(MENAFN- Kuwait News Agency (KUNA)) Algeria, the United Arab Emirates (UAE) and Germany signed here Sunday three contracts to establish three companies to produce vehicles and engines.
The contracts were signed between the Algerian defense ministry, Abu Dhabi's investment fund, Aabar, and German companies Daimler, Deutz and MTU, the ministry said in a statement.
A plant will be built in east Algiers to manufacture 15,000 Mercedes-Benz trucks and buses every year. Production will start next year.
The second contract stipulates the establishment of a Mercedes-Benz factory to produce 10,000 vehicles of different sizes as of 2013.
The third contract states that a company will be established to manufacture engines carrying the brand "Mercedes-Benz and Deutz." This plant will produce 26,000 engines cooled by water. Production set to start in 2014.
The German companies will participate as as technology partners providing licences and intellectual property.
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