Algerian President Dispels Spain’s ‘Energy Concerns’

Algeria's President Abdelmadjid Tebboune speaks during a meeting with US Secretary of State Antony Blinken on March 30, 2022, at El Mouradia Palace in Algiers. Jacquelyn Martin, AP
Algeria's President Abdelmadjid Tebboune speaks during a meeting with US Secretary of State Antony Blinken on March 30, 2022, at El Mouradia Palace in Algiers. Jacquelyn Martin, AP
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Algerian President Dispels Spain’s ‘Energy Concerns’

Algeria's President Abdelmadjid Tebboune speaks during a meeting with US Secretary of State Antony Blinken on March 30, 2022, at El Mouradia Palace in Algiers. Jacquelyn Martin, AP
Algeria's President Abdelmadjid Tebboune speaks during a meeting with US Secretary of State Antony Blinken on March 30, 2022, at El Mouradia Palace in Algiers. Jacquelyn Martin, AP

Algerian President Abdelmadjid Tebboune on Saturday said his country will not abandon its commitment to supply Spain with gas despite a diplomatic row with the European country over Western Sahara.

"We assure the Spanish friends, the Spanish people that Algeria will never abandon its commitment to supply Spain with gas under any circumstances," Tebboune said in an interview aired on state television late on Saturday.

Algeria informed its European economic partner last month that it was raising the price of gas. Against the backdrop of the ongoing war in Ukraine, Algeria approved Italy's request for increased liquefied gas supplies to compensate for the Russian gas.

Madrid expressed concerns over the impact of this decision on its share of gas, especially that Algeria clearly stated that it intends to review its partnership with Spain in the energy sector.

Algeria also summoned its ambassador to Madrid to show its discontent at the “sharp turn” taken by Spain in supporting Morocco's autonomy plan for Western Sahara. This stance was expressed by Prime Minister Pedro Sánchez.

“We demand the implementation of the international law for the return to normal in our relations with Spain,” Tebboune added.

He said that Spain shouldn’t forget its historical responsibility.

In another context, the president expressed intention to carry out partial amendments to the government in the coming days, based on the results of each sector. Yet, he did not reveal the ministers’ names.

Tebboune added that the amendment would take into consideration the ministers’ abidance by the instructions given by the president during cabinet meetings.



Saudi Chambers Federation Organizes Saudi-Egyptian Business Forum

An aerial view of Riyadh, Saudi Arabia (SPA)
An aerial view of Riyadh, Saudi Arabia (SPA)
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Saudi Chambers Federation Organizes Saudi-Egyptian Business Forum

An aerial view of Riyadh, Saudi Arabia (SPA)
An aerial view of Riyadh, Saudi Arabia (SPA)

The Federation of Saudi Chambers and Egypt’s General Authority for Investment and Free Zones (GAFI) on Monday held the Saudi-Egyptian Business Forum in Cairo with officials from both countries and 300 Saudi and Egyptian companies to explore prospects for partnership and economic cooperation.

The forum highlighted investment opportunities and incentives in Saudi Arabia and Egypt, as well as the business environment and prospects for partnership in industry, real estate development, tourism and economic zones and free zones, the Saudi Press Agency said on Tuesday.

Assistant Minister of Investment and CEO of the Saudi Investment Promotion Authority (SIPA) Ibrahim Al-Mubarak stated that the investment protection and promotion agreement between Saudi Arabia and Egypt created a reality for investment cooperation.

He emphasized that Saudi Arabia will remain a leading investment partner for Egypt, noting that SIPA has granted 7,000 licenses for Egyptian investments in the Kingdom while trade between the two countries reached SAR60 billion in 2024, marking a 29 percent increase.

GAFI CEO Hossam Heiba emphasized that the Egyptian government is committed to providing an attractive investment environment by continuing to achieve breakthroughs in infrastructure and implementing a series of incentive measures in fiscal, monetary and investment policies.

He also highlighted support for growing incoming investments, particularly Saudi investments, which are a cornerstone of sustainable development in Egypt, noting that a special unit for Saudi investments has been established.

The representative of the Saudi Ministry of Investment Hamad Al-Rasheed reviewed the Kingdom’s efforts to stimulate investment by establishing special economic zones focused on cloud computing, logistics, automotive production, shipbuilding, food, mining and pharmaceuticals.

He also highlighted the launch of the national initiative for global supply chains, aimed at attracting strategic supply chains to the Kingdom and securing regional and global market share in key sectors alongside the Kingdom’s efforts to simplify and digitize procedures.