Lion Group, a prominent Malaysian steel conglomerate, will invest a significant $8 billion in Algeria’s metallurgy, steel, and aluminum sectors.
Omar Rekkache, Director General of the Algerian Investment Promotion Agency (AAPI), announced this ambitious project on June 3rd during an economic forum hosted by the local newspaper El Moudjahid.
Boumerdès to Host Massive Industrial Complex
This “mega-project” will occupy a vast 300-hectare site in the Boumerdès province of northern Algeria.
Rekkache highlighted the positive impact this investment will have on the Algerian investment ecosystem, further solidifying the country’s attractiveness for foreign direct investment.
The project will be executed in four distinct phases, with the initial phase requiring a substantial investment of $3.4 billion. This phased approach will ensure a systematic and efficient development process, ultimately leading to the establishment of a major industrial complex.
Lion Group: A Diversified Global Player
Founded in the 1930s, Lion Group has expanded its operations beyond steel manufacturing to include mining, agriculture, IT, real estate development, and retail. With a strong presence in Malaysia, the company also operates in China, Singapore, Hong Kong, Cambodia, and Laos.
This significant investment by Lion Group aims to revitalize Algeria’s industrial sector, creating jobs, stimulating economic growth, and enhancing the country’s position as a regional industrial hub.
The project also aligns with Algeria’s broader goals of diversifying its economy and reducing its reliance on hydrocarbon exports.