Business News North Africa September 2024
Business
EGYPT – China’s Hisense to build an electrical appliances factory in Egypt
Chinese electrical appliances manufacturer Hisense has signed an agreement to build a factory in Egypt, in partnership with Emirati company FBB Tech. The project has an investment budget of USD 38.0 mn and will span an area of 110,000 square meters. The factory will manufacture televisions, audio recording devices, and screens. It will have a production capacity of 2.5 million units per year.
Aug. 8, 2024
EGYPT – Italy’s Eni to build a gasification plant in Egypt
Italian energy company Eni has signed an agreement with the Egyptian government to build a gasification plant in Damietta, northeastern Egypt. The project, expected to cost USD 150 mn, aims to facilitate the conversion of imported liquefied gas shipments back into their gaseous state.
Aug. 12, 2024
EGYPT – UAE’s Noatum Maritime acquires a majority stake in Egyptian company Safina
Emirati logistics company Noatum Maritime is set to acquire a majority stake in Egyptian maritime transportation company Safina. The deal is expected to close in the third quarter of 2024. After the acquisition, Safina will be rebranded as Noatum Maritime Egypt. Safina is headquartered in Cairo and provides logistical services across 15 Egyptian ports.
Aug. 18, 2024
MOROCCO – Sound Energy builds a gas liquefication factory in northeastern Morocco
British company Sound Energy has begun the construction of a natural gas liquefication factory in Tendrara, northeastern Morocco. The project aims to transform the gas extracted from the TE-7 well, located near Tendrara. The factory is set to become operational between the end of 2024 and the start of 2025.
Aug. 15, 2024
TUNISIA – Sumitomo Electric builds a wire harness factory in Tunisia
Japanese automotive equipment manufacturer Sumitomo Electric has launched the construction of its third Tunisian factory in Jendouba, northwestern Tunisia. The project has a budget of EUR 27.0 mn and will span an area of 10 hectares. The production unit, set to become operational in 2025, will produce wire harnesses for electric car models by BMW and Mercedes. The factory is set to generate 2,500 new jobs.
Aug. 29, 2024
TUNISIA, ALGERIA – Train service between Algeria and Tunisia resumes after 30 years
The railway between Algeria and Tunisia has been brought back into use after a 30-year suspension. The train linking Algeria and Tunisia will operate daily, making 350-kilometer trips between Annaba, northeastern Algeria, and Tunis. According to the Algerian Minister of Transportation, the launch of this route aims to strengthen exchanges between the two countries.
Aug. 11, 2024
ALGERIA – Chinese company to ‘boost’ a gas field in southeastern Algeria
China Petroleum Engineering and Construction Company (CPECC) has earned a USD 210 mn contract for “boosting” the Alrar gas field, in southeastern Algeria. According to Algeria’s national oil and gas company Sonatrach, the objective of the contract is to compensate for the low pressure of the extracted gas and maintain a high production in the gas field.
Aug. 15, 2024
Politics
MOROCCO – Morocco kicks off the 2024 General Population and Housing Census
Morocco has kicked off its 2024 General Population and Housing Census. Data collection will be conducted throughout September, while detailed results are expected in October. The census aims to collect social, economic, and demographic information about Moroccan households. It is conducted every 10 years, with the most recent dating back to 2014.
Sep. 1, 2024
TUNISIA – Tunisian President conducts a new large ministerial reshuffle
Tunisian President Kaïs Saïed has conducted a new large ministerial reshuffle, replacing 19 ministers and three secretaries of State. The positions concerned by the reshuffle include the Ministry of National Defense and the Ministry of Foreign Affairs. Meanwhile, Prime Minister Kamel Maddouri, who was named in early August, maintained his position. The Tunisian Presidency did not specify the reasons behind this reshuffle.
Aug. 25, 2024
Economy
EGYPT – Egypt’s annual inflation rate declines to 25.7% in July 2024
Egypt’s annual inflation rate has remained on a downward trend, reaching 25.7% in July 2024, down from 27.5% in June and 28.1% in May. Fruits and vegetables remain the most affected by inflation, with their prices increasing by 44.2% between July 2023 and 2024.
Aug. 15, 2024
EGYPT – Unemployment rate in Egypt declines to 6.5% in Q2-2024
The unemployment rate in Egypt has decreased to 6.5% in the second quarter of 2024, down from 6.7% in the first quarter of the same year. The number of unemployed people in the country is estimated at around 2.06 million individuals. Meanwhile, the employed workforce includes more than 31.3 million individuals, including 13.8 million in urban areas and 17.5 million in rural areas.
Aug. 15, 2024
MOROCCO – Annual inflation rate in Morocco decreases to 1.3% in July 2024
Morocco’s annual inflation rate has decreased from 1.8% in June 2024 to 1.3% in July. The figure is attributed to a 1.8% increase in the prices of non-food products and a 0.5% increase for non-food products. For non-food products, price variations range from a 1.2% decline for health services to a 3.8% rise for housing, water, gas, and electricity.
Aug. 19, 2024
TUNISIA – Annual inflation rate in Tunisia declines to 7.0% in July 2024
Tunisia’s annual inflation rate has declined from 7.3% in June 2024 to 7.0% in July. The figure is mainly attributed to a 9.4% yearly increase in the prices of food products, notably sheep meat (24.0%), cooking oils (21.8%), condiments (16.0%), and fresh fish (12.5%). Meanwhile, the prices of manufactured goods witnessed a price increase of 6.8% between July 2023 and 2024, while services recorded a 5.1% increase in prices.
Aug. 7, 2024
TUNISIA – Tunisian economy records a 1.0% growth in Q2-2024
Tunisian economy has recorded a 1.0% annual growth during the second quarter of 2024, up from the 0.3% growth rate recorded in the first quarter. Based on these figures, Tunisia’s GDP grew by 0.6% in the first half of 2024.
Aug. 16, 2024
TUNISIA – Unemployment rate in Tunisia declines to 16.0% in Q2-2024
The unemployment rate in Tunisia has declined to 16.0% in the second quarter of 2024, down from 16.2% in the first quarter. The rate varies between 13.6% among men and 21.3% among women. Youth aged between 15 and 24 remain the most affected by unemployment, with an unemployment rate of 41.0%.
Aug. 16, 2024
ALGERIA – Annual inflation rate in Algeria increases to 6.4% in July 2024
Algeria’s annual inflation rate has increased from 6.1% in June 2024 to 6.4% in July. The figure is attributed to an increase in the prices of household items (5.9%), health and hygiene products (5.9%), clothing items (5.1%), and food products (4.6%).
Aug. 27, 2024
ALGERIA – Algeria receives authorization to join the BRICS New Development Bank
Algeria has been authorized to join the New Development Bank. If the adhesion is achieved, Algeria will become the ninth member of this BRICS-linked financial institution. According to the Algerian Ministry of Finance, Algeria is ready to make a first contribution of USD 1.5 bn once the adhesion process is complete.
Aug. 31, 2024
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