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Business News North Africa July 2024

Business

EGYPT – Japanese company Saraya launches an industrial complex in Egypt

Japanese health and hygiene products manufacturer Saraya has inaugurated a new industrial complex at the Suez Canal Economic Zone. The complex, which spans over 20,000 square meters, includes four factories and required an investment of USD 12.0 mn. Three factories are already operational: the first for jojoba oil extraction and production, the second for natural cosmetics, and the third for zero-calorie sugar substitutes. The fourth factory, which will enter service at a later date, will produce non-sterile nitrile gloves.

June 25, 2024

 

EGYPT – Chinese corporation Befar Group to build a chemical complex in Egypt

Chinese corporation Befar Group has signed an agreement with the Suez Canal Economic Zone to establish a USD 250 mn chemical complex. The first phase of the project, which spans an area of 300,000 square meters, will produce caustic soda, hydrochloric acid, bromine, and textile industry chemicals. A second project phase is also planned, which will expand the complex further and allow the production of chlorine, polyether, and polyurethane products. The project is expected to generate around 800 job opportunities.

June 26, 2024

 

MOROCCO – Gotion High-Tech to build a 1.2-billion-euro electric vehicle batteries factory in Morocco

Chinese electric vehicle battery manufacturer Gotion High-Tech has signed an investment agreement with the Moroccan government to build its first Gigafactory in the Middle East and North Africa region. The project has an investment budget of MAD 12.8 bn (EUR 1.19 bn). The factory will be located at the Kenitra automotive industrial complex, near Rabat.

June 6, 2024

 

TUNISIA – Household appliances manufacturer Beko reintroduces its products in Tunisia

Turkish household appliances manufacturer Beko has reintroduced its products in the Tunisian market through a partnership with local company Mondial Confort. The Tunisian company will ensure both distribution and customer service for Beko products. The appliances concerned by the partnership include fridges, washing machines, and dishwashers.

June 22, 2024

 

TUNISIA – Multinational food company Grupo Bimbo acquires Tunisia’s leading biscuits manufacturer

Mexican multinational food company Grupo Bimbo has acquired Moulin d’Or, the leading biscuits and sweets manufacturer in Tunisia. The acquisition aims to reinforce Grupo Bimbo’s presence in the Europe, Middle East, and North Africa (EMEA) region. The value of the deal was not disclosed.

June 24, 2024

 

ALGERIA – Pharmaceutical companies Sanofi and Saidal collaborate to produce medication in Algeria

French pharmaceutical company Sanofi and its Algerian counterpart Saidal have signed an agreement to jointly produce several types of medication at Saidal’s factories in Algeria. The production will mainly cover local needs, allowing the reduction of pharmaceutical imports in the country.

June 25, 2024

 

ALGERIA – New Italian-Algerian joint venture Vival to launch a radiator factory in Algeria

Italian radiator manufacturer Radiatori 2000 and Algerian household appliances producer Condor have signed an agreement to launch a joint venture in Algeria. The company, called Vival, will operate a factory for the production of radiators from recycled aluminum.

June 26, 2024

Politics

EGYPT – Egyptian government orders shops to close by 10 p.m. to reduce electricity consumption

The Egyptian government has moved the mandatory closing time for shops from 11 p.m. to 10 p.m. in order to reduce electricity consumption. The decision concerns all commercial establishments, except for supermarkets, pharmacies, and restaurants, which can stay open until 1 a.m. The decision is in line with directives from President Abdel Fatah El-Sisi to address the local electricity crisis.

June 25, 2024

 

TUNISIA – Tunisia officializes October 6, 2024, as the date for presidential elections

The official decree setting up the date for the upcoming presidential elections in Tunisia was published in the country’s official bulletin. Tunisian voters will elect their new president on October 6, 2024, while Tunisians living abroad will be able to vote on October 4, 5, and 6. Meanwhile, applications for potential presidential candidates will open by the end of July.

July 2, 2024

 

ALGERIA – At least 26 potential candidates apply for Algeria’s presidential elections

Algeria’s National Independent Authority for Elections has announced that 26 potential candidates have expressed their interest to participate in the country’s presidential elections, set to take place on September 7, 2024. Applications can still be submitted until July 18 and the authority will reveal the final list of candidates after review of the applications on July 27.

June 23, 2024

Economy

EGYPT – Annual inflation in Egypt drops to 28.1% in May 2024

Egypt’s annual inflation rate has dropped from 32.5% in April 2024 to 28.1% in May. Fruits and vegetables remain the most affected products, with an annual increase of 38.3% in prices.

June 10, 2024

 

MOROCCO – Morocco’s annual inflation rate increases to 0.4% in May 2024

Morocco’s annual inflation rate has increased from 0.2% in April 2024 to 0.4% in May. The figure is attributed to a 1.7% increase in the prices of non-food products, against a 1.2% decrease for food products. For non-food products, the evolution of prices varies between -1.2% for health services and +3.2% for restaurants and hotels.

June 21, 2024

 

MOROCCO – Central bank of Morocco decreases the key interest rate by 25 basis points

Morocco’s central bank, Bank Al-Maghrib, has decided to decrease the country’s key interest rate by 25 basis points, from 3.00% to 2.75%. The decision came in light of the return of the inflation rate in Morocco to “normal” levels.

June 25, 2024

 

MOROCCO – Morocco records a 2.5% GDP growth in Q1-2024

The Moroccan economy has recorded a 2.5% growth rate in the first quarter of 2024, down from 3.9% during the same period in 2023. The figure is attributed to a 3.2% growth in non-agricultural activities and a 5.0% decline in agricultural activity.

July 1, 2024

 

TUNISIA – Annual inflation rate in Tunisia stays at 7.2% in May 2024

The annual inflation rate in Tunisia was maintained at 7.2% in May 2024. The figure is mainly attributed to a 9.7% annual increase in the prices of food products, notably coffee (35.0%), sheep meat (27.8%), cooking oils (21.9%), condiments (16.6%), and beef meat (15.7%). Meanwhile, the prices of manufactured goods and services have increased by 7.0% and 5.5%, respectively.

June 6, 2024

 

ALGERIA – Algerian annual inflation rate rises to 3.7% in May 2024

Algeria’s annual inflation rate has increased from 3.0% in April 2024 to 3.7% in May. The figure is attributed to an increase in the prices of most product categories, notably household items (5.7%), health and hygiene products (5.2%), clothing items (5.1%), and food products (2.5%). Meanwhile, the only category that witnessed a decline in prices between May 2023 and 2024 was education, culture, and entertainment services (-1.1%).

July 1, 2024

 

Key Economic Indicators

NA July 24