22-09-2024
As part of strengthening cooperation between Qatar and Algeria in the agricultural and industrial sectors, Baladna Trading and Investment L.L.C., a wholly owned subsidiary of Baladna Q.P.S.C., signed a Shareholders' Agreement with the Algerian National Investment Fund (FNI) on Thursday, September 19, 2024. This agreement aims to establish an integrated project for the production of dairy and powdered milk in southern Algeria, making it one of the largest agricultural projects in the region.
The signing ceremony was attended by Mr. Moutaz Mohamed Raslan Al-Khayyat, Chairman of Baladna Q.P.S.C., and on the Algerian side by Minister of Finance Mr. Laaziz Fayed, Minister of Agriculture and Rural Development Mr. Youcef Chorfa, and Minister of Industry Mr. Ali Aoun, in addition to the Director of the Algerian National Investment Fund, Ms. Souad Assous, Director General of Agricultural Investment and Land, the Secretary General of the Ministry of Finance, and the Secretary General of the Ministry of Agriculture, along with several officials from the relevant ministries.
The project aims to meet the growing demand for dairy products and powdered milk in Algeria, with a focus on enhancing food security and supporting agricultural investments, The legal framework of the partnership establishes that Baladna will hold a 51% stake, while the Algerian National Investment Fund will hold 49% of the capital in the newly established Algerian company that will execute the project.
The agreement was signed by Mr. Kamal Mansouri, Director General of the National Investment Fund, and Mr. Ramez Mohamed Raslan Al-Khayyat, Managing Director of Baladna. This partnership represents an important step towards achieving sustainable economic growth for both countries