Gulf Arab success in grabbing non-energy opportunities in telecoms, tourism and banking should serve as a model for Algeria as it tries to wean itself off reliance on oil and gas, a leading Algerian businessman said.
Reda Hamiani, a former minister for small and medium companies and now vice president of the Business Leaders Forum, said the speed with which Gulf Arabs had identified and snapped up commercial opportunities around the world was an object lesson in diversifying an economic base.
"Without oil or gas we'd be dying of hunger," Hamiani said in a Reuters interview. "Oil is a curse, as it undermines us." "The Arabs are succeeding to build diversified and open economies. This is why they are good models for us."
His comments are the most forthright public praise by any Algerian business leader of the success enjoyed by Gulf Arab companies in capturing markets in north Africa, where the traditional economic dominance of former European colonial powers is being challenged by Asian and Arab firms.
Hamiani's forum is organising a conference of Arab businessmen in Algiers from November 17 to 19 which aims to deepen Arab interest in Africa's second largest country, a former French colony that trades principally with Europe.
"The forum is a signal towards a stronger co-operation between Algeria and Arab countries," he said.
MUTUAL IGNORANCE:
"Total ignorance used to characterise our economic relations with Arab countries," Hamiani said.
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