Automaker Stellantis continues to expand its global footprint with a $200m investment into Algeria. Announced on March 19, the project involves the manufacture of four types of vehicles from its Fiat brand and the development of a sales network.
In a statement dated the same day, Stellantis said the manufacturing plant will be in Tafraoui, in the country’s northwest, and is scheduled to be completed this August. By 2026, it will have created nearly 2000 jobs and produce 90,000 vehicles per year.
It is the latest in a string of capital pledges made by Stellantis targeting different countries. Over the past month, the firm has announced investments in Argentina, the US, Poland and South Africa.
AD Ports invests in Egypt
Abu Dhabi’s AD Ports is investing $200m in Egypt’s Safaga port along the Red Sea. On March 18, the group announced it had been granted a 30-year concession to develop and operate a new multipurpose terminal in the port.
In a statement dated the same day, AD Ports said it would be the first internationally operated port in the upper Egypt region, which will bring “significant cost savings to traders, industries and businesses” in the area. The terminal will cover 810,000 square metres and is set to be operational in 2025.
It comes just one day after global logistics group Hutchinson Ports announced it was investing $700m to build new container terminals at Egypt’s Port of Alexandria and Ain Sokhna Port.
Albania pauses golden passports
Edi Rama, prime minister of Albania, announced on March 17 that the country is suspending its ‘golden passport’ programme. In a statement announcing the news, Mr Rama said the citizenship-by-investment scheme would be paused until the European Court of Justice decides on the legality of Malta’s programme.
The European Commission believes golden passport schemes breach EU law and Albania is seeking to join the bloc. “Should the European Court rule against the golden passports, then this is something done once and for all. If the European Court rules in favour of them, then every country will make their own choice,” said Mr Rama in the statement.
Earlier this month, Portugal and Ireland scrapped their residency-by-investment programmes.