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Algerian billionaire Issad Rebrab’s Cevital Group has received approval from an Algerian court to launch a tourist mega-complex in the seaside resort of Tichy in Bejaïa, Algeria.
The project, which was suspended in 2015 due to a land dispute, is located on the east coast of Bejaïa, a Mediterranean port city and commune on the Gulf of Bejaia. It is expected to bring economic benefits to the region and contribute to the promotion of Algeria as a tourist destination.
Cevital is a well-diversified manufacturing conglomerate that was founded by Rebrab, who is the richest man in Algeria. The group has been developing an ambitious foreign acquisition strategy and has achieved the critical mass necessary to compete with the world’s largest corporations.
As part of its expansion plans under the Algerian billionaire and his sons, the group launched a factory in Setif, one of the most important cities in eastern Algeria, to produce electric motors for washing machines, it has also announced plans to establish a subsidiary in Mauritania to develop an industrial complex in the country’s free trade zone of Nouadhibou.
The tourist mega-complex in Bejaia is expected to generate thousands of direct and indirect jobs, as well as boost tourism in the area.
The group plans to establish infrastructure at the site to allow for winter sports, making it a destination for tourists year-round. The complex will spread over several hectares and will be able to accommodate tourists during winter.
Despite having a wide range of operations in industries such as food processing, mechanical engineering, and home appliances, the tourist mega-complex is just one part of Cevital’s ambitious vision to become a leading industrial group on a global scale as it remains committed to creating a highly competitive business that is able to operate on a global scale.
Rebrab, who is worth $5.1 billion, stepped down as CEO of Cevital in 2022, passing the reins to his son Malik Rebrab, who previously worked for Xerox in Morocco. Under Malik’s leadership, the group aims to continue expanding its operations and achieving growth.
In addition to his business interests, the Algerian billionaire is also known for his philanthropy and social responsibility efforts. He has established the Issad Rebrab Foundation, which is dedicated to promoting education, scientific research, and cultural development in Algeria.
