials are seen at the forum on Monday. (SPA)

The Saudi-Egyptian Industrial Forum kicked off in Riyadh on Monday under the patronage of Minister of Industry and Mineral Resources Bandar Alkhorayef. The forum aims to bolster strategic industrial cooperation and integration between the two countries.

Organized by the Federation of Saudi Chambers of Commerce in collaboration with the Federation of Egyptian Industries, the forum witnessed the participation of Deputy Minister for Industrial Affairs Eng. Khalil bin Salamah, Saudi Export Development Authority CEO Abdulrahman Althukair, and 300 prominent Saudi and Egyptian industry leaders and investors.

Bin Salamah underscored the significance of strengthening economic cooperation and industrial integration between Saudi Arabia and Egypt. He advocated for enhanced industrial partnerships within five priority sectors identified in the Kingdom's National Industrial Strategy: pharmaceuticals, automotive, building materials, textiles, and food industries.

He highlighted the evolving strategic integration between the two countries across initiatives like "Saudi Made,Future Factories," and "Made in Egypt," as well as in the broader goods and services sector. Bin Salamah urged Egyptian industrialists to capitalize on the industrial investment opportunities available in the Kingdom, citing its ambitious plans to establish 24,000 new factories over the next decade.

Federation of Saudi Chambers of Commerce Chairman Hassan Alhwaizy hailed the forum as a crucial milestone in Saudi-Egyptian industrial collaboration, emphasizing the strategic partnership underpinning their economic relations, particularly in the industrial sector.

Federation of Egyptian Industries Chairman Mohamed El-Sewedy stated that current global challenges are accelerating the need for industrial integration between the two countries, strengthening their partnership to tap into the African market's potential.

Saudi-Egyptian Business Council Chairman Bandar Al-Ameri highlighted the substantial growth in trade exchange between Saudi Arabia and Egypt in recent years, fueled by developing economic partnerships between their respective business communities. He emphasized that signing the agreement to protect and encourage mutual investments represents a strategic achievement serving their shared interests.