Algiers is an important economic, commercial and financial center, with in particular a stock exchange with a capitalisation of 60 million euros. The city has the highest cost of living of any city in North Africa, as well as the 50th highest worldwide, as of March 2007, having gained one position compared to the previous year.
Mohamed Ben Ali El Abbar, president of the Council d administration of the emirate group EMAAR, presented five "megaprojects" to Algerian President Abdelaziz Bouteflika, during a ceremony which took place Saturday, July 15 with the Palate of the People of Algiers. The projects will transform the city of Algiers and its surroundings by equipping them with a retail area, and restoration and leisure facilities.
The first project will concentrate on the reorganization and the development of the infrastructures of the railway station "Aga" located in the downtown area. Ultramodern, the station, intended to accommodate more than 80.000 passengers per day, will become a center of circulation in the heart of the grid system, surrounded by commercial offices and buildings and hotels intended for travelers in transit. A shopping centre and three high-rise office buildings rising with the top of the commercial zone will accompany the project.
The second project will relate to the bay of Algiers and aims to revitalize the sea front. The development of the 44 km (27 mi) sea front will include marinas, channels, luxury hotels, offices, apartments of great standing, luxury stores and leisure amenities. A crescent-shaped peninsula will be set up on the open sea. The project of the bay of Algiers will also comprise six small islands, of which four of round form, connected to each other by bridges and marinas and will include tourist and residential complexes.
Air Algérie head office in Place Audinnear the University of Algiers, in Alger-Centre
The third project will relate to restructuring an area of Algiers, qualified by
