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North Africa News October 2023


EGYPT – Egyptian manufacturer MCV to produce electric buses for Volvo
Swedish vehicle manufacturer Volvo and Egyptian bus manufacturer MCV have signed a cooperation agreement to jointly produce electric buses, with 50% of the components locally produced in Egypt. The buses will be manufactured in MCV’s factories in Egypt and exported to European markets.
Sep. 6, 2023

EGYPT – French company Colas Rail to transform Alexandria’s suburban railway into a metro network
French railway operator Colas Rail and Egyptian construction company Orascom have signed an agreement with the Egyptian National Authority for Tunnels to transform Alexandria’s Abu Qir suburban railway into an underground metro. The project will cost EUR 1.0 mn and will be financed by the European Investment Bank and the European Bank for Reconstruction and Development. The investment seeks to make the existing railway more efficient and increase its transport capacity and speed.
Sep. 7, 2023

EGYPT – Emirati oil company ADNOC launches a gas station network in Egypt
The UAE’s national oil company ADNOC has entered the Egyptian market by inaugurating three car service and gas stations in Cairo. The opening of the gas stations follows ADNOC’s acquisition of a 50% stake in TotalEnergies Egypt in February 2023. The Emirati company plans to launch six additional stations across Egypt by the end of 2023.
Sep. 24, 2023

MOROCCO – EasyJet to launch new flights between 3 Moroccan cities and 7 European destinations
British low-cost airline EasyJet has inked an agreement with Morocco’s National Tourism Office to launch a series of flights between Rabat, Marrakech, and Agadir and several European destinations during the 2023-2024 winter season. Rabat will be linked to four French cities: Paris (4 weekly flights), Lyon (3 flights), Nantes (2 flights), and Nice (2 flights), and to Geneva, Switzerland (2 flights). Meanwhile, Marrakech will be linked with Porto, Portugal (3 flights) and Bristol, England (2 flights). Finally, Agadir will benefit from a new route with Porto (2 flights) and will witness the resumption of its route with Paris (2 flights).
Sep. 5, 2023

MOROCCO – Chinese-Moroccan joint venture to produce components for electric vehicle batteries
China’s CNGR Advanced Material company and Moroccan royally-owned investment fund Al Mada have signed an agreement to build an industrial complex for the processing of cobalt, phosphate, and manganese, and transforming them into components for electric vehicle batteries. The joint venture is currently negotiating its raw material supply with the OCP Group. Set to become operational in 2025, the industrial production unit aims to produce 120,000 tonnes of nickel-manganese-cobalt and 60,000 tonnes of lithium-iron-phosphate per year.
Sep. 20, 2023

MOROCCO – Morocco increases the national minimum wage by 5%
The Moroccan government has approved a 5.0% increase in Morocco’s legal minimum wage. The decision increases the gross minimum wage from MAD 15.55 (EUR 1.44) per hour – or MAD 2,970 (EUR 276) per month, to MAD 16.33 (EUR 1.52) per hour – MAD 3,120 (EUR 290) per month. The minimum wage in Morocco was last increased by 5.0% in 2022.
Sep. 21, 2023

MOROCCO – LG Chem and Zhejiang Huayou Cobalt to build a lithium-iron-phosphate factory in Morocco
Korean petrochemical company LG Chem and Chinese mining company Zhejiang Huayou Cobalt have signed an agreement to build a lithium-iron-phosphate factory in Morocco. The project, expected to become operational in 2026, is set to produce 50,000 tonnes of lithium-iron-phosphate, used in the manufacturing of batteries for electric vehicles, every year. The production will be mainly supplied to the North American market.
Sep. 24, 2023

TUNISIA – Chinese companies INVT Solar and JA Solar to supply a Tunisian partner with solar panels
Tunisian company Smart Mechatronics has signed a distribution agreement with Chinese companies INVT Solar and JA Solar to market their solar panels and voltage converters in the Tunisian market. The companies did not disclose further details on the deal.
Sep. 9, 2023

TUNISIA – Tourist arrivals in Tunisia increase by 62% in the first eight months of 2023
Tourist arrivals in Tunisia have increased by 62.4% in the first eight months of 2023, compared to the same period in 2022, reaching 6.23 million visitors. The tourists’ main nationalities were French, which increased by 23%, followed by Germans (+66.3%), Italians (+25.9%), Swiss (+36.1%), Spanish (+76.1%), Americans (+37.1%), and Canadians (+23.7%). Tourism revenue, meanwhile, has increased by 47.2% between August 2022 and 2023, reaching TND 5.16 bn (EUR 1.54 bn).
Sep. 13, 2023

ALGERIA – Car manufacturers Opel and JAC obtain authorization to export their vehicles to Algeria
Algeria’s Ministry of Industry has granted German car manufacturer Opel and China’s JAC authorization to export their vehicles to the country. The decision aims to gradually lift the car import ban that has been in place in the country since 2019.
Sep. 7, 2023

ALGERIA – Accor inaugurates Mercure Hotel Algiers
French accommodation group Accor has inaugurated a new hotel in Algiers under its “Mercure” hotel chain. The new hotel is located near the International Conference Center of Algiers and includes several services, notably several co-working spaces and six conference rooms.
Sep. 24, 2023


EGYPT – Egypt increases visa duration for yacht tourists to 3 months
Egyptian authorities have increased the duration of visas granted to tourists on board yachts from one month to three months. The decision aims to encourage yacht tourism in Egyptian ports. In order to benefit from the visa on arrival, tourists must fill out an online application form specifying information about the yacht and the passengers.
Sep. 9, 2023

EGYPT – Egyptian and Turkish presidents meet on the sidelines of the G20 Summit
Egyptian President Abdel Fattah El-Sisi met with his Turkish counterpart, Recep Tayyip Erdogan, on the sidelines of the G20 Summit in New Delhi, India. The two leaders expressed their eagerness to resume the various mechanisms of bilateral cooperation between Egypt and Turkey and to strengthen their regional cooperation through an approach based on a “framework of mutual respect, common interest, and sincere intentions.”
Sep. 10, 2023

EGYPT – Expressions of interest begin for the upcoming 2024 presidential elections in Egypt
Several Egyptian opposition party leaders, including the Constitution Party’s Gameela Ismail and the Egyptian Social Democratic Party’s Farid Zahran, have announced their intention to run for president during the upcoming presidential elections, scheduled in February 2024. Meanwhile, other parties including the Egyptian Conference Party, the Arab Democratic Nasserist Party, the Nation Future’s Party, the Free Egyptians Party, and the Homeland Defenders Party, have expressed their support for President Abdel Fattah El-Sisi’s candidacy for a third term.
Sep. 21, 2023

MOROCCO – Morocco becomes a Sectoral Dialogue Partner of ASEAN
Morocco has officially obtained the status of Sectoral Dialogue Partner (SDP) within the Association of Southeast Asian Nations (ASEAN). The status will allow Morocco to participate in ASEAN meetings and cooperate with the ASEAN bloc in certain sectors, notably politics-security, economy, and socio-culture. Morocco is the first North African country to obtain this status.
Sep. 4, 2023

MOROCCO – Marrakech earthquake kills over 2,900 people
An earthquake of magnitude 6.8 has struck the region of Marrakech in Morocco. It has caused at least 2,900 deaths and over 5,500 injuries. The victims were mainly located in villages in the mountainous region surrounding Marrakech.
Sep. 9, 2023

MOROCCO – Morocco allocates over EUR 11 bn to rebuild the Marrakech region
King Mohammed VI of Morocco has announced allocating a budget of MAD 120 bn (EUR 11.1 bn) over a period of five years for the reconstruction program of the region struck by the earthquake. The program includes projects relating to the reconstruction of housing and infrastructure, the connection of isolated villages to the existing infrastructure, the reduction of social disparities, and the promotion of social activities.
Sep. 20, 2023

TUNISIA – Tunisia to hold local and regional elections on December 24, 2023
Tunisian President Kaïs Saïed has announced that the upcoming local and regional elections will take place on December 24, 2023. The elections concern the members of local and regional councils, who are elected for a term of five years.
Sep. 21, 2023

ALGERIA – Algeria creates a High Commission for Digitization
Algerian President Abdelmadjid Tebboune has created a new High Commission for Digitization, which will be in charge of the digital transformation of Algerian public administrations and the promotion of digital services in the country.
Sep. 6, 2023


EGYPT – Egypt’s annual inflation rate reaches 39.7% in August 2023
Egypt’s annual inflation rate hit a new record high in August 2023, reaching 39.7%, up from 38.2% in July. The inflation rate is mainly driven by the large increase in the prices of food products (71.9%), notably vegetables (98.4%), meat and poultry (97.0%), fish and seafood (85.9%), and bread and cereals (48.6%).
Sep. 10, 2023

MOROCCO – Annual inflation rate in Morocco stands at 5.0% in August 2023
The annual inflation rate in Morocco has slightly increased from 4.9% in July 2023 to 5.0% in August. The figure is attributed to a 10.4% rise in the prices of food products and a 1.3% increase in the prices of non-food products. For non-food products, price variations range between -1.8% for transportation and +5.9% for restaurants and hotels.
Sep. 20, 2023

TUNISIA – Tunisia’s annual inflation rate increases to 9.3% in August 2023
After maintaining a downward trend for five months, Tunisia’s annual inflation rate increased to 9.3% in August 2023, up from 9.1% in the previous month. The inflation rate is mainly attributed to food products, which witnessed a 15.3% increase in prices over the year. The products most affected by the increase were coffee (35.0%), sheep meat (33.0%), eggs (29.7%), cooking oils (23.7%), and beef meat (20.4%).
Sep. 5, 2023

ALGERIA – Algeria’s annual inflation rate stabilizes at 9.3% in July 2023
Algeria’s annual inflation rate has remained stable in July 2023 at 9.3%. Education, culture, and entertainment services witnessed the highest increase in prices over the year (14.3%), followed by food products (13.3%), health services (8.8%), and clothing items (7.6%). Meanwhile, transportation and communication services witnessed the lowest increase in prices at only 0.9%.
Sep. 15, 2023


Key Economic Indicators

October Key Economic Indicators