Algeria

Market Overview
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COUNTRY INFORMATION

Algeria is the leading natural gas producer in Africa and the second-largest natural gas supplier to Europe outside of the region.

With a territory of 2.4 million km2 and a dynamic demography (+900,000 inhabitants/year, 44 million inhabitants on 1 January 2020), Algeria has the 4th largest GDP on the African continent (144 billion USD in 2020) and the highest GDP per capita in North Africa.

The Algerian economy is heavily reliant on hydrocarbon exports. On average, hydrocarbons represented 93% of the country's exports, 43% of tax revenues and 21% of GDP over the period 2004-2020.

ECONOMIC INDICATORS

GDP per capita, USD PPP (2020): 10 656
GDP growth (2020): -4.9
Inflation (average 2020): 2.4
External debt (2020): 2% of GDP
USD/DZD exchange rate (2020 average): 127.1
EUR/DZD exchange rate (2020 average): 145.1

BUSINESS CLIMATE

Algeria remains a sizeable and lucrative market for foreign investors.

Several factors clearly outline Algeria’s future potential: the country’s strategic geographical position, its infrastructure, its oil wealth and abundant natural resources, and its growing population which recently reached 44 million.

In addition, Algeria offers a skilled and affordable workforce as well as electricity, gas, and water at competitive prices.

Although hydrocarbons remain the backbone of the Algerian economy, accounting for more than 90% of exports, there are business opportunities in numerous other sectors such as agriculture, infrastructure, housing, clean energy, and pharmaceuticals.

In 2020 the Algerian Government launched ambitious efforts to improve the investment climate and respond to the Coronavirus pandemic.

Steps taken have included revising the country’s investment legislation to ease market entry for foreign investors and ending the 49% cap on foreign equity in all non-strategic sectors. See below for further details.

CURRENT OPPORTUNITIES & FUTURE PROSPECTS

The COVID-19 pandemic seems to have acted as a catalyst for the pace of transformation: no less than three reforms have been initiated in less than two years, covering key sectors such as energy and pharmaceuticals.

  • First solar tender: On 23 December 2021, the Ministry of Energy Transition and Renewable Energy launched a long-awaited solar tender for the deployment of 1 GW of solar capacity (“Solar 1,000 MW”), marking the beginning of Algeria’s energy transition.
    The tender relates to the construction of solar photovoltaic power plants with a total capacity of 1,000 MW divided into lots ranging from 50 MW to 300 MW each, according to a schedule specified in the tender documents.
    The Algerian Renewable Energy Company (SHAEMS), a joint venture between state-owned Sonatrach and Sonelgaz to participate and facilitate the renewable energy projects, will partner with the selected developers by acquiring a stake of up to 25% of the share capital of the selected project companies.
    Foreign investors can acquire a majority stake in the project company due to the recent abrogation of the 51/49 rule concerning the renewable energy power generation sector.
    The electricity produced will be sold through a 25-year Power Purchase Agreement (PPA).
  • Tenders launched by Sonelgaz in March 2023: for the development and construction of 15 solar power plants with a total capacity of 2 GW. The projects will be built on 11 sites, with capacities ranging from 80 MW to 220 MW. Potential developers have until 29 May to submit their bids.
  • Green hydrogen: The Minister for Energy Transition stated that green hydrogen could be used to replace natural gas, as part of the energy mix. The development of the green hydrogen industry from renewable electrical energy appears to be one of the key solutions for a successful energy transition in Algeria.
    In the framework of the Algerian-German energy partnership, and with the participation of the German Federal Ministry of Economy and Energy (BMWi), and the Algerian Ministries of Energy (MEM) and Energy Transition (MTEER), an exploratory study on the potential of Power-to-X (green hydrogen) for Algeria has been published by the German development agency, Deutsche Gesellschaft für internationale Zusammenarbeit (GIZ) GmbH.
    The study reveals a significant potential for green hydrogen production in Algeria. It shows it is technically and economically possible to develop a green hydrogen industry in Algeria, thus contributing to the decarbonisation of several sectors and the reduction of dependence on hydrocarbons.
    Algeria’s existing infrastructure in the oil and gas industry, its exceptional potential in wind and solar energy, and its geographical proximity to Europe make it a reliable future supplier of green hydrogen and/or other valuable gases.
  • New hydrocarbons law: a new law on hydrocarbons was published at the end of 2019. Law No. 19-13 of 11 December 2019 governing hydrocarbon activities which, in addition to a more favourable tax reform for foreign investors, provides for a more flexible contractual regime for the exercise of hydrocarbon exploration and exploitation activities.
    The new law marks the return of the production sharing contract that existed in the previous law No.86-14 of 1986, which allowed the realisation of major hydrocarbon discoveries and the development of the Berkine basin in the 1990s.
    The risk services contract has also been reintroduced, which should encourage the use of improved hydrocarbon recovery technologies to optimise the performance of deposits, particularly mature ones, and whose positive impact on production could be felt in the short/medium term.
    The Ministry of Energy, the Governmental Agency ALNAFT, and the National Oil Company Sonatrach are preparing an international call for tenders for the exploration and exploitation of several blocks. The tender process is expected to begin in the second half of 2022.
  • New pharmaceutical regulations: The life sciences, health, and pharmaceutical sectors have undergone significant recent developments. The Council of Ministers adopted an action plan to promote the sector in July 2020, resulting in an overhaul of the legislative and institutional framework.

LEGAL SYSTEM

Algerian law is mostly based on the French civil law system. Accordingly, it is a codified system of law where the legislation is divided into codes which contain the primary legislation.

Furthermore, the Algerian Constitution dated 8 December 1996 and amended several times, contains, amongst others, provisions on division of powers, the tasks and the election procedure of institutions, and values of the Algerian society.

FORMS OF BUSINESS

The Algerian Commercial Code provides for six types of corporate forms of commercial companies, namely:

  • Partnerships (société en nom collectif) ;
  • Limited partnerships (société en commandite simple) ;
  • Limited partnerships by shares (société en commandite par actions) ;
  • Limited liability company (société à responsabilité limitée) ;
  • Joint stock company (société par actions).
  • Simplified joint stock company (société par actions simplifiée).

Recently, Law No. 22-09 of 5 May 2022 introduced a new form of commercial company, the simplified joint stock company, exclusively for companies certified as "start-ups". One of the main characteristics of this type of company is the great freedom that the shareholders have to organise the functioning of their company in the articles of association. In contrast to the rigidity of the joint-stock company, the simplified joint-stock company is extremely flexible.

The limited liability company and the joint stock company are, in practice, the most used corporate forms because they limit the liability of their members to their contributions to the company’s share capital.

COMPANY FORMATION

The incorporation of an Algerian company involves the signing, in front of a public notary, of the articles of association. The articles must be drafted in Arabic and governed by Algerian law. Foreign investors must import foreign currencies through legitimate banking channels in order to subscribe and pay the Algerian company's share capital in front of the notary.

NEW FOREIGN DIRECT INVESTMENT LEGAL FRAMEWORK

Since 2016, aware of the competition between Mediterranean countries, particularly within the Maghreb, to attract quality Foreign Direct Investments (FDIs), and given Algeria’s longstanding need to diversify its economy away from hydrocarbons, Algeria initiated a process to reform its investment law.

On 28 July 2022, a new Investment Law No. 22-18 dated 24 July 2022 (the "Law 22-18") was published in the Official Gazette.

Eight texts implementing Law 22-18 were published in the Official Gazette on 18 September 2022, the main provisions of which are summarised below.

A few days before the publication of the new investment law, a law No. 22-15 of 20 July 2022 was published to introduce for the first time in Algeria the concept of free zones, each free zone is to be created by future executive decrees.

Certain provisions relevant to foreign investments (such as the so-called 51/49 rule) are also contained in finance laws and supplementary finance laws.

These new laws are all positive signs in the direction of investors, especially foreigners, to increase the attractiveness of the country.

Key aspects of the recent reform of Algerian investment law are discussed below to provide foreign investors with an understanding of the current overall legal framework for investment.

  1. End of the obligation for foreign investors to set up a joint venture with a local partner holding at least 51% of its share capital

Before the publication of the Supplementary Finance Law for 2020, foreign investors had to find one or more Algerian partners in order to set up a joint venture. Algerian national resident(s) had to hold at least 51% of the share capital in the joint venture company regardless of the market sector the company planned to operate in.

In the decade following the introduction of the 51/49 rule the level of foreign direct investment drastically decreased, leading the Algerian Government to limit the 51/49 rule to a restricted list of activity sectors.

The Supplementary Finance Law for 2020 repeals the 51/49 rule except for the importation of goods in order to resell them in the same condition and for five strategic sectors (as defined below).

(i) Strategic sectors

Pursuant to the Supplementary Finance Law for 2020 (as amended), the strategic sectors subject to the 51/49 rule are defined as follows:

  • The military industry and related activities placed under the authority of the Ministry of National Defense.
  • Railways, ports and airports.
  • The pharmaceutical industry except for investments related to the manufacturing of essential, innovative, high value-added products which require complex and protected technology and are intended for domestic market and export.

Pursuant to separate sets of laws and regulations, the following important sectors are also subject to the 51/49 rule:

  • The exploitation of the national mining domain as well as all underground or surface resources relating to an extractive activity, except for quarries and sandpits of non-mineral products.
  • The upstream sector as well as operating the distribution network and transportation of electrical energy by cable and transportation of hydrocarbons (liquids and gas) by overhead or underground pipelines.

An implementing regulation has been published and provides further details regarding the definition of strategic sectors.

Executive Decree No. 21-145 of 17 April 2021, published in the Official Gazette of 22 April 2021, has defined the list of strategic activities (“Decree 21-145”).

To this end, Decree 21-145 lists 44 activity codes considered as "strategic".

As a general comment, it is interesting to note that Decree 21-145 marks an opening of the energy sector to foreigners: foreign investment will be unlimited in (i) the electricity production from renewable energies and in (ii) the downstream of the hydrocarbon sector (except transport by pipeline) such as oil services, refining or oil drilling.

In contrast, most of the activities in the pharmaceutical industry sector are qualified as strategic, thus restricting the participation of foreigners in the project companies to 49%.

(ii) Importation of goods for resale in the same condition

The objective of maintaining the 51/49 rule to activities of importing raw materials and finished goods for resale in the same condition is to discourage the development of these costly activities for the Algerian external balance and to limit the transfers of foreign currencies outside Algeria.

Given the above, all other activities associated with producing goods and services – including the telecommunication, banking and insurance, agri-food, and construction sectors - are now open to foreign investment without any obligation to create a partnership with a local party.

  1. End of the State preemptive rights

The Supplementary Finance Law for 2020 repeals the pre-emptive right of the Algerian Government over any direct transfer of shares by or to a foreign investor.

Indirect transfers of shares in an Algerian company, up to 10% or more, provided that the Algerian company had benefited from advantages or incentives were also subject to the Algerian State right to repurchase. The Supplementary Finance Law for 2020 repeals such State right to repurchase.

The State pre-emption right has been replaced by the requirement that authorisation must be obtained from the “competent authorities” before any direct transfer of share capital

The Supplementary Finance Law for 2020 remains silent as to the way this authorisation can be obtained and refers to further regulations. It is, of course, desirable that any implementing legislation be adopted swiftly to a) mitigate the risk of blocking situations developing, b) clarify the law, and c) provide a uniform approach for supplying authorisation.

  1. Investment guarantees

(i) Transfer guarantee

Law 22-18 reaffirms the transfer guarantee in favour of foreign investors, namely the right to transfer in foreign currency the capital invested, the income derived from it, as well as the proceeds from selling and liquidating the investment.

As before, in order to benefit from the transfer guarantee, foreign investors must make capital contributions in cash imported through the banking channel and denominated in a freely convertible currency (the amount of which must be equal to or higher than minimum thresholds defined according to the total cost of the project).

In addition, contributions in kind (contributions of new assets, assets transferred to Algeria, imported assets duly valued by a judicial expert) and reinvestments of profits and transferable dividends are also treated as external contributions.

(ii) Legal stabilisation

Law 22-18 provides for a legal stabilisation mechanism: The effects of any future revisions or repeals of Law 22-18 will not apply to investments made under Law 22-18, unless the investor expressly requests otherwise.

The legislator's intention to create a positive environment for investment seems to be reflected in such a "freezing clause" in the new law.

(iii) Recourse to international arbitration

Like the previous law, Law 22-18 allows for recourse to international arbitration in the event of a dispute between the foreign investor and the Algerian State, provided that an international convention on arbitration exists. In the absence of an international convention, arbitration remains possible within the framework of a compromise between the Agency (acting on behalf of the State) and the investor (an innovation of the new law).

  1. Incentive schemes

Whereas the previous law (and its implementing decrees) were unclear as to the investment incentive schemes, Law 22-18 provides for only three schemes. Investments must first be registered with a one-stop shop in order to benefit from these incentives.

These incentives essentially consist of an exemption from customs duties, value added tax and real estate tax during the investment phase and an exemption from taxes on profits and taxes on professional activities for a period of 5 to 10 years during the operating phase.

(i) Sectoral regime

Certain sectors listed by law are eligible for this regime, in particular renewable energy, pharmaceuticals, petrochemicals, agriculture, mining and quarrying, tourism, information technology, etc.

(ii) Zone regime

This regime applies to investments made in certain regions (the Highlands and the South) and in localities where the State intends to develop certain resources or encourage them to be developed.

(iii) Investment structuring regime

The favourable "structuring investment" regime applies to projects that create at least 500 jobs and are worth at least DZD 10 billion (approx. EUR 75 million).

EXCHANGE CONTROLS

An important question that frequently arises is how the repatriation of investment proceeds operates under Algerian law, and how it is effectively implemented in practice.

The Investment Law expressly provides in favour of foreign investors for the transfer guarantee of dividends and investment proceeds.

As a reminder, the transfer guarantee is the right for any foreign investor to transfer in foreign currency the dividends and other revenues resulting from its investment, subject to certain conditions being met.

Practice shows that in most cases, foreign investors can transfer in foreign currencies the dividends and other revenues distributed by their Algerian subsidiary, although such transfers are subject to a cumbersome administrative process with local banks, particularly for the first transfer.

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FDI screening in Algeria : sectorial approach does not preclude activity-specific scrutiny

Introduction: "Fide Sed Cui Vide" or -in a more prosaic style -"trust does not exclude control". This deep-rooted principle has governed the set-up of an Investment Screening Mechanism (ISM) in most countries in the world eager to protect strategic autonomy in sectors considered essential. ISM first appeared in the United States, Canada and Australia in the mid-1970s. They became widespread in successive waves following (i) the 2008 subprime crisis, (ii) then to deal with the rise of sovereign investments from China, Russia or the Middle East and (iii) more recently as a reaction to the effects of the Covid-19 crisis. It is now widely acknowledged that the enactment of ISM is necessary to reconcile openness to growth-fostering inward FDI with States’ ability to prevent unwelcomed investments. Algerian investment law is part of this global trend and aims at striking a balance between inbound investments incentive and the legitimate need to subject some business sectors to specific oversight. A peculiar feature of ISM in Algeria is that it has primarily appeared as a reaction to unamicable change of control in strategic sectors. In the aftermath of the subprime crisis, Algeria enacted a stringent ISM in 2009 based on a cross-sectoral approach (i.e. applying to all economic sectors), and a pre-emption right to the benefit of the State designed as a shield against “aggressive” cross-border transactions. Since the enactment of the 2020 Supplementary Finance Law and subsequent amendments thereof (2020 SFL), the ISM has shifted to a sectoral approach, as it only applies in strategic sectors. Likewise, the 2009 preemption right has been replaced by an approval requirement prior to any equity transfer to foreign investors. These legislative amendments metabolize a deep evolution of the Algerian ISM towards simplification and greater legal certainty. One of the main progresses of the 2020 reform was to specify the scope of the ISM. Lawmakers have indeed taken care to specify the sectors deemed strategic and then - within these sectors - to list the activities referenced in the Nomenclature of Economic Activities (NEA) subject to the ISM. This double-trigger mechanism considerably enhances the predictability and efficiency of the ISM. From an investor perspective, this positive development is to be highlighted but also nuanced. Despite the ISM's facelift, FDI screening still entails a certain level of complexity requiring in-depth review. This is due to the very fact that, in strategic sectors, ISM does not apply to all activities nor is the exclusive legal basis regarding matters it address (I). Moreover, in non-strategic sectors, some activities remain subject to specific regulations having ISM-similar effects (II). In strategic sectors, ISM does not apply to all activities, nor is the exclusive legal basis regarding matters it address: In strategic sectors, the reformed 2020 ISM enshrines 2 core principles: The limitation to 49% of foreign shareholders’ equity stake. The mandatory approval requirement prior to any equity transaction to the benefit of foreign investors. Within this legal playfield, the main challenge remained to define - or at least to clarify - the scope of strategic sectors. From this point of view, the legislator has shown a remarkable proactivity  that breaks with the “catch-all” approach prevailing under the 2009 regime. Under the 2020 ISM (as amended) the following are considered strategic: The exploitation of the national mining domain, as well as any underground or surface resource resulting from an extractive activity on the surface or underground, with the exception of quarries for non-mineral products The upstream of the energy sector and any other activity governed by the law on hydrocarbons, as well as the operation of the distribution and transmission network of electrical energy by cables and gaseous or liquid hydrocarbons by overhead or underground pipelines; Industries initiated or related to military industries under the control of the Ministry of National Defense for the local market and export; Railways, ports and airports; Pharmaceutical industries, with the exception of investments related to the manufacture of innovative, high value-added essential products requiring complex and protected technology, intended for the local market and for export. Fertilizer production has also been added to the list of strategic sectors following the 2025 Finance Law. Within these strategic sectors, Executive Decree 21-145 has subsequently listed 44 activities of the NAE subject to the ISM. This normative architecture has considerably enhanced the predictability of the ISM. However, it still calls for specific attention in critical respects: Not all activities in strategic sectors are subject to the ISM. In the pharmaceutical industry, the manufacture of innovative products has been excluded to not discourage international players from producing locally high value-added drugs requiring massive investments. It should also be noted that in the vital energy sector, activities such as drilling, pipeline construction or study and engineering activities are not listed in Executive Decree 21-145 and therefore escape the ISM. In terms of military and defense industries, Executive Decree 21-145 does not list any activity subject to the ISM but simply specifies that activities initiated by or in relation to entities under the control of the Ministry of National Defense must be considered strategic. Here, the strategic feature does not rely on a material assessment of the activities but on a mere organic criterion. Executive Decree 21-145 has not yet been updated to specify the fertilizer production- related activities subject to the ISM. In strategic sectors, another layer of complexity stems from the coexistence of IMS with other sectorial regulations having the same purpose. For instance, in the hydrocarbons industry, transfers of rights and obligations related to a contract are subject to (i) prior approval of the sectorial regulator and (ii)  a preemption right of Sonatrach, as a state-owned monopoly. In the same vein, in the event of a change of control of one of the persons constituting the contracting parties, the Minister in charge of hydrocarbons may decide that this operation is incompatible with the continued participation of the person concerned in the hydrocarbon contract. The way this prerogative articulates with the IMS prior approval requirement is not clear since the relevant  implementing decree is yet to be taken. From a more general point of view, under Article 49 of the 2020 SFL import for resale as is activities remain subject to the 51/49 rule but are not considered strategic. In this sector of activity, transfers of shareholdings to foreigners are therefore not subject to any specific prior approval requirement. This hybrid regime of import for resale as is exemplifies that even in non-strategic sectors a number of activities are subject to specific regulations producing ISM-similar effects. In non-strategic sectors, a number of activities are subject to specific regulations producing ISM-similar effects: Activities in non-strategic sectors do not ipso jure escape from any kind of investment screening. Due to their features, some are subject to specific regulations. Executive Decree 15-234 defines “regulated activities” as those likely to directly affect concerns or interests related to: public order; security of property and people; the preservation of natural resources and public goods that make up the national heritage; public health; environment The concerns addressed by Executive Decree 15-234 are broad and can therefore give rise to a wide range of grounds for regulatory intervention. Out of 1600 activities of the NEA, 318 are regulated. A significant part of these regulations is totally unrelated to FDI screening and simply relates, for instance, to diploma requirements in some professions or concerns urban planning and safety rules in all places open to the public (restaurants, malls, sports facilities, cinemas, etc.). However, other activities regulated based on the Executive Decree 15-234, are subject to different type of controls that may entail effects close to a formal ISM. In the galaxy of sectoral regulations, foreign investments can indeed be subject to a  wide spectrum of measures, encompassing: Exclusion: Foreign investments are sometimes prohibited. This is the case, for instance, with activities related to information and the media, which can only be carried out by (i) natural persons of Algerian nationality, exclusively, and (ii) legal entities incorporated in Algeria whose capital is held exclusively by natural persons of Algerian nationality. Limitation: In some sectors, foreign investments are not prohibited but remain restricted by the 51/49 rule. This is the case in the smoking tobacco manufacturing sector, in which foreign investors can only hold a minority stake. Enhanced control: In the telecommunications sector, operators are subject to enhanced technical, commercial and legal scrutiny from the regulatory watchdog. The legal control relates, first of all, to licenses and authorizations which cannot be assigned due to their intuitu personae The control also covers operators’ shareholding structures. Indeed, for licensees (4G, 3G, GSM, V-Sat), any direct or indirect acquisition of a stake in the share capital and/or voting rights must be subject to the prior approval of the regulator, under penalty of nullity or withdrawal of the license. For authorization holders (ISP, cloud services, VoIP, audiotex), ex ante approval requirement applies only if the proposed transfer relates directly to more than one third of the share capital or voting rights. Enforceability: In the financial field, transactions involving the share capital of banks and financial institutions are also subject to prior scrutiny. Additionally, amendments to the articles of association of a foreign bank or financial institution having a branch in Algeria shall be submitted, in order to become enforceable in Algeria, to the Council of Money and Credit when they relate to the purpose of the company. Restriction on dividends: Algerian investment law has consistently and very effectively enshrined the right of international investors to repatriate their dividends and any other proceeds arising from their activities. A notable exception remains for imports for resale as is businesses, for which the repatriation of dividends is not permitted and which – as previously shown - also remains subject to the 51/49 rule. This restriction on the repatriation of dividends is justified by the fact that foreign investments in this field are not deemed productive investments. The above examples reflect how foreign investments in "regulated activities" can be subject to specific scrutiny even though they fall outside the list of strategic sectors. Despite the considerable improvement resulting from the latest reform of the ISM, foreign investment remains subject to a fragmented regulatory framework. This heterogeneous framework is far from being specific to Algeria. In the US, the cross-sectoral IMS resulting from the FIRRMA (Foreign Investment Risk Review Modernization Act) has led to the scrutiny of 20% of incoming foreign investments in all economic sectors. In the European Union, Member States have notified around 100 different ISMs under the cooperation mechanism and the Commission reported that in 2023 more than 1800 investments had been subject to approval request. In China, the National Development Commission recently updated its "Negative List" prohibiting or restricting foreign investment in more than 100 sectors or economic activities. Conclusion: Algerian IMS is now well-anchored in the business environment and the principles thereof have been stabilized. However, it could still be finetuned in the following respects: From a procedural point of view, it is essential to clarify the rules pertaining to the approval requirement prior to equity transfers to foreign investors. This clarification is necessary to anticipate the issues encountered in recent years with regard to transactions that have not obtained a certificate of renunciation of the exercise of the pre-emption right that was required before the 2020 reform. To mitigate the consequences related to the nullity of such transactions, the lawmaker has been compelled to set up an ex-post regularization procedure that can be implemented until December 31, 2026. However, this regularization process does not apply to transactions carried out in strategic sectors, nor those carried out after the entry into force of the 2020 SFL. From a substantive point of view, consideration could be given to removing the nexus between import for resale as is and the principles governing the IMS. In this industry, the prohibition of dividends repatriation resting on foreign shareholders seems self-sufficient to justify the abolition of the 51/49 rule. Similarly, it could be envisaged to relax the rules relating to the mining sector in order to make it more FDI-friendly. By its very nature, the IMS must remain evolving to allow constant adaptation to new risks likely to jeopardize States’ strategic interests. This level of agility should not be perceived as detrimental to the legal certainty but is rather to be appraised in relation to the need to adapt the concept of strategic autonomy to an ever-changing environment. In this respect, it is noticeable that investments in activities involving the access and management of personal data are subject to increasing attention due to the specific risks they entail. Another major trend is the increase of IMS dedicated to outbound investments, as evidenced by the EU Recommendation issued on January 15, 2025 urging Member States to scrutiny outbound investments outside of the EU in three strategic sectors, namely: semiconductors, artificial intelligence ("AI"), and quantum technologies What makes us different? Our FDI experts work seamlessly with clients and international law firms, implementing coordinated strategies designed to navigate within ever-moving complex regulatory landscapes. As a trusted independent law firm, we have developed solid working relationships with administrative and regulatory bodies entitled to screen investments. Our FDI experts work in close cooperation with our M&A team to offer fully integrated solutions to our clients. Authors: Mahieddine RAOUI, Partner, [email protected] Steven ALDRICH, Partner, [email protected]
Alvisory-Ghellal - 13 May 2025