Business News North Africa March 2024
Business
EGYPT – BP and ADNOC to launch a joint venture in Egypt
British Petroleum (BP) and the Abu Dhabi National Oil Company (ADNOC) have decided to establish a joint venture to produce natural gas in Egypt. BP will hold a 51% stake in the project, while its Emirati counterpart will possess 49%. The joint venture, set to be officialized in the second half of 2024, will operate a series of natural gas concessions in northern Egypt.
Feb. 14, 2024
EGYPT – Egypt Kuwait Holding to launch an MDF wood factory in Egypt
The Egypt Kuwait Holding (EKH) company has announced its plan to open a medium-density fiberboard (MDF) wood factory in Egypt. The project will have an investment budget of USD 120 mn.
Feb. 15, 2024
MOROCCO – Ravago and Repsol launch a polypropylene factory in Morocco
Belgian chemical manufacturer Ravago and Spanish energy company Repsol have launched a joint project for the production of polypropylene used in the automotive industry. The factory, which required an investment of EUR 20.0 mn, is located in Tangier, northern Morocco. Its production capacity is estimated at 18,500 tonnes per year.
Feb. 6, 2024
MOROCCO – China’s Aeolon begins the construction of a wind blade factory in Morocco
Chinese wind blade manufacturer Aeolon has launched the construction of a factory in Morocco with a total investment of USD 245 mn. The production unit is located in Nador, northeastern Morocco, and will span over an area of 50 hectares. It is expected to generate more than 3,000 new jobs and produce over 600 sets of wind blades per year. The delivery date is set by the end of 2024.
Feb. 16, 2024
MOROCCO – French manufacturer Figeac Aero launches a new production unit in Morocco
French aeronautical equipment manufacturer Figeac Aero has inaugurated a new production unit in Casablanca. The project required an investment of EUR 13.0 mn and spans over a surface of 4,000 square meters. The factory will produce metallic parts for nacelles used in the Airbus A320neo models. The first deliveries are expected in the second quarter of 2024.
Feb. 28, 2024
ALGERIA – Algeria signs an agreement to supply LNG to Germany’s VNG Handel & Vertrieb
Algeria’s national oil and gas company Sonatrach has signed a liquefied natural gas (LNG) supply agreement with German company VNG Handel & Vertrieb. The agreement will be valid “in the medium term”, according to a press release issued by Sonatrach, which did not specify further details about the deal.
Feb. 8, 2024
Politics
EGYPT – Egypt and Turkey to restructure their high-level strategic cooperation council
Egypt and Turkey have signed a joint declaration on restructuring their bilateral high-level strategic cooperation council. The declaration was signed during a state visit of Turkish President Recep Tayyip Erdogan to Cairo. The decision to restructure the strategic cooperation council, which covers the political and economic fields, aims to further boost cooperation between Egypt and Turkey after their normalization in 2023.
Feb. 14, 2024
MOROCCO – Spain promises EUR 45 bn of investments in Morocco by 2050
Spanish Prime Minister Pedro Sanchez has announced that his country will invest around EUR 45.0 bn in Morocco by the year 2050. The Spanish official made the announcement after being received by King Mohammed VI of Morocco in Rabat. His visit aimed to renew Spain’s commitment to improve its cooperation with Morocco, in light of their upcoming joint organization of the 2030 FIFA World Cup.
Feb. 22, 2024
TUNISIA – Tunisian presidential elections to take place in September or October 2024
Tunisia’s Higher Independent Elections Authority (ISIE) has announced that the 2024 presidential elections will take place in September or October of this year.
Feb. 4, 2024
TUNISIA – Turnout rate stood at 12.44% in the second round of Tunisia’s local elections
Tunisia has recorded a 12.44% turnout rate in the second round of local elections, with 520,303 participants out of 4,181,871 eligible voters. The figure is higher than the 11.66% turnout rate recorded in the first round of the elections.
Feb. 5, 2024
ALGERIA – Algeria hosts the 7th Summit of the Gas Exporting Countries Forum
Algeria has hosted the 7th Gas Exporting Countries Forum (GECF) Summit, with the participation of 23 states. The meeting witnessed the adhesion of Mozambique, Mauritania, and Senegal to the GECF.
Mar. 2, 2024
Economy
EGYPT – Egypt’s annual inflation rate continues its decline to 29.8% in January 2024
Egypt’s annual inflation rate has maintained its downward trend, decreasing from 33.7% in December 2023 to 29.8% in January 2024. Food products remain the most affected by inflation. Fruits and vegetables, notably, witnessed a 67.4% increase in prices between January 2023 and 2024.
Feb. 8, 2024
EGYPT – Egypt records an all-time low unemployment rate at 6.9% in Q4-2023
Egypt’s unemployment rate reached a historical low at 6.9% in the fourth quarter of 2023, down from 7.1% in the previous quarter (Q3-2023) and from 7.2% in the same quarter of the previous year (Q4-2022). The total workforce in Egypt is estimated at 31.1 million individuals, including 2.16 million unemployed.
Feb. 15, 2024
MOROCCO – Morocco’s unemployment rate stands at 13.0% in Q4-2023
Morocco recorded a 13.0% unemployment rate in the fourth quarter of 2023, down from 13.5% in the previous quarter (Q3-2023), but up from 11.8% in the same period of the previous year (Q4-2022). The unemployment rate stands at 16.8% in urban areas and 6.3% in rural areas. The figure remains the highest among youth aged 15 to 24 (35.8%), university graduates (19.7%), and women (18.3%).
Feb. 5, 2024
MOROCCO – Morocco records a 2.3% annual inflation rate in January 2024
Morocco’s annual inflation rate has dropped from 3.4% in December 2023 to 2.3% in January 2024. The figure is the lowest rate Morocco has recorded since October 2021. It is attributed to a 4.2% annual increase in the prices of food products and a 0.8% increase for non-food products.
Feb. 22, 2024
TUNISIA – Tunisia’s annual inflation rate declines to 7.8% in January 2024
Tunisia’s annual inflation rate has declined from 8.1% in December 2023 to 7.8% in January 2024. The figure is mainly attributed to a 12.1% annual increase in the prices of food products, notably coffee (35.0%), sheep meat (22.9%), cooking oils (22.7%), condiments (20.0%), fresh vegetables (19.3%), beef meat (14.0%), and fresh fish (11.9%). Manufactured goods have also witnessed a 6.9% increase in prices, while prices in the service sector increased by 5.5%.
Feb. 6, 2024
TUNISIA – Tunisia records a 16.4% unemployment rate in Q4-2023
Tunisia’s unemployment rate increased in the fourth quarter of 2023, reaching 16.4%. The figure stood at 15.8% in the third quarter of 2023 and at 15.2% in the fourth quarter of 2022. By gender, the unemployment rate is higher among women (22.2%) than among men (13.8%).
Feb. 15, 2024
TUNISIA – Tunisia estimates GDP growth at 0.4% in 2023
The Tunisian economy has witnessed a 0.4% growth in 2023, according to initial estimations by the National Institute for Statistics. The figure is lower than the 2.4% growth recorded in 2022. The growth is attributed to a 1.6% annual increase in non-agricultural activity, notably accommodation and catering services (+8.6%), as well as IT services (+4.8%). Meanwhile, industrial activity and agricultural activity regressed by 1.5% and 0.4%, respectively.
Feb. 15, 2024
ALGERIA – Algeria’s annual inflation rate drops to 6.4% in January 2024
Algeria’s annual inflation rate has dropped from 7.2% in December 2023 to 6.4% in January 2024. The products that are most affected by inflation are health and hygiene products (8.1%), food products (7.2%), and household items (6.5%). Meanwhile, the least affected products are transportation and communication services (0.7%), housing (1.8%), and education, culture and entertainment services (3.1%).
Feb. 29, 2024
Key Economic Indicators
