Algeria’s Complementary Finance Act for 2020 and the Finance Act for 2021 have modified the legal provision that requires each foreign investor to have at least a 51% equity stake owned by an Algerian resident.Accordingly, this rule, known as the 49/51 rule, is no longer a condition for the creation of a legal entity under Algerian law by a foreign investor, except for "strategic activities" and commercial companies carrying out an import and resale activity.As background, “strategic activities” include:Mines sectorHydrocarbon sectorMilitary industry sectorTransportation sectorPharmaceutical industry sector (except in special cases)In consideration of this framework, Executive Decree n° 21-145, issued on...