Doha: Ali bin Hassan Al Muraikhi, Chairman of Qatar Steel International, and Hasnawi Shaiboub, Chairman of Sidar Company of Algeria, signed the Articles of Association for the Algerian Qatari Steel Company recently in Algiers, a press release issued by Industries Qatar said yesterday.
The signing ceremony was attended by a Qatari delegation, headed by H E Dr Khalid bin Mohamed Al Attiyah, Minister of Foreign Affairs, H E Dr Mohammed bin Saleh Al Sada, Minister of Energy and Industry, and Ahmad bin Mohamed Al Sayed, CEO of Qatar Holding. On the Algerian side, the ceremony was attended by Amara bin Younes, Minister of Industrial Development and Investment. The joint venture is scheduled to be registered in the first week of January 2014.
Qatar Steel International, equally owned by Qatar Steel Company and Qatar Mining, will hold 49 percent of the new company, while Algeria, represented by Sider Company and National Investment Fund, will hold a 51 percent stake, as per the Algerian Investment Law for 2009. The engineering and construction works are expected to take approximately four years.
the peninsula
WASHINGTON: The International Monetary Fund predicts the US economy would expand at a faster pace next year, given positive economic data and some signs of compromise in Congress, the head of the lender said yesterday.
IMF Managing Director Christine Lagarde also praised the US Federal Reserve’s communication of its decision last week to start scaling back its massive monetary stimulus.
reuters
