– 300,000 people lived in Algiers. 1960 – 900,000 people lived in Algiers. 1963 – 600,000 people lived in Algiers. Economy Algiers is an important economic, commercial and financial center, with in particular a stock exchange with a capitalisation of 60 million euros. The city has the highest cost of living of any city in North Africa, as well as the 50th highest worldwide, as of March 2007, having gained one position compared to the previous year. Mohamed Ben Ali El Abbar, president of the Council of Administration of the Emirate Group EMAAR, presented five "megaprojects" to Algerian President Abdelaziz Bouteflika, during a ceremony which took place Saturday, July 15, in the People's Palace of Algiers. These projects will transform the city of Algiers and its surroundings by equipping them with a retail area and restoration and leisure facilities. The first project will concentrate on the reorganization and the development of the infrastructures of the railway station "Aga" located in the downtown area. The ultramodern station intended to accommodate more than 80.000 passengers per day, will become a centre of circulation in the heart of the grid system, surrounded by commercial offices and buildings and hotels intended for travellers in transit. A shopping centre and three high-rise office buildings rising with the top of the commercial zone will accompany the project. The second project will not relate to the bay of Algiers and aims to revitalize the sea front. The development of the sea front will include marinas, channels, luxury hotels, offices, apartments of great standing, luxury stores and leisure amenities. A crescent-shaped peninsula will be set up on the open sea. The project of the bay of Algiers will also comprise six small islands, of which four of round form, connected to each other by bridges and marinas and will include tourist and residential complexes. The third project will relate to restructuring an area of Algiers, qualified by the originators of the project of "city of wellness". El Abbar indicated to the journalists that the complex would be "agreeable for all those which will want to combine tourism and well-being or tourism and relaxation". The complex will include a university, a research center and a medical centre. It should also include a hospital complex, a care centre, a hotel zone, an urban centre and a thermal spa with villas and apartments. The university will include a medical school and