Business News North Africa August 2024
Business
EGYPT – Signify Philips and Gila Electric to invest USD 100 mn in 4 projects in Egypt
The Egyptian government has approved four investment projects presented by Dutch lighting solutions provider Signify Philips and local company Gila Electric. The projects amount to a total investment of USD 100 mn. The first project concerns the construction of Egypt’s first LED lighting factory. The second project involves the manufacturing and assembly of medium and low-voltage panels. The third project is a solar power station with a capacity of 40 megawatts. Finally, the fourth project concerns the production of green hydrogen.
July 2, 2024
EGYPT – EgyptAir resumes direct flights between Cairo and Lisbon after a 13-year suspension
EgyptAir has resumed direct flights between Cairo and Lisbon, Portugal, after a 13-year suspension. The flights aim to cater not only to the needs of Portuguese tourists but also to visitors coming from the Americas, notably Brazil, the United States, and Canada. EgyptAir will operate the route twice per week during the summer, before increasing the frequency in the winter.
July 25, 2024
EGYPT – Indian fertilizer manufacturer Ostwal Group to build a 300-million-dollar factory in Egypt
India’s Ostwal Group has announced its plan to invest USD 300 mn in a fertilizer plant in Egypt. The factory will have an annual production capacity of more than 700,000 tonnes, with the aim of serving the Europe, Middle East, and Africa (EMEA) market, as well as the Indian market.
July 31, 2024
MOROCCO – Ryanair establishes its fourth Moroccan base in Tangier
Irish low-cost airline Ryanair has inaugurated a new base in Tangier, northern Morocco, its fourth base in the country. The base will be the domicile for two airplanes and will serve 25 air routes. Ryanair has invested USD 200 mn to establish this new base, which will help create 600 new jobs, including 60 highly qualified positions for pilots and cabin crew.
July 9, 2024
MOROCCO – New Emirati-Moroccan joint venture to produce plastic packaging in Morocco
Emirati plastic manufacturer Interplast, Moroccan counterpart Second Wing, and Moroccan agrifood company Copag launched a joint venture to produce plastic packaging in Morocco. The project, called Harco Technology, will have its headquarters in Taroudant, southern Morocco. It will produce plastic packaging for various companies in Morocco, notably from the agrifood industry.
July 16, 2024
MOROCCO – Japan Tobacco International launches the construction of a factory in northern Morocco
Japan Tobacco International (JTI) has launched the construction of a new factory in the Tetouan industrial park, northern Morocco. The project is worth MAD 931 mn (EUR 85.9 mn) and is expected to generate 170 direct jobs. The production unit will span over an area of 4.7 hectares and its production will serve the Moroccan market, as well as the markets of 11 other countries in North and West Africa.
July 19, 2024
MOROCCO – Stellantis acquires Moroccan car importer and distributor SOPRIAM
Multinational automobile manufacturer Stellantis has acquired the Moroccan Company for the Promotion of the Automobile Industry (SOPRIAM), a subsidiary of the private Royal holding Al Mada. Through this acquisition, Stellantis will become the exclusive importer and distributor in Morocco of several car brands, including Peugeot, Citroën, DS Automobiles, Fiat, Abarth, Jeep, and Alfa Romeo.
July 22, 2024
MOROCCO – OCP and Fortescue Future Industries launch a joint venture to produce green energy
The Moroccan competition council has approved the establishment of a Morocco-based joint venture between Morocco’s OCP Green Energy, specializing in the production and marketing of electrical energy, and Australia’s Fortescue Future Industries, specializing in the development of green energy solutions. The joint venture will specialize in the production of green hydrogen and ammonia in Morocco.
July 24, 2024
TUNISIA – Bulgarian plastic manufacturer Akumplast opens a factory in Tunisia
Bulgarian plastic manufacturer Akumplast has inaugurated its first production unit in Tunisia. The factory specializes in the production of plastic battery covers, with the aim of serving the Tunisian market and neighboring countries. The project required an investment of around TND 3.0 mn (EUR 893,540).
July 23, 2024
ALGERIA – Chinese automotive company FAW Group to build a factory in Algeria
Chinese automaker FAW Group has announced its plan to build a production unit in Djelfa, central Algeria. The factory will produce heavy vehicles and vans. Construction works are set to begin “very soon.”
July 6, 2024
ALGERIA – Cevital becomes Haier’s exclusive representative in Algeria
Algerian conglomerate Cevital has signed an agreement with Chinese household appliances manufacturer Haier to become the exclusive representative and distributor of Haier in Algeria. The Algerian company will also locally produce some household appliances under the Haier brand at its industrial complex in Setif, northeastern Algeria.
July 9, 2024
Politics
EGYPT – Egyptian government undergoes its largest reshuffle in history
Egypt’s new government, composed of 30 ministers, has taken the oath before President Abdel Fattah al-Sisi. The government includes 24 new ministers, as only 6 ministers from the previous government maintained their positions. This government reshuffle is the largest in Egyptian history.
July 3, 2024
MOROCCO – France officially recognizes Morocco’s sovereignty over Western Sahara
French President Emmanuel Macron has announced the official recognition by France of Morocco’s sovereignty over the Western Sahara region. In a letter addressed to King Mohammed VI on the occasion of the 25th anniversary of his accession to the throne, President Macron announced that France “considers that the present and the future of Western Sahara can only be discussed in the framework of Moroccan sovereignty.” In a response letter, King Mohammed VI invited the French president to conduct a State visit to Morocco.
July 30, 2024
TUNISIA – Tunisian President announces his candidacy for the October 2024 presidential elections
Tunisian President Kais Saied has announced his candidacy for the upcoming presidential elections in October 2024. In addition to Kais Saied, there are at least 26 other potential candidates who have expressed their interest in participating in the election. Candidacies are set to be reviewed on August 10, and a preliminary list will be announced on August 11.
July 19, 2024
ALGERIA – Algeria recalls its ambassador to France after its Western Sahara position switch
Algeria has recalled its ambassador to Paris following France’s official recognition of Morocco’s sovereignty over Western Sahara. A few days prior, the Algerian Ministry of Foreign Affairs had announced its “great concern” over France’s upcoming announcement.
July 30, 2024
ALGERIA – Three candidates to take part in the upcoming Algerian presidential elections
Algeria’s constitutional court has approved three candidacies for the upcoming presidential elections, set to take place on September 7. The final candidates are the incumbent president Abdelmadjid Tebboune, Aouchiche Youcef from the Socialist Forces Front (FFS), and Hassani Cherif Abdelaali from the Society Movement for Peace (MSP). Electoral campaigns are set to begin on August 15.
July 31, 2024
Economy
EGYPT – Egypt’s annual inflation rate declines to 27.5% in June 2024
Egypt’s annual inflation rate has maintained its downward trend, dropping from 28.1% in May 2024 to 27.5% in June. Fruits and vegetables remain the most affected by inflation, with their prices increasing by 37.1% between June 2023 and 2024.
July 16, 2024
MOROCCO – Annual inflation rate in Morocco increases to 1.8% in June 2024
Morocco’s annual inflation rate has increased from 0.4% in May 2024 to 1.8% in June. The figure is attributed to a 1.7% increase in the prices of food products and a 1.9% increase for non-food products. For the latter category, price variations range from a 1.2% decline for health services to a 3.7% rise for housing, water, gas, and electricity.
July 22, 2024
MOROCCO – Morocco records a 13.1% unemployment rate in Q2-2024
The national unemployment rate in Morocco has slightly declined from 13.7% in the first quarter of 2024 to 13.1% in the second quarter. In comparison to the same period of the previous year, however, the unemployment rate has increased from 12.4%. The figure is significantly higher in urban areas (16.7%) compared to rural areas (6.7%). It is also higher among women (17.7%) than among men (11.7%). Higher education graduates (19.4%) are also more affected by unemployment than individuals without a diploma (5.3%).
Aug. 2, 2024
TUNISIA – Tunisia’s annual inflation rate reaches 7.3% in June 2024
Tunisia’s annual inflation rate has slightly increased from 7.2% in May 2024 to 7.3% in June. The figure is mainly attributed to a 10.2% yearly increase in the prices of food products, notably coffee (35.0%), sheep meat (24.3%), cooking oils (22.0%), condiments (16.7%), and beef meat (16.0%). Meanwhile, the prices of manufactured goods witnessed a price increase of 6.9% between June 2023 and 2024, while services recorded a 5.5% increase in prices.
July 7, 2024
ALGERIA – Annual inflation rate in Algeria increases to 6.1% in June 2024
Algeria’s annual inflation rate has increased from 3.7% in May 2024 to 6.1% in June. The figure is attributed to an increase in the prices of most product categories, notably health and hygiene products (6.1%), household items (6.0%), clothing items (5.2%), and food products (4.1%).
July 25, 2024
ALGERIA – Algeria records a 3.8% economic growth in Q1-2024
The Algerian economy has recorded a 3.8% growth in the first quarter of 2024, up from the 2.4% growth recorded in the same period of 2023. The figure is mainly attributed to increased activity in manufacturing industries (3.5%), commerce (6.5%), and transport and communications (4.1%). Meanwhile, extractive industries witnessed a 0.6% decline in activity.
July 25, 2024
Key Economic Indicators
