Extended Cooperation Agreement between Madar Holding and CBMI Construction Co., LTD
MADAR Holding, represented by its CEO Mr. Amara Charaf-Eddine, and the Chinese company CBMI Construction Co., Ltd, represented by its president Mr. Tong Laigou, signed on Monday, May 8, 2023, in Algiers, an extended cooperation memorandum in the field of industrial engineering. The objective is to stimulate the growth of this sector in Algeria and to conquer the African, Arab, and Euro-Mediterranean markets.
The signing ceremony took place in the presence of Mr. Li Xinhua, General Manager of China National Building Group.
This agreement, a first of its kind in Algeria, aims to establish mechanisms for sustained, durable, and evolving collaboration in the strategic sector of industrial engineering.
It expresses both parties’ intention to significantly expand their business volume in a sector that has long stagnated in Algeria and is in need of revitalization.
The two parties agreed to establish a joint venture in the form of a commercial company, which will be based in Algeria and will carry out missions related to design, implementation, monitoring, and maintenance of systems and complex production facilities, and generally all activities related to industrial engineering.
The cooperation memorandum also includes the development of an optimization and market penetration strategy targeting African and regional markets within their target activity sectors.
Madar Holding is a key player in the Algerian economy and operates in a wide range of sectors, including light industry, automotive, agriculture, agro-food, financial services, tourism, hospitality, transport, sports, leisure, and safety.
Its strategic partner CBMI Construction Co., Ltd has been present in Algeria since 2012 through its affiliation with China National Building Materials Group, ranked among the world’s top 500 industrial conglomerates. Both signatories are already working together under a contract for the construction of a plant to crush oilseeds for crude oil and cake production in Jijel, eastern Algeria.
