North Africa News December 2022
Business
EGYPT – German real estate operator Apleona to manage a ‘therapeutic resort’ in Egypt
German real estate management company Apleona and Egyptian real estate development operator DM Development have inked an agreement to build the first project for recreational medical tourism in Egypt. The project will be located in the coastal town of Ain Sokhna and will require a budget of EGP 300 mn (EUR 11.5 mn). The “therapeutic resort” aims to attract 29,000 tourists annually and will create around 1,000 new job opportunities.
Nov. 1, 2022
EGYPT – Saudi Arabia’s ACWA Power to build a 10-gigawatt wind power plant in Egypt
Saudi energy company ACWA Power has signed an agreement with Egypt’s New and Renewable Energy Authority and the Egyptian Electricity Transmission Company to begin technical studies for building a 10-gigawatt wind electric power project in Egypt. The exact location of the power plant and the budget allocated for the project are yet to be determined.
Nov. 2, 2022
EGYPT – EBRD invests an additional USD 41.5 mn in Egyptian renewable energy company Infinity
The European Bank for Reconstruction and Development (EBRD) has increased its equity stake in Egyptian renewable energy operator Infinity through a USD 41.5 mn investment. The EBRD became a shareholder in Infinity in 2020 when it invested USD 60.0 mn in the company. The new investment seeks to support Infinity’s expansion in Africa by acquiring Lekela Power, a Dutch renewable energy multinational with several projects in the continent. The acquisition will add 1.1 gigawatts of operational assets to Infinity’s portfolio in Africa.
Nov. 17, 2022
EGYPT – Emirati company AMEA Power to build two power plants in Egypt worth USD 1.1 bn
Dubai-based energy projects operator AMEA Power has signed a contract to build two projects in Egypt, worth USD 1.1 bn. The first project is a solar power plant in Kom Ombo, southeastern Egypt, with a budget of USD 500 mn, while the second is a wind farm in Ras Ghareb, on the Red Sea coast, with a budget of USD 800 mn. The production capacity of each project is 500 megawatts. The projects will be funded by the International Finance Corporation, the Dutch Entrepreneurial Development Bank, the Japan International Cooperation Agency, the Japan Bank for International Cooperation, and the Sumitomo Mitsui Banking Corporation.
Nov. 30, 2022
MOROCCO – Equatorial Coca-Cola Bottling Company acquires Morocco’s Atlas Bottling Company
The Equatorial Coca-Cola Bottling Company, Coca-Cola’s main subsidiary in Africa, has acquired the Atlas Bottling Company, a subsidiary of Morocco’s Diana Holding, specializing in the agri-food industry. The Atlas Bottling Company has several bottling factories in northern and northeastern Morocco. The value of the acquisition deal is estimated at MAD 1.7 bn (EUR 153 mn).
Nov. 2, 2022
MOROCCO – Stellantis to invest EUR 300 mn to double the production capacity of its Moroccan factory
Multinational automotive manufacturer Stellantis has announced its plan to invest EUR 300 mn in its Moroccan factory, located in the Atlantic Free Zone, 50 kilometers north of Rabat, in order to double its production capacity. The investment would increase the annual capacity of the Stellantis factory in Morocco from around 250,000 cars to over 450,000 vehicles. The project will also increase the number of jobs created by the production unit from 3,000 to 5,000. The factory produces several car models, including Peugeot 208, Citroën Ami, and Opel Rocks-e, which are mainly destined for European markets.
Nov. 9, 2022
MOROCCO – Siemens Gamesa searches for buyers for its factory in Tangier
Global renewable energy leader Siemens Gamesa has begun looking for a buyer for its wind turbine blades production unit in Tangier, northern Morocco. The factory is set to close in December due to Siemens Gamesa’s decreasing order book.
Nov. 17, 2022
MOROCCO – Belgium’s SABCA opens an airplane wings assembly unit in Casablanca
Belgian aerospace company SABCA has inaugurated a new production unit in Casablanca. The factory will specialize in the assembly of airplane wings for several clients, including Airbus, Pilatus, Daher, and Dassault. The new factory is built over a surface of 16,000 square meters and required an investment of over MAD 180 mn (EUR 16.2 mn). It has created 240 new jobs.
Nov. 23, 2022
MOROCCO – Chilean agricultural company Agroberries expands in Morocco
Chilean agricultural company Agroberries has acquired a 50% stake in Moroccan agricultural operator ABM Farms. Agroberries is a global leader in the production and distribution of fresh berries, while ABM Farms has several agricultural production units across Morocco. The acquisition will give Agroberries access to 250 hectares for the production of berries, mainly destined for European markets. Earlier in November, the Chilean company had invested MAD 430 mn (EUR 38.6 mn) to acquire Moroccan farms with a total surface of 300 hectares. Agroberries aims to acquire a total of 1,000 hectares of land in Morocco in the short term for the production of various types of berries.
Nov. 30, 2022
TUNISIA – Sweden’s Autoliv expands its Tunisian steering wheel factory with a EUR 26 mn investment
Swedish maker of automotive security equipment Autoliv has decided to expand its Tunisian factory through a TND 86.0 mn (EUR 25.7 mn) investment. The production unit, located in El Fahs, southeastern Tunisia, specializes in the manufacturing of steering wheels. Its expansion would help create 2,400 new direct and indirect jobs.
Nov. 1, 2022
TUNISIA – German automotive parts maker BRAUN Powerful Solutions to open a factory in Tunisia
German automotive parts manufacturer BRAUN Powerful Solutions has decided to open a production unit in Messadine, eastern Tunisia. The production unit will specialize in the manufacturing and assembly of cable harnesses. It will initially employ 200 workers before increasing to 1,000 employees in the medium term.
Nov. 4, 2022
TUNISIA – Italian appliances manufacturer Ariston enters the Tunisian market
Italian electronic household appliances company Ariston has started commercializing its products in Tunisia through a partnership with local e-commerce website Tdiscount. Ariston and Tdiscount signed a distribution contract giving the Tunisian company exclusive marketing and distribution rights of Ariston appliances in the Tunisian market.
Nov. 22, 2022
ALGERIA – China’s Hisense enters the Algerian market
Chinese electric appliances manufacturer Hisense has expanded into the Algerian market through a partnership with local company Condor Electronics. According to the partnership agreement, Condor Electronics will produce Hisense products, including televisions, air conditioners, fridges, and washing machines, in its local factories. The Algerian company will also be in charge of marketing and distributing Hisense products in Algeria.
Nov. 10, 2022
ALGERIA – Algeria to begin supplying Slovenia with natural gas in 2023
Algeria’s national oil and gas company Sonatrach has signed a purchase and sale agreement with Slovenian natural gas company Geoplin. According to the agreement, Algeria will supply Slovenia with natural gas through the pipeline linking it to Italy for a period of three years, starting in January 2023. The Algerian gas supply to Slovenia will reach 300 million cubic meters per year.
Nov. 15, 2022
ALGERIA – Brazilian-Algerian joint venture inaugurates an electric motor factory in Algeria
Brazilian electric motors manufacturer WEG Industries and Algerian conglomerate Cevital have inaugurated a factory in Setif, northeastern Algeria, for the production of electric motors for washing machines. The factory will be managed by a 51-49 joint venture called WEG Algeria Motors, with WEG Industries being the majority shareholder. The project cost an investment of EUR 10.0 mn and is set to produce between 1.0 and 1.2 million electric motors per year.
Nov. 29, 2022
Politics
EGYPT – Egypt hosts COP27 in Sharm El-Sheikh
Egypt hosted the 27th UN Climate Change Conference (COP27) in the coastal city of Sharm El-Sheikh between November 6-20. The conference witnessed the participation of around 92 heads of state and 35,000 representatives and delegates from 190 countries. One of the most important conclusions of the conference was the establishment of a loss and damage fund to support countries that are most vulnerable to the climate crisis.
Nov. 20, 2022
EGYPT – Turkish FM announces a possible normalization of diplomatic relations with Egypt soon
Turkish Foreign Minister Mevlut Cavusoglu has announced during a press interview that Turkey and Egypt may restore full diplomatic relations and mutually reappoint ambassadors in the coming months. The announcement was made after Egyptian President Abdel Fattah El-Sisi met with his Turkish counterpart, Recep Tayyip Erdogan, on the sidelines of the opening ceremony of the 2022 FIFA World Cup in Qatar. During their meeting, the two heads of state agreed to develop bilateral relations between their countries.
Nov. 28, 2022
MOROCCO – King Mohammed VI reinvites Algerian President Abdelmadjid Tebboune for dialogue
King Mohammed VI of Morocco has reiterated his invitation for dialogue with Algerian President Abdelmadjid Tebboune. The invitation was relayed by Moroccan Foreign Minister Nasser Bourita during the Arab League Summit held in Algiers. King Mohammed VI had invited the Algerian President for dialogue on several occasions, most recently in July 2022 during his Throne Day speech. The Algerian Presidency, however, did not react to the Moroccan invitation.
Nov. 2, 2022
MOROCCO – King Mohammed VI receives UN Secretary-General in Rabat
King Mohammed VI of Morocco has received at the Royal Palace in Rabat the UN Secretary-General, Antonio Guterres, on the sidelines of the 9th UN Alliance of Civilizations Global Forum, organized on November 22-23 in Fez. During their meeting, King Mohammed VI and Antonio Guterres discussed several issues, notably the Sahara conflict. The Moroccan monarch reaffirmed Morocco’s commitment and full support to the UN political process on the issue and the work of the UN Secretary-General’s Personal Envoy to the Sahara, Staffan de Mistura.
Nov. 23, 2022
TUNISIA – Tunisia hosts the 18th Francophonie Summit
Tunisia hosted on November 19-20 in the island of Djerba the 18th Francophonie Summit, which witnessed the participation of 31 heads of state and representatives from 89 different countries. The event concluded with the publishing of the Djerba Declaration, which includes several pledges to improve cooperation between member states of the International Organization of the Francophonie.
Nov. 20, 2022
TUNISIA – Arraya Al Wataneya joins the political parties boycotting Tunisia’s legislative elections
Opposition political party Arraya Al Wataneya has announced its decision to boycott the Tunisian legislative elections scheduled for December 17. The party criticized the legal texts relating to the organization of the elections, accusing President Kais Saied of “unilaterally” writing them. Many other political parties have also announced their boycott of the legislative elections, including Ennahdha, Al Joumhouri, Ettakatol, Attayar, the Labor Party, and El Kotb.
Nov. 23, 2022
ALGERIA – Algeria completely abolishes COVID-19 travel requirements
Algerian authorities have decided to completely remove the entry and exit restrictions that were in place to combat the spread of the COVID-19 pandemic. From the start of November, travelers can freely enter and leave Algeria without any special conditions. The decision came in light of the improvement of the domestic sanitary situation in Algeria.
Nov. 1, 2022
ALGERIA – Algeria officially submits its candidacy to join BRICS
Algeria has officially submitted its candidacy to join the Brazil, Russia, India, China, and South Africa economic bloc, known as BRICS. Russia and China have already expressed their approval of the candidacy. Meanwhile, Brazil, India, and South Africa are still studying it before reaching a conclusion.
Nov. 7, 2022
ALGERIA – Slovenia to soon open an embassy in Algeria
Slovenian Foreign Minister Tanjia Fajon has announced her country’s intention to soon open a diplomatic representation in Algeria in order to improve bilateral diplomatic relations and economic cooperation. The Slovenian minister made the announcement during a meeting with Algerian President Abdelmadjid Tebboune in Algiers.
Nov. 15, 2022
Economy
EGYPT – Egypt’s annual inflation increases to 16.3% in October 2022
Egypt’s annual inflation rate rose to 16.3% in October 2022, compared to 7.3% in the same month of 2021. The annual inflation rate has reached its highest level in four years. According to Egypt’s Central Agency for Public Mobilization and Statistics, the rise in inflation is due to increased food prices and the continued pressures resulting from the Russian-Ukrainian crisis.
Nov. 10, 2022
EGYPT – Egypt’s unemployment rate increases to 7.4% in Q3-2022
Egypt’s unemployment rate has increased to 7.4% in the third quarter of 2022, up from 7.2% in the second quarter of 2022. The estimated size of the Egyptian labor force grew by 0.9%, from 29.98 million to 30.26 million individuals. The urban labor force in Egypt amounted to 13.40 million people, while the rural labor force reached 16.86 million.
Nov. 15, 2022
EGYPT – Egypt records 4.4% economic growth in the first quarter of the 2022-2023 fiscal year
The Egyptian economy has recorded a growth rate of 4.4% in the first quarter of the 2022-2023 fiscal year, from July 1 to September 30, 2022. The growth rate is lower than the 6.6% recorded in the first quarter of the 2021-2022 fiscal year.
Nov. 30, 2022
MOROCCO – Morocco’s unemployment rate declines to 11.4% in Q3-2022
Morocco’s unemployment rate has declined to 11.4% in the third quarter of 2022, down from 11.8% in the previous quarter. The unemployment rate stands at 15.0% in urban areas and 5.2% in rural areas. Morocco’s unemployment rate is still higher among women (17.8%) than among men (9.5%). It is also higher among youth aged 15 to 24 (31.7%), compared to people aged 25 to 34 (18.4%).
Nov. 3, 2022
MOROCCO – Morocco’s annual inflation decreases to 8.1% in October 2022
Morocco’s annual inflation rate decreased to 8.1% in October 2022, down from 8.3% in September. The figure is attributed to a 13.8% annual increase in the prices of food products, along with a 4.3% increase in the prices of non-food products. The categories that witnessed the highest annual increases in prices besides food products were transportation (12.6%) and household items (6.7%). Meanwhile, health services (0.1%) and accommodation and utilities (1.1%) witnessed the lowest increases.
Nov. 22, 2022
TUNISIA – Tunisia’s annual inflation rate increases to 9.2% in October 2022
Tunisia’s annual inflation rate increased to 9.2% in October 2022, up from 9.1% in the previous month. Food products witnessed the highest annual increase in prices, at 12.9%. Some of the products with the most notable increases were eggs (33.3%), sheep meat (21.1%), cooking oil (20.8%), fresh vegetables (18.5%), beef meat (15.1%), and poultry meat (15.0%).
Nov. 5, 2022
TUNISIA – Tunisia’s annual GDP growth reaches 2.9% in Q3-2022
The Tunisian economy has recorded an annual growth of 2.9% in the third quarter of 2022, up from 2.3% in the first quarter and 2.6% in the second quarter. In the third quarter of 2021, Tunisia’s annual GDP growth was standing at only 1.7%.
Nov. 15, 2022
TUNISIA – Tunisia’s unemployment rate stabilizes at 15.3% in Q3-2022
Tunisia’s unemployment rate has remained stable in the third quarter of 2022, standing at 15.3% – the same figure recorded in the previous quarter. Among men, the unemployment rate increased from 13.1% in the second quarter of 2022 to 13.2% in the third quarter. Meanwhile, it decreased from 20.5% to 20.4% among women.
Nov. 15, 2022
ALGERIA – Algeria’s annual inflation rate averages 9.4% in recent months
Algeria’s annual inflation rate has averaged around 9.4% in recent months, according to a study by the International Monetary Fund (IMF). The IMF conducted the study between November 6-21 to determine the macroeconomic situation in Algeria, in light of the lack of official statistics. According to the IMF, Algeria’s inflation is at its highest rate in 25 years.
Nov. 21, 2022
Key Economic Indicators
