Algeria Gate: In another episode of the series of leaks about the chronology of Emirati hostility toward Algeria, we pause at a pivotal stage and take you back to the years 2006 to 2015, when an Emirati lobby, hiding behind the record of “friends of the late President Bouteflika,” sought to dominate the levers of the Algerian economy and manipulate land and real estate.
Abdelmadjid Tebboune as Minister of Housing in successive Algerian governments, confronted what was being cooked up and refused to grant a license to the Emirati company Emaar, close to the ruling family in the UAE, between 2008 and 2015, to implement and construct an expansion of the Dounia Park project in the Algerian capital.
On paper the project was valued at $500 million, but its real returns, which were to be transferred in hard currency to the UAE according to estimates at the time, were put at more than $5 billion. This is the reason for the current resentment of Emirati lobbies toward President Tebboune, even though the project cost Algeria losses of billions of dollars.
Tebboune, with a patriotic sense, refused to sign the construction and expansion permit for the Emirati Dounia Park project in the Algerian capital, which the company “Emaar Emirates” obtained in 2006 under suspicious circumstances and under the table, and began implementing in 2008 under a fantastical concession contract of 33 to 99 years. This is the crux of the matter.

“Dounia Park” was a suspicious Emirati investment in Algeria that was rich material for the media between 2006 and 2015. The announced investment value was 500 million euros, but the returns that were to be transferred to the UAE after Emaar obtained a loan from Algerian banks were estimated at $5 billion.
From his position as a minister in the government, Tebboune refused despite all the pressure at the highest levels. The project was frozen and then cancelled, causing the dreams of the sons of Zayed and the oligarchy that was betting on the project to control the levers of the country to evaporate.

As a reminder, in 2018 the Emirati company “Emaar” resorted to international arbitration in Washington to demand compensation from the Algerian government.

