Business News North Africa November 2024
Business
EGYPT – Deloitte launches its first digital services center in Egypt
Deloitte has inaugurated its first “innovation hub” in Egypt, which is aimed at offering digital services to its clients. The center, which required a USD 30.0 mn investment, currently employs 350 engineers and technicians. The company aims to expand the center’s activity and reach a workforce of 5,000 in the coming years.
Oct. 27, 2024
EGYPT – Japan’s Otsuka Pharmaceuticals begins construction of a health supplement factory in Egypt
Japanese pharmaceutical company Otsuka has launched the construction of a new health supplement production unit in the 10th of Ramadan City, northeastern Egypt. The project has a global budget of EGP 1.0 bn (EUR 18.9 mn). The facility will produce several health supplements, with the aim of exporting them to the African and Gulf markets.
Oct. 27, 2024
EGYPT – UAE’s Pearl Polyurethane Systems to launch a production unit in Egypt
Emirati company Pearl Polyurethane Systems has signed an agreement with the Suez Canal Economic Zone Authority to launch a polyurethane production facility in the Ain Sokhna industrial zone. Covering an area of 5,000 square meters, the project will require an investment of EGP 100 mn (EUR 1.9 mn). Production is set to begin in the first quarter of 2025, with an annual capacity of 20,000 tonnes.
Oct. 30, 2024
EGYPT – Wire harness manufacturer Sumitomo Electric builds a new factory in Egypt
Japanese automotive wire harness manufacturer Sumitomo Electric has built a new factory in the 10th of Ramadan City, northeastern Egypt. The project cost EUR 22.0 mn and is expected to generate around 3,000 direct job opportunities. The factory aims to export 100% of its production.
Oct. 31, 2024
MOROCCO – China Energy Engineering and Mitsubishi Power to build a gas power plant in Morocco
A Chinese-Japanese consortium including China Energy Engineering and Mitsubishi Power has won a call for bids to build a 450-megawatt gas power plant in the Sidi Kacem province, northern Morocco. The companies will build the power plant in a period of 25 months for a budget of MAD 4.0 bn (EUR 373.2 mn). The consortium will also ensure the maintenance of the plant for a period of five years, with a budget of MAD 723.5 mn (EUR 67.3 mn).
Oct. 21, 2024
MOROCCO – Safran builds an aircraft engine maintenance center in Morocco
French aeronautical company Safran has launched the construction of a new maintenance center for its Leap aircraft engines in Casablanca. The project has a budget of MAD 1.3 bn (EUR 121.8 mn) and is set to cover an area of 25,000 square meters. The center is set to generate 600 highly-qualified jobs and will have the capacity to maintain 150 engines per year.
Oct. 29, 2024
TUNISIA – Swiss company Etilog begins the construction of a factory in Tunisia
Swiss textile packaging manufacturer Etilog has launched the construction of a production unit in Kairouan, northern Tunisia. The factory will produce special textile packaging destined for the automotive and aeronautical industries. Covering an area of 10,000 square meters, the project is expected to generate 210 new jobs.
Oct. 9, 2024
TUNISIA – Tunisair Express to launch new flights between Tunis and southern Italy
Tunisian airline Tunisair Express is set to launch a new air route between Tunis and Catania, in southern Italy. The route will become operational starting December 20, 2024. Tunisair Express will operate two weekly flights, on Fridays and Sundays.
Oct. 31, 2024
ALGERIA – Italian company Best Food International to launch a joint agricultural project with Algeria
Italian agri-food company Best Food International and the Algerian National Investment Fund have signed an agreement to launch a joint agricultural project in Algeria. The project will include a 36,000-hectare wheat and legumes farm, as well as three production units for pasta and semolina. The global budget is estimated at EUR 420 mn.
Oct. 8, 2024
ALGERIA – Chery Automobiles to assemble cars and utility vans in Algeria
The Algerian-Chinese Company for the Automotive Industry has obtained the Algerian government’s authorization to launch an assembly unit for Chery vehicles in the country. The project will produce models of small cars and utility vans under the Chery brand. The assembly unit will be located in Bordj Bou Arreridj, northeastern Algeria.
Oct. 17, 2024
Politics
MOROCCO – King Mohammed VI orders ministerial reshuffle
King Mohammed VI of Morocco has ordered a ministerial reshuffle. The replaced ministers include those of education, health, agriculture, higher education, transportation, solidarity, investments, and digital transition. The new government also included new Secretaries of State for rural development, foreign trade, habitation, employment, handicrafts, and social inclusion.
Oct. 23, 2024
MOROCCO – French President Emmanuel Macron conducts a State visit to Morocco
French President Emmanuel Macron has conducted a three-day State visit to Morocco, from October 28-30. During the visit, the French President and King Mohammed VI of Morocco signed a joint declaration of strategic partnership, setting the objectives of the bilateral relation between the two countries for the upcoming 25 years. On the sidelines of the visit, more than 40 partnership agreements were signed, covering several sectors, notably infrastructures, investments, transportation, and energy.
Oct. 30, 2024
TUNISIA – Tunisian Parliament swears in President Kais Saied for his second mandate
Tunisian President Kais Saied was sworn in before the two chambers of the Tunisian parliament after he won the country’s presidential elections. In his inaugural speech, President Saied announced the main axes of his action during this second mandate, which included creating opportunities for unemployed youth, fighting corruption, developing new wealth-creating solutions, and improving the function of public services.
Oct. 21, 2024
Economy
EGYPT – Egypt’s annual inflation rate increases to 26.4% in September 2024
Egypt’s annual inflation rate has slightly increased from 26.2% in August 2024 to 26.4% in September. However, the inflation rate of fruits and vegetables, the most affected product category, dropped from 35.9% to 30.3% between August and September.
Oct. 9, 2024
MOROCCO – Annual inflation rate in Morocco declines to 0.8% in September 2024
Morocco’s annual inflation rate has declined from 1.7% in August 2024 to 0.8% in September. The figure is attributed to a 1.0% increase in the prices of non-food products and a 0.6% increase for food products. For non-food products, price variations range from a 2.4% decline for transportation to a 3.6% rise for housing, water, gas, and electricity.
Oct. 21, 2024
TUNISIA – Tunisia’s annual inflation rate stabilizes at 6.7% in September 2024
Tunisia’s annual inflation rate has remained stable at 6.7% in September 2024, in comparison with the previous month. The most affected product categories include food products (9.8%), restaurants and hotels (9.8%), clothing items (9.7%), and education (9.3%). Meanwhile, the least affected categories are telecommunications (2.3%), transportation (3.3%), and housing, water, gas, and electricity (4.1%).
Oct. 5, 2024
ALGERIA – Annual inflation rate in Algeria declines to 4.6% in September 2024
Algeria’s annual inflation rate has declined from 4.9% in August 2024 to 4.6% in September. The figure is attributed to an increase in the prices of household items (5.2%), food products (4.5%), clothing items (3.9%), and health and hygiene products (3.4%). Meanwhile, the prices of education, culture, and entertainment services witnessed a 1.9% decrease over the year.
Oct. 30, 2024
Key Economic Indicators
