Business News North Africa April 2024
Business
EGYPT – Emirati food company Agthia acquires an additional 10% stake in Egypt’s Abu Auf
Abu Dhabi-based food and beverage company Agthia has acquired an additional 10% stake in Egyptian food manufacturer Abu Auf for EGP 691 mn (EUR 13.6 mn). The acquisition brings Agthia’s total share in Abu Auf to 70%. The Emirati company had first acquired, in 2022, a 60% stake in its Egyptian counterpart for EGP 2.92 bn (EUR 57.3 mn).
Mar. 3, 2024
EGYPT – Design and engineering company AtkinsRéalis opens a new office in Cairo
French design and engineering company AtkinsRéalis has opened a new office in Cairo to expand its presence in the MENA region. The office can accommodate up to 250 employees. The company has been present in the region for more than 50 years and has delivered several emblematic projects such as Burj Al Arab in Dubai or the Riyadh Metro.
Mar. 14, 2024
EGYPT – Chevron to drill a new natural gas well off Egypt’s Mediterranean coast
American energy company Chevron has announced its plan to drill an additional natural gas well in the Nargis 2 gas field, off Egypt’s Mediterranean coast. The drilling operation is planned for the last quarter of 2024 with an initial budget of USD 60.0 mn.
Mar. 14, 2024
EGYPT – France’s Saint-Gobain opens a new glass factory in Egypt
French manufacturer Saint-Gobain has inaugurated its third Egyptian glass factory in the Ain Sokhna Industrial Zone, near the Suez Canal. The production unit covers a total area of 200,000 square meters and has an investment budget of EUR 175 mn.
Mar. 21, 2024
EGYPT – Turkish group Doğuş to build an industrial zone in northern Egypt
Turkish investment group Doğuş has signed a memorandum of understanding with the Egyptian Group for Multipurpose Terminals (EGMPT) to establish a Turkish industrial zone in Jarjoub, northern Egypt. The project’s investments are estimated to reach USD 7.0 bn. The industrial zone will include several infrastructures, including a commercial seaport, a logistics zone, a cargo terminal, a passenger terminal, and a yacht marina. The MoU sets a six-month duration for conducting studies and obtaining the necessary authorizations before initiating the project.
Mar. 22, 2024
MOROCCO – Canadian aeronautical parts manufacturer Shimco to open a factory near Casablanca
Canadian aeronautical parts manufacturer Shimco has signed an agreement to open a production unit in the Midparc industrial zone, near Casablanca. The factory will span over an area of 1,300 square meters and will specialize in the production of several high-precision aeronautical parts.
Mar. 1, 2024
MOROCCO – United Airlines to launch a direct flight between New York and Marrakech in October 2024
American company United Airlines has announced the launch of a direct flight between New York and Marrakech in October 2024. The new air route is the first of its kind linking Marrakech to the United States. The flight will operate three times per week using a 167-seat Boeing 767-300 aircraft.
Mar. 7, 2024
MOROCCO – German assembly and logistics operator Böllhoff to expand in Morocco
German assembly and logistics company Böllhoff has signed an agreement to establish an assembly and distribution center in the Midparc industrial zone, near Casablanca. The company will offer its services to the industrial operators already established in the zone, notably in the aeronautical sector.
Mar. 13, 2024
MOROCCO – Tunisia’s Elloumi Group opens a new wire harness factory in Morocco
Tunisian wire harness manufacturer Elloumi Group has inaugurated its third Moroccan factory, in Tangier. The project required an investment of MAD 27.0 mn (EUR 2.47 mn) and is expected to generate 400 jobs. The production unit will manufacture wires and wire harnesses for automotive companies present in the Tangier Free Zone.
Mar. 19, 2024
MOROCCO – China’s BTR New Material Group to build an electric car battery factory in Morocco
Chinese company BTR New Material Group has signed an investment agreement to build a factory for the production of electric car batteries in Tangier, northern Morocco. The project has a budget of MAD 3.0 bn (EUR 275 mn) and is expected to generate 2,500 jobs. Spanning over an area of 15 hectares, the factory is set to become operational by September 2026 with a production capacity of 50,000 tonnes per year.
Mar. 29, 2024
TUNISIA – Switzerland’s Zühlke Engineering opens its first African office in Tunisia
Swiss software development company Zühlke Engineering has opened an office in Tunisia, its first on the African continent. The office will initially recruit around 30 local engineers, before doubling up the number of employees in the medium term.
Mar. 8, 2024
TUNISIA – French school supplies manufacturer Maped to launch a factory in Tunisia
French school supplies and accessories manufacturer Maped has launched the construction of a new factory in Fouchana, near Tunis. The project is expected to generate 250 new jobs at launch, before gradually increasing its production capacity over the next 10 years and employing 1,700 workers in total. The initial phase of the project has an investment budget of EUR 500,000.
Mar. 9, 2024
ALGERIA – Italian company Tecnimont to build a one-billion-dollar petrochemical complex in Algeria
Italian engineering company Tecnimont has signed a contract with Algeria’s national oil and gas company Sonatrach to build a petrochemical complex for the production of linear alkylbenzene (LAB), a compound used in the manufacturing of industrial detergents. The budget allocated for the project is USD 1.05 bn, with a construction deadline set for 44 months. At its launch, the complex is expected to have an annual production capacity of 100,000 tonnes of LAB.
Mar. 7, 2024
ALGERIA – Stellantis begins the expansion of its Fiat factory in Algeria
Multinational automobile manufacturer Stellantis has launched expansion works on its Fiat factory in Oran, northwestern Algeria. The expansion aims to increase the factory’s production capacity to 90,000 vehicles per year by 2026. It is also expected to generate 2,000 new jobs.
Mar. 12, 2024
Politics
TUNISIA – Tunisian President replaces two ministers
Tunisian President Kaïs Saïed has conducted a new ministerial reshuffle by replacing the minister of transport and the minister of culture. The Presidential Palace did not specify the reasons behind the decision. This reshuffle is the latest in a series of similar decisions by President Kaïs Saïed since the beginning of political tensions in Tunisia in July 2021.
Mar. 12, 2024
ALGERIA – Algerian presidential elections to take place on September 7, 2024
Algerian President Abdelmadjid Tebboune has announced that the upcoming presidential elections will take place on September 7, 2024. Meanwhile, voter registrations will begin on June 8.
Mar. 21, 2024
Economy
EGYPT – Central Bank of Egypt eases restrictions on credit card transactions in foreign currencies
The Central Bank of Egypt has issued several directives to ease restrictions on credit card transactions in foreign currencies. According to the directives, credit card users no longer have to wait for six months after the card issuance before making transactions in foreign currencies. The monthly limit of EGP 7,750 (EUR 152) in foreign currency transactions was also removed.
Mar. 6, 2024
EGYPT – Central Bank of Egypt increases key interest rates by 600 basis points to counter inflation
The Central Bank of Egypt has decided to raise the country’s key interest rates by 600 basis points to counter inflation. The lending rate increased to 28.25%, the main operation rate and the discount rate to 27.75%, and the deposit rate to 27.25%.
Mar. 6, 2024
EGYPT – Annual inflation rate in Egypt increases to 35.7% in February 2024
After maintaining a downward trend for several months, Egypt’s annual inflation rate has increased from 29.8% in January 2024 to 35.7% in February. The increase is attributed to a sharp rise in the prices of food products (50.9%), notably meat, poultry, cereals, bread, fish, seafood, dairy products, eggs, and oils.
Mar. 10, 2024
MOROCCO – Morocco’s annual inflation rate drops to 0.3% in February 2024
Morocco’s annual inflation rate has dropped from 2.3% in January 2024 to 0.3% in February, marking the country’s lowest inflation rate since March 2021. The figure is attributed to a 0.4% decline in the prices of food products between February 2023 and 2024, along with a 0.9% increase in the prices of non-food products.
Mar. 21, 2024
TUNISIA – Tunisia records a 7.5% annual inflation rate in February 2024
Tunisia’s annual inflation rate decreased to 7.5% in February 2024, down from 7.8% in January. Food products are the most affected by inflation, having their prices increase by 10.2% over the year, notably ground coffee (35.0%), sheep meat (22.5%), cooking oils (21.8%), spices (18.5%), fresh vegetables (15.2%), beef meat (12.2%), and fresh fish (11.7%). Meanwhile, the prices of manufactured goods increased by 7.4% over the year, and those of services by 5.4%.
Mar. 5, 2024
ALGERIA – Algeria’s annual inflation rate drops to 4.5% in February 2024
Algeria’s annual inflation rate has dropped from 6.4% in January 2024 to 4.5% in February. The products that are most affected by inflation are health and hygiene products (7.6%), household items (6.4%), clothing items (5.5%), and food products (5.4%).
Mar. 29, 2024
Key Economic Indicators
