Business News North Africa December 2024
Business
EGYPT – New Emirati-Egyptian factory to produce lighting solutions for Honeywell
Emirati lighting company VESRA MEA has partnered with its Egyptian counterpart Siraj Industrial to launch a joint production unit in the Sokhna industrial zone, near the Suez Canal. The factory will produce licensed lighting products for multinational Honeywell. The project has a budget of USD 15.0 mn and is set to have an annual production capacity of 2 million units.
Nov. 5, 2024
EGYPT – Polish furniture manufacturer Padma to build a factory in Egypt
Polish house furniture manufacturer Padma has begun the construction of a factory in New Alamein, northwestern Egypt. The project will cost EUR 70.0 mn and is set to become operational in early 2026, with the aim of exporting all of its production to European and American markets. The factory, spanning an area of 400,000 square meters, is targeting an annual export revenue of around EUR 250 million.
Nov. 13, 2024
EGYPT – Turkey’s Eroğlu Holding launches a clothing factory in Egypt
Turkish clothing manufacturer Eroğlu Holding has launched a ready-made garment factory in the West Qantara industrial zone, near the Suez Canal. The project has a budget of USD 51.0 mn and will cover an area of 84,200 square meters. It is expected to generate 5,000 new jobs and have a production capacity of 24 million clothing items per year.
Nov. 20, 2024
MOROCCO – Canada’s Aya Gold & Silver launches a new mineral processing plant to produce silver
Canadian mining company Aya Gold & Silver has launched a new mineral processing plant near the Zgounder silver mine, in southeastern Morocco. The factory has a daily processing capacity of 2,000 tonnes. The company expects to reach a silver production capacity of over 61 tonnes per year.
Nov. 7, 2024
MOROCCO – Renault launches the production of a new car model in its Casablanca factory
French car manufacturer Renault has begun the production of a new car model, Renault Kardian, in its Moroccan factory in Casablanca. The new vehicle model is only produced in Brazil and Morocco. The cars made in the Casablanca factory will mainly serve the local market, as well as the markets of around 15 countries, including Gulf and African countries, as well as Ukraine and Guadeloupe.
Nov. 9, 2024
MOROCCO – Ryanair launches two new routes between Spain and Western Sahara
Irish low-cost airline Ryanair has announced two new air routes from Madrid, mainland Spain, and Lanzarote, in the Canary Islands, to Dakhla, in Western Sahara. The flights will be Ryanair’s first to this region. The airline will operate these flights twice a week, starting January 2025.
Nov. 13, 2024
TUNISIA, MOROCCO – Nouvelair launches new regular flights between Tunisia and Morocco
Tunisian low-cost airline Nouvelair has launched a new regular flight between Tunis and the Moroccan capital, Rabat. The airline will operate the flight three times per week using an Airbus A320 aircraft.
Nov. 7, 2024
ALGERIA – China Railway Construction Corporation begins production of railroad ties in Algeria
China Railway Construction Corporation (CRCC) has inaugurated a railroad tie factory near Tindouf, in southwestern Algeria. Covering a total area of 91,000 square meters, the project will have a production capacity of up to 3,000 railroad ties per day. The factory’s production will mainly serve a 950-kilometer-long mining railway project, aiming to link the Gara Djebilet mine, near Tindouf, to the city of Bechar, further to the north.
Nov. 11, 2024
Politics
ALGERIA – Algerian President Abdelmadjid Tebboune conducts a ministerial reshuffle
Algerian President Abdelmadjid Tebboune has conducted a ministerial reshuffle. The new government included several new positions, increasing the number of its members to 38. Some of the ministers replaced include those of energy, justice, education, agriculture, startups, industry, transport, and communication. Meanwhile, the Prime Minister, Nadir Larbaoui, maintained his position.
Nov. 18, 2024
Economy
EGYPT – Egypt records a 26.5% annual inflation rate in October 2024
Egypt’s annual inflation rate has slightly increased to 26.5% in October 2024, up from 26.4% in September. Fruits and vegetables are the most affected product category. Their annual increase in prices stood at 34.2% in October, up from 30.3% in September.
Nov. 10, 2024
EGYPT – Unemployment rate in Egypt increases to 6.7% in Q3-2024
Egypt’s unemployment rate has increased to 6.7% in the third quarter of 2024, up from 6.5% in the previous quarter. The Egyptian labor force’s size is estimated at 32.2 million individuals, including 14.2 million in urban areas and 18.0 million in rural areas. The labor force includes 26.4 million men and 5.8 million women, with the unemployment rate significantly higher among women (18.2%) than men (4.2%).
Nov. 14, 2024
MOROCCO – Morocco’s unemployment rate rises to 13.6% in Q3-2024
Morocco’s unemployment rate has increased to 13.6% in the third quarter of 2024, up from 13.1% in the previous quarter and from 13.5% in the same period of 2023. The figure is higher in urban areas (17.0%) than in rural areas (7.4%). It is also the highest among youth aged 15 to 24 (39.5%), women (20.8%), and university graduates (19.8%).
Nov. 4, 2024
MOROCCO – Morocco’s annual inflation rate slightly declines to 0.7% in October 2024
Morocco’s annual inflation rate has slightly declined from 0.8% in September 2024 to 0.7% in October. The figure is attributed to a 0.7% annual increase in the prices of non-food products and a 0.5% increase for food products. Price variations for non-food products range from a 3.6% decline for transportation services to a 3.6% increase for housing, water, electricity, and gas, as well as restaurants and hotels.
Nov. 22, 2024
TUNISIA – Tunisia’s annual inflation rate remains at 6.7% in October 2024
Tunisia’s annual inflation rate has remained stable for the third month in a row, standing at 6.7% in October 2024. The product categories most affected by inflation include restaurants and hotels (11.1%), clothing items (9.5%), food products (9.3%), and health services (8.7%). Meanwhile, the least affected categories are alcoholic beverages and tobacco (0.2%), telecommunications (2.1%), and transportation (3.3%).
Nov. 5, 2024
TUNISIA – Tunisian economy records a 1.8% annual growth in Q3-2024
The Tunisian economy has recorded an annual growth of 1.8% in the third quarter of 2024, up from 1.0% in the previous quarter and from -0.4% in the same period of 2023. Over the first nine months of 2024, Tunisia’s GDP is estimated to have grown 1.0%.
Nov. 14, 2024
TUNISIA – Tunisia maintains a 16.0% unemployment rate in Q3-2024
Tunisia recorded a 16.0% unemployment rate in the third quarter of 2024, the same figure recorded in the previous quarter. The unemployment rate is higher among women (22.1%) than men (13.3%). It is also the highest among youth aged 15 to 24 (40.5%) and among higher education graduates (25.0%).
Nov. 14, 2024
ALGERIA – Annual inflation rate in Algeria increases to 5.5% in October 2024
Algeria’s annual inflation rate has increased from 4.6% in September 2024 to 5.5% in October. The figure is mainly attributed to an increase in the prices of food products (6.5%), household items (4.7%), and clothing items (3.7%).
Dec. 1, 2024
Key Economic Indicators
