While Algeria explored FinTech opportunities with Bahrain yesterday, a new step has now been taken in the industrial sector.
On Monday, the Director General of the Algerian Agency for Investment Promotion (AAPI), Omar Rekkache, officially awarded a concession contract to the Chinese company JINGDONG STEEL for the construction of a steel complex in M’Sila.
This decision came shortly after the meeting between Mr. Rekkache and a delegation of Bahraini businessmen, led by Ambassador Ali Jassem Al Aradi. Discussions had then focused on the development of financial technology in Algeria, marking the country’s growing interest in economic diversification.
A Structuring Project of $500 Million
With a total investment of $500 million, the Chinese project has been approved for development on a 36-hectare site in the industrial zone of Draâ El Hadja. The future complex is expected to produce 500,000 tons of steel products annually, with production evenly split between the domestic market and exports.
Timeline and Economic Benefits
The deployment has been planned in two phases:
● From 2024: Launch of sheet production (200,000 tons/year)
● By 2026: Commissioning of the tube unit (300,000 tons/year)
This project is expected to generate 1,114 direct jobs and nearly 2,000 indirect jobs, while also including a significant component of technology transfer through the creation of a dedicated training center.
The AAPI emphasizes that this plant will constitute a strategic industrial base for steel and tubes used in construction in North Africa, thus strengthening Algeria’s position in this key sector.
