North Africa News April 2023
Business
EGYPT – Emirati and Egyptian companies partner up to launch a RUP syringes factory
Emirati companies Exeed Industries and Scope Investments have signed an agreement with Egyptian pharmaceutical company VACSERA to jointly establish a factory for the manufacturing of re-use prevention (RUP) syringes. The project will be located at the VACSERA industrial complex in the 6th of October City, near Cairo, and it will cover a total area of 6,400 square meters. Its production capacity is expected to be around 150 to 240 million units per year. Meanwhile, the global investment budget is estimated at USD 10.0 mn.
Mar. 8, 2023
EGYPT – Chinese conglomerate Haier begins the construction of Egypt’s first ecological industrial park
Chinese conglomerate Haier has begun the construction of Egypt’s first ecological industrial park. The project has an investment budget of USD 160 mn and will cover an area of 200,000 square meters in the 10th of Ramadan City, northeastern Egypt. The industrial park will consist of three different factories, for the manufacturing of air conditioners, washing machines, and televisions. The production is expected to begin in the first quarter of 2024 with an annual capacity of one million devices. The project is expected to generate 2,000 direct and indirect jobs.
Mar. 15, 2023
EGYPT – Hutchison Ports to invest USD 700 mn in Ain Sokhna and Alexandria ports
Hong Kong-based seaports operator Hutchison Port Holdings has announced its plan to invest USD 700 million to upgrade the infrastructures in the ports of Ain Sokhna, on the Gulf of Suez, and Alexandria, on the Mediterranean. The investment will allow the development of a new container terminal in each of the two ports. After the completion of the projects, the global investments of Hutchison Port Holdings in Egypt will exceed USD 1.5 bn.
Mar. 16, 2023
EGYPT – Chinese corporations TEDA and Chen Cheng to build a 2-billion-dollar pipe factory in Egypt
Chinese corporations Tianjin TEDA Company and Chen Cheng have decided to build a two-billion-dollar factory for the manufacturing of steel and cast-iron pipes in Egypt. The project will be located at the Suez Canal Economic Zone, covering an area of 1.70 million square meters. The first phase of the production unit, to be built on a surface of 250,000 square meters with an investment of USD 150 mn, will produce 250,000 tonnes of cast iron pipes per year. Meanwhile, the second phase will cover an area of 1.45 million square meters and have a production capacity of two million tonnes of steel pipes per year. The project is expected to create 2,100 new jobs and generate around USD 2.6 bn of gross revenue per year.
Mar. 23, 2023
MOROCCO – Aeronautical manufacturer Hutchinson invests EUR 12 mn to expand its Casablanca unit
French industrial group Hutchinson, specializing in the automotive and aeronautical industries, has decided to invest EUR 12.0 mn to expand its factory in Casablanca. The expansion will cover an area of 18,700 square meters and will allow Hutchinson to increase its production capacity of composite parts and insulating mattresses for Boeing B787/B777 and Airbus A330/A220 aircraft models.
Mar. 16, 2023
MOROCCO – Renault to begin the production of the Dacia Jogger hybrid car in Morocco in Q2-2024
Car manufacturer Renault has decided to launch the production of the first hybrid vehicle under its Dacia brand, Dacia Jogger, in its Tangier factory, in northern Morocco, during the second quarter of 2024. Renault’s Tangier factory is set to reach a production capacity of 120,000 Dacia Jogger vehicles per year. Dacia Jogger is set to be the first hybrid vehicle fully manufactured in Morocco.
Mar. 17, 2023
MOROCCO – Automotive parts manufacturer Aptiv inaugurates its 7th factory in Morocco
American automotive parts manufacturer Aptiv, previously known as Delphi, has inaugurated a new factory in Oujda, northeastern Morocco. The production unit, specializing in the assembly of electrical harnesses, is Aptiv’s seventh factory in Morocco. The project required an investment of MAD 394 mn (EUR 35.8 mn) and is expected to generate 3,000 direct jobs.
Mar. 18, 2023
TUNISIA – France’s SELT Marine Group to expand its activity in Tunisia through a EUR 7 mn investment
French company SELT Marine Group, specializing in the transformation of algae into food, cosmetic, and pharmaceutical products, has decided to invest EUR 7.0 mn over the next two years to expand its activity in Tunisia. The investment will allow for upgrading the company’s production unit and laboratory located in Bizerte, northern Tunisia, and for recruiting 20 new operative employees, 30 technicians, and 20 engineers.
Mar. 15, 2023
TUNISIA – Dräxlmaeir inaugurates a factory and launches the construction of an R&D center in Tunisia
German automobile components manufacturer Dräxlmaier has inaugurated a new production unit in Jemmel, northeastern Tunisia. The factory required an investment of EUR 100 mn. It specializes in the production of electronic devices for electric vehicles and it currently employs 1,000 workers, with the aim of generating 2,000 additional jobs over the short term. The German company also launched the construction of a research and development center with a budget of EUR 45.0 mn. The center is set to become operational by 2025 and will employ around 1,000 engineers.
Mar. 15, 2023
TUNISIA – Swedish airbag and seat belt manufacturer Autoliv inaugurates a factory in Tunisia
Swedish company Autoliv, specializing in the manufacturing of automotive safety parts, has inaugurated a new industrial unit in Zaghouan, northern Tunisia. The project required an investment of TND 90.0 mn (EUR 27.2 mn) and generated 2,200 new jobs. The factory will specialize in the production of airbags and seat belts.
Mar. 16, 2023
TUNISIA – Tunisian airline Nouvelair to launch new flights to Paris and Istanbul
Tunisian private airline Nouvelair has decided to launch two new flight routes from Tunisia to France and Turkey. The first route will operate at the frequency of two flights per week, starting April 19, between the Sfax-Thyna International Airport, in central-eastern Tunisia, and the Paris-CDG airport. Meanwhile, the second route will also operate twice per week, starting June 1, between Sfax-Thyna and Istanbul.
Mar. 23, 2023
ALGERIA – Transavia to launch two new flights between Strasbourg and Algeria in the summer
Dutch low-cost airline Transavia is set to launch two new routes between France and Algeria during the summer season, between July 4 and August 31. The first route will link the Strasbourg-Entzheim Airport, in northeastern France, to the Houari Boumediene Airport in Algiers. Meanwhile, the second route will be between Strasbourg and Constantine, in northeastern Algeria. Both routes will be operated at a frequency of two flights per week using Boeing 737-800 airplanes.
Mar. 3, 2023
ALGERIA – Stellantis invests EUR 200 mn in its Algerian Fiat production unit
Automotive group Stellantis has decided to invest EUR 200 mn in its Fiat factory in Oran, northwestern Algeria. The factory is set to become operational before the end of 2023 and it will produce Fiat 500 and Fiat Doblo models. The unit will gradually increase its production lines to produce four different Fiat models by 2026.
Mar. 19, 2023
Politics
EGYPT – Egypt launches a new 5-year multiple-entry visa
Egyptian authorities have decided to put in place a new five-year multiple-entry visa to Egypt for the price of USD 700. Citizens from 180 different countries are eligible for this type of visa, on the condition that they have a valid visa from the United Kingdom, the United States, Japan, New Zealand, or the European Union on their passports. The visa can be received on arrival at Egyptian airports.
Mar. 28, 2023
MOROCCO – Morocco switches from GMT+1 to GMT for Ramadan
Morocco has switched its official time zone from GMT+1 to GMT, on the occasion of the Islamic holy month of Ramadan. The country will switch back to GMT+1 after the end of Ramadan, on April 23 at 2 a.m.
Mar. 19, 2023
TUNISIA – Tunisian President appoints Tunis’ governor as the new Minister of the Interior
Tunisian President Kaïs Saïed has appointed Kamel Feki as the new minister of the interior, one day after the former minister, Taoufik Charaffedine, presented his resignation for “personal reasons.” Prior to his appointment as minister, Kamel Feki was the governor of Tunis.
Mar. 18, 2023
ALGERIA – Algerian President conducts a major government reshuffle
Algerian President Abdelmadjid Tebboune has conducted a government reshuffle concerning 12 different ministries. The replaced ministers include the ministers of foreign affairs, trade, finances, transport, labor, and tourism. The Algerian President also decided to create a Ministry of Hydraulics and to rename the Ministry of Industry to the Ministry of Industry and Pharmaceutical Production.
Mar. 16, 2023
ALGERIA – Algerian Ambassador returns to Paris to end the Algeria-France diplomatic crisis
The Algerian Ambassador to France has resumed his mission in Paris after the diplomatic crisis that sparked between the two countries in February. Algeria had recalled its ambassador to Paris on February 1, 2023, after French consular authorities in Tunis facilitated the escape of a wanted Algerian activist from Algeria to France through Tunisia. The return of the Algerian ambassador to his position in Paris came a few days after Algerian President Abdelmadjid Tebboune held a phone conversation with his French counterpart Emmanuel Macron, during which the two heads of state discussed several bilateral issues.
Mar. 29, 2023
Economy
EGYPT – Egypt’s annual inflation rate reaches an all-time record of 31.9%
Egypt’s annual inflation rate continues to record historically-unprecedented levels, reaching 31.9% in February 2023, up from 25.8% in the previous month. Meanwhile, the monthly inflation rate in Egypt was recorded at 6.5% in February 2023, compared to 1.6% in the same month of the previous year and 4.7% in January 2023.
Mar. 9, 2023
EGYPT – Egyptian economy records a 3.9% growth in the second quarter of the 2022-2023 fiscal year
The Egyptian economy grew by 3.9% during the second quarter of the 2022-2023 fiscal year (October 2022 – December 2022) compared to the same period of the previous year. Several economic sectors witnessed an improvement during this period, namely the sectors of communications, agriculture, wholesale and retail trade, real estate activities, business services, social services, and construction, which have jointly contributed to around 80% of the growth of the Egyptian GDP.
Mar. 14, 2023
EGYPT – Central Bank of Egypt increases interest rates of interbank operations by 200 basis points
The Central Bank of Egypt has decided to raise all interest rates of interbank operations by 200 basis points. The overnight deposit rate was raised to 18.25% and the overnight lending rate increased to 19.25%. Meanwhile, the main operations rate and the discount rate were both raised to 18.75%. With this raise, the key interest rates have reached their highest level since July 2017. The Central Bank of Egypt explained that the decision aims to tighten the country’s monetary policy in order to contain demand pressures and inflation.
Mar. 29, 2023
MOROCCO – Morocco’s inflation rate reaches its highest level since the 1980s at 10.1%
The annual inflation rate in Morocco reached 10.1% in February 2023, the highest figure ever recorded since the 1980s. The inflation is attributed to a 20.1% rise in the prices of food products between February 2022 and 2023, as well as a 3.6% increase in the prices of non-food products. Food products that witnessed the highest increases in prices were vegetables (17.8%), fruits (5.7%), meats (4.3%), and dairy products and eggs (2.3%).
Mar. 21, 2023
MOROCCO – Morocco raises the key interest rate by 50 basis points to 3.0%
Morocco’s central bank, Bank Al-Maghrib, has decided to raise the country’s key interest rate by 50 basis points to 3.0%. The decision aims to contain the growing inflation in the country. It is the second time that the Moroccan central bank increased the key interest rate in less than two months.
Mar. 21, 2023
MOROCCO – Morocco announces a 1.1% GDP growth in 2022
Morocco has recorded a GDP growth of 1.1% in 2022, down from the 7.9% growth recorded in 2021, according to initial estimations by the High Commission for Planning. The figure is attributed to a modest growth throughout the year: 0.3% in the first quarter, 2.0% in the second, 1.6% in the third, and 0.5% in the fourth. During the last quarter of 2022, the value of Moroccan agricultural activities dropped by 15.1% compared to the same period in 2021, while non-agricultural activities witnessed a 2.3% growth.
Mar. 31, 2023
TUNISIA – Inflation rate in Tunisia reaches 10.4% in February 2023
The annual inflation rate in Tunisia reached 10.4% in February 2023, up from 10.2% in the previous month. Food products witnessed the highest increase in prices between February 2022 and 2023 at 15.6%, notably eggs (32.0%), sheep meat (29.9%), poultry (25.3%), and cooking oils (24.6%).
Mar. 7, 2023
ALGERIA – Algeria records a 9.3% inflation rate in January 2023
Algeria’s annual inflation rate reached 9.3% in January 2023, according to the latest figures released by the National Statistics Office. Food products are the most affected by the increase in prices, at 13.7%. The prices of fresh food products increased by 23.6% between January 2022 and 2023, while the prices of processed foods rose by 4.8%. Besides food products, the prices of manufactured goods increased by 6.5% and those of services by 3.8% over one year.
Mar. 8, 2023
Key Economic Indicators
