The Algerian news agency reported that a Saudi-Algerian company has been established following the meeting of the constituent assembly last week in Algiers. The meeting included the representatives of the Saudi and Algerian finance ministers. The capital of the Algiers-based company amounts to about $108 million, and will be paid equally by the two countries. The company which will be concerned with investment projects is to be managed by a six-member board of directors. Mohammed bin Abdullah Shawi, a Saudi, has been elected as the chairman of the company' s board of directors, while Bo-Zard Abdel-Karim, an Algerian, has been elected as the company's director general. The establishment of the company comes in line with the agreement signed by the Kingdom and Algeria in 2004 and the recommendations of the Saudi-Algerian joint commission at its meeting held in Riyadh last January.
