Gulf Finance House (GFH) in Bahrain has signed a principle agreement with the Algerian government to set up an economic development zone on the outskirts of Algiers.
The zone will be the main commercial development within the new master planned city of Bouinan.
The site is at least 2.8 square kilometres, and is expected to be worth US$3bn.
It is the second GFH economic development zone, with the first one launched in Mumbai, India, in the second half of 2007.
The GFH special projects team is working with various industry heads to finalise the business districts. The zone is expected to include energy, financial, telecommunications and IT business districts, as well as residential development and leisure facilities.
The zone is aimed at boosting the economic development of Algeria, and the Algerian government is keen to see a greater proportion of its gross domestic product being generated by more non-oil and gas industries and sectors.
Algeria has the highest national gross domestic product in North Africa, and has averaged 5% growth over the last six years, mainly due to the oil price boom. The oil and sector accounts for 46% of Algeria's GDP.
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