Algiers - Economy

Economy

Algiers is an important economic, commercial and financial center, with in particular a stock exchange with a capitalisation of 60 million euros. The city has the highest cost of living of any city in North Africa, as well as the 50th highest worldwide, as of March 2007, having gained one position compared to the previous year.

Mohamed Ben Ali El Abbar, president of the Council d administration of the emirate group EMAAR, presented five "megaprojects" to Algerian President Abdelaziz Bouteflika, during a ceremony which took place Saturday, July 15 with the Palate of the People of Algiers. The projects will transform the city of Algiers and its surroundings by equipping them with a retail area, and restoration and leisure facilities.

The first project will concentrate on the reorganization and the development of the infrastructures of the railway station "Aga" located in the downtown area. Ultramodern, the station, intended to accommodate more than 80.000 passengers per day, will become a center of circulation in the heart of the grid system, surrounded by commercial offices and buildings and hotels intended for travelers in transit. A shopping centre and three high-rise office buildings rising with the top of the commercial zone will accompany the project.

The second project will relate to the bay of Algiers and aims to revitalize the sea front. The development of the 44 km (27 mi) sea front will include marinas, channels, luxury hotels, offices, apartments of great standing, luxury stores and leisure amenities. A crescent-shaped peninsula will be set up on the open sea. The project of the bay of Algiers will also comprise six small islands, of which four of round form, connected to each other by bridges and marinas and will include tourist and residential complexes.

The third project will relate to restructuring an area of Algiers, qualified by the originators of the project of "city of wellness". El Abbar indicated to the journalists that the complex would be "agréable for all those which will want to combine tourism and wellbeing or tourism and relaxation". The complex will include a university, a research center and a medical centre. It should also include a hospital complex, a care, centre, a hotel zone, an urban centre and a thermal spa with villas and apartments. The university will include a medical school and a school for care male nurses which will be able to accommodate 500 students. The university campus will have the possibility of seeing setting up broad ranges of buildings of research laboratories and residences.

Another project relates to technological implantation of a campus in Sidi Abdellah, 25 km (16 mi) south-east from Algiers. This 90 hectares (222 acres) site will include shopping centres, residential zones with high standard apartments and a golf course surrounded by villas and hotels. Two other residential zones, including 1.800 apartments and 40 high standard villas, will be built on the surrounding hills.

The fifth project is that of the tourist complex Colonel Abbès, which will be located 25 km (16 mi) west from Algiers. This complex will include several retail zones, meeting places, and residential zones composed of apartments and villas with views of the sea.

A Hewlett Packard office for French-speaking countries in Africa is in Algiers.