UAE, Algeria to enhance mutual economic ties| MENAFN.COM

Wednesday, 10 August 2022 08:38 GMT

UAE, Algeria to enhance mutual economic ties

(MENAFN) UAE will explore investment chances as the country diversifies its economy and focus on non-oil related industries to boost revenue.

Accordingly, the contribution of oil to the UAE's economy will be reduced to almost 20 percent in the coming five years.

Both sides are focusing on non-oil sectors like real estate, tourism, renewable energy and small and medium enterprises.

In addition, the bilateral trade between both countries stood at USD 0.98bn in 2015 and the UAE investments in Algeria valued more than USD 9bn.

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