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Business News North Africa June 2024

Business

EGYPT – Thai company Hi-Tech Apparel begins the construction of a sportswear factory in Egypt

Thai garment manufacturer Hi-Tech Apparel has launched the construction of a factory in the Qantara West industrial zone, in northeastern Egypt. The project has a total budget of USD 20.0 mn and is expected to generate 1,500 new jobs. The factory will specialize in manufacturing sportswear.

May 2, 2024

 

EGYPT – Philip Morris International acquires a minority stake in Egypt’s largest cigarette manufacturer

Philip Morris International has acquired a 14.7% stake in the Egyptian state-owned tobacco manufacturer Eastern Company. The Eastern Company is the largest cigarette manufacturer in Egypt. The value of the deal was not disclosed.

May 22, 2024

 

EGYPT – Turkish clothing manufacturer Eroğlu to build a factory in northeastern Egypt

Turkish clothing manufacturer Eroğlu has signed an agreement with the General Authority for the Suez Canal Economic Zone to establish a readymade garments factory in El Qantara, northeastern Egypt. The project has an investment budget of USD 40.0 mn and is expected to generate more than 3,000 job opportunities.

May 28, 2024

 

MOROCCO – Sweden’s Trelleborg launches an aeronautical sealing solutions factory in Morocco

Swedish polymer solutions company Trelleborg has launched an industrial unit near Casablanca, specializing in the production of sealing solutions for the aeronautical sector. The factory required an investment budget of EUR 11.0 mn and spans over a total area of 7,800 square meters. It helped generate more than 150 new jobs.

May 7, 2024

 

MOROCCO – Turkish footwear company Flo launches a joint venture with Moroccan partner Shoeleven

Turkish footwear retailer Flo and Moroccan footwear manufacturer Shoeleven have launched a joint venture, Flo Industry Morocco, to manage a new factory in Casablanca. With a budget of MAD 12.0 mn (USD 1.21 mn), the factory will have a production capacity of 480,000 pairs of shoes per year. It will employ over 160 workers.

May 9, 2024

 

MOROCCO – China’s Hailiang and Shinzoom invest over USD 900 mn in Morocco

Chinese companies Hailiang and Shinzoom have signed agreements with Morocco’s Bank of Africa to establish projects in the Tanger Tech zone, in northern Morocco. Hailiang will launch a copper processing unit with a budget of USD 450 mn and generate 1,800 new jobs. Meanwhile, Shinzoom will launch a factory to produce anodes for lithium batteries with a budget of USD 460 mn and generate 2,000 new jobs.

May 14, 2024

 

MOROCCO – Italian company Nuti Ivo to launch its second tannery in Morocco

Italian leather goods manufacturer Nuti Ivo has signed an agreement with the Moroccan Ministry of Industry to build its second tannery in Morocco. The project has a budget of MAD 131 mn (EUR 12.2 mn) and is expected to generate 265 direct jobs. The production capacity of the tannery is estimated to reach 11,500 goat and sheep skins per day, 90% of which will be exported.

May 28, 2024

 

MOROCCO – Australian company Atlantic Tin acquires a fluorite mine in Morocco

Australian company Atlantic Tin has acquired, through its Moroccan subsidiary Titan Tin, mining company SAMINE, a subsidiary of Moroccan mining group Managem. SAMINE operated a fluorite mine near Meknes, northern Morocco. The value of the deal was not disclosed.

May 29, 2024

 

TUNISIA – Italy’s Ariston Thermo relocates a water heater factory from Tunisia to Egypt

Italian company Ariston Thermo has relocated its Tunisian water heater factory to Egypt. The production unit used to produce 200,000 water heaters per year, marketed in North Africa under the brands Ariston and Chaffoteaux. The company did not disclose the reasons behind this relocation.

May 7, 2024

 

TUNISIA – French pharmaceutical company Laboratoires Théa expands in Tunisia

French pharmaceutical company Laboratoires Théa has inaugurated a research and production unit in Tunisia. The laboratory will specialize in the manufacturing and distribution of ophthalmic solutions.

May 10, 2024

 

ALGERIA – Algeria makes 8 new natural gas discoveries

Algerian Minister of Energy and Mines Mohamed Arkab has announced the discovery of 8 new gas fields in the Algerian desert. According to the minister, the newly-discovered fields would allow the country to increase its annual natural gas production capacity from 137 billion cubic meters per year to 200 billion cubic meters “in the medium term”.

May 30, 2024

Politics

EGYPT – Egyptian Parliament allows the private management of public health centers

The Egyptian House of Representatives has approved a law allowing private companies to manage public healthcare establishments. The legal text aims to improve the quality of health services in the country. The law, however, excludes some types of healthcare facilities, such as family planning clinics, blood donation and plasma collection units, and vaccination centers.

May 20, 2024

 

TUNISIA – Tunisian President conducts a new partial ministerial reshuffle

Tunisian President Kaïs Saïed has conducted a new partial ministerial reshuffle. The reshuffle concerned the Minister of the Interior, the Minister of Social Affairs, and the Secretary of State for National Security.

May 25, 2024

 

ALGERIA – Algeria and Slovenia sign several cooperation agreements

Algeria and Slovenia signed a series of cooperation agreements during the state visit of Slovenian President Robert Golob to Algiers. The signatures include a partnership contract between Algeria’s national oil and gas company Sonatrach and its Slovenian counterpart Geoplin.

May 27, 2024

Economy

EGYPT – Egypt records a 32.5% annual inflation rate in April 2024

Egypt’s annual inflation rate has declined from 33.3% in March 2024 to 32.5% in April. Several product categories, however, are still witnessing an increase in prices, notably fruits and vegetables with an annual price increase of 41.8%.

May 9, 2024

 

EGYPT – Egypt’s unemployment rate decreases to 6.7% in Q1-2024

The unemployment rate in Egypt has decreased from 6.9% in the last quarter of 2023 to 6.7% in the first quarter of 2024. The Egyptian labor force was estimated to consist of 31.4 million individuals, including 29.3 million employed and 2.1 million unemployed.

May 15, 2024

 

MOROCCO – Morocco’s annual inflation rate drops to 0.2% in April 2024

Morocco’s annual inflation rate has dropped from 0.9% in March 2024 to 0.2% in April. The figure is attributed to a 1.3% increase in the prices of non-food products, against a 1.3% decrease in the prices of food products. For non-food products, the evolution of prices varies between -1.2% for health services to +2.9% for restaurants and hotels.

May 21, 2024

 

TUNISIA – Annual inflation rate in Tunisia decreases to 7.2% in April 2024

Tunisia’s annual inflation rate has decreased from 7.5% in March 2024 to 7.2% in April. Food products remain the most affected by inflation, with a 9.2% increase in prices over the year, notably for coffee (35.0%), sheep meat (25.5%), cooking oils (21.4%), condiments (17.4%), beef meat (14.3%), and fresh fish (12.1%). Meanwhile, the prices of manufactured goods increased by 7.1% and those of services by 5.6%.

May 6, 2024

 

TUNISIA – Tunisia’s unemployment rate declines to 16.2% in Q1-2024

The unemployment rate in Tunisia has declined from 16.4% in the last quarter of 2023 to 16.2% in the first quarter of 2024. Tunisia’s active population has reached a total of 4.14 million individuals, including 69.7% men and 30.3% women.

May 16, 2024

 

ALGERIA – Algeria’s annual inflation rate drops to 3.0% in April 2024

Algeria’s annual inflation rate has dropped from 4.1% in March 2024 to 3.0% in April. The annual price variation ranges from -0.9% for education, culture, and entertainment services to 5.7% for household items. Food products, meanwhile, witnessed a 1.2% increase in prices between April 2023 and 2024.

May 29, 2024

 

Key Economic Indicators

NA June 24