On Thursday the presidents of Algeria and Mauritania, Abdelmadjid Tebboune and Mohamed Ould Cheikh Ghazouani, inaugurated a free trade zone between the two countries, Algerian state news agency APS reported.
At the inauguration, which took place in Tindouf commune in the west of Algeria, the two presidents also announced the start of construction of an 840km long road between Tindouf and Zouerate, which will connect the two countries and facilitate the operation of the free trade zone.
It is the first time Algeria has invested in a project outside its own borders since it gained independence in 1962.
Earlier this month, Algeria announced plans to establish free trade zones in 2024 with some of its neighbouring states, including Mauritania, Tunisia, Libya and Niger.
The establishment of such a commercial area means goods can be shipped, handled and exported under specific customs regulations and generally without customs fees.
This project is expected to increase commercial and economic exchanges, and alleviate trade challenges for farmers and businesses from the two countries.
In a joint statement with his Mauritanian counterpart, Mr Tebboune invited Mauritanian investors to benefit from the tax and customs exemptions the project offers, emphasising that “Mauritanian goods and merchandise of clear origin are welcome without tax.”
Mr Ghazouani said the trade agreement “will create a meeting place and an exchange bridge” that will strengthen bilateral co-operation between the two countries.
In recent years, Algeria has been trying to ease its otherwise rigid, hydrocarbons-reliant economic system and move into other sectors in order to compete with neighbouring Morocco.
The Algerian economy has been notorious for heavy state regulation and a lack of openness to international investment, especially from the West.
However, since the mass protests that ended Abdelaziz Bouteflika's 20 years as president in 2019, the Algerian government has shifted its economic strategies and started moving towards greater co-operation with neighbouring countries and global powers such as Russia and China.
The establishment of the free trade zones between Algeria and its neighbouring African states could have geopolitical repercussions in the region, such as a decrease in trade with these states for Morocco.
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The specs
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Power: 247hp at 6,500rpm
Torque: 370Nm from 1,500-3,500rpm
Transmission: 10-speed auto
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PROFILE BOX
Company name: Overwrite.ai
Founder: Ayman Alashkar
Started: Established in 2020
Based: Dubai International Financial Centre, Dubai
Sector: PropTech
Initial investment: Self-funded by founder
Funding stage: Seed funding, in talks with angel investors
UAE gold medallists:
Omar Al Suweidi (46kg), Khaled Al Shehhi (50kg), Khalifa Humaid Al Kaabi (60kg), Omar Al Fadhli (62kg), Mohammed Ali Al Suweidi (66kg), Omar Ahmed Al Hosani (73), all in the U18’s, and Khalid Eskandar Al Blooshi (56kg) in the U21s.
Global state-owned investor ranking by size
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UAE |
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5 |
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Canada |
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Singapore |
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Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
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Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
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Ain Dubai in numbers
126: The length in metres of the legs supporting the structure
1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch
16 A380 Airbuses: The equivalent weight of the wheel rim.
9,000 tonnes: The amount of steel used to construct the project.
5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place
192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.
Director: Jon Favreau
Starring: Donald Glover, Seth Rogen, John Oliver
Rating: 2 out of 5 stars
The biog
Occupation: Key marker and auto electrician
Hometown: Ghazala, Syria
Date of arrival in Abu Dhabi: May 15, 1978
Family: 11 siblings, a wife, three sons and one daughter
Favourite place in UAE: Abu Dhabi
Favourite hobby: I like to do a mix of things, like listening to poetry for example.
Favourite Syrian artist: Sabah Fakhri, a tenor from Aleppo
Favourite food: fresh fish
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From: Crossing Rubber, Philippines
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The specs
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ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
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UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
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COMPANY PROFILE
Name: Akeed
Based: Muscat
Launch year: 2018
Number of employees: 40
Sector: Online food delivery
Funding: Raised $3.2m since inception
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.