Egyptian Orascom gets into real estate and tourism market in Algeria
After telecoms, industry and construction
Sunday Apr 01 2007.
Orascom commercial manager in Algeria Mr. Madjid Mourad revealed that the company poises to enter in tourism real estate in the Western coasts of Algeria through two projects namely business and trade centres as well as hotels.
After telecoms, industry and construction, Orascom group is to invest in tourism and real estate levelling through the creation of a subsidiary company, the company is now striving to mature the aforementioned projects, Mr. Mourad Madjid, told El Khabar.
Mr. Mourad made clear that the group went on negotiations with the government in order to buy painting materials manufacturing national company’s assets through the united painting company owned by Orascom and the Indo Asian Company paint manufacturing, adding that his company that came to Algeria in 1999 in order to invest, is poising to inaugurate metal materials factory in Sig in Mascara province west of the country next April with an overall cost estimated at around 60 million dollars.
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