North Africa News September 2023
EGYPT – Ocior Energy to build a USD 4.0 bn green hydrogen plant in Egypt
Abu Dhabi-based Ocior Energy has signed a contract with Egyptian authorities to build a USD 4.0 bn green hydrogen plant in the Suez Canal Economic Zone. The project is set to become operational within five to six years and will have an annual production capacity of 400,000 tonnes. The station’s production of green hydrogen will be exported to Europe with a projected annual revenue of USD 1.0 bn.
Aug. 10, 2023
EGYPT – UAE’s Al Dahra signs a USD 500 mn deal to supply Egypt with wheat
Emirati agribusiness firm Al Dahra has signed a commercial deal with the Egyptian Ministry of International Cooperation to supply the country with wheat for the next five years. Through the agreement, Egypt will import USD 100 mn of milling wheat per year.
Aug. 15, 2023
EGYPT – Medlog MSC to build a dry port in northern Egypt
Italian-Swiss shipping company Medlog MSC has won a tender to finance, design, build, operate, and maintain the 10th of Ramadan Dry Port project, in northern Egypt. The project will cover an area of 1.12 million square meters and will include both a dry port and a logistics center. It is expected to handle up to 400,000 containers per year.
Aug. 24, 2023
EGYPT – Chinese corporation TEDA begins the construction of a textile factory in Egypt
Chinese industrial corporation TEDA has launched the construction of a textile factory, dubbed “Cady,” in the Suez Canal Economic Zone. The project spans an area of 145,500 square meters and will require an investment of USD 60 mn. The factory will specialize in the manufacturing of high-end environmentally-friendly fabrics and seamless garments. The annual production capacity is expected to reach 50,000 tonnes of fabrics and 8 million pieces of clothing, with an estimated revenue of USD 150 mn.
Aug. 28, 2023
MOROCCO – Royal Air Maroc signs a USD 300 million deal to lease 5 Boeing 737s
Morocco’s Royal Air Maroc has signed a USD 300 million lease deal with US-based aircraft leasing firm Air Lease Corporation for five new Boeing 737 aircraft. The deal includes four 737 MAX 8 models and one 737-800 model, expected to be delivered in 2024. The deal is part of Royal Air Maroc’s plan to expand its fleet by acquiring 150 new aircraft over the next 15 years.
Aug. 17, 2023
TUNISIA – French clothing manufacturer Etam opens its first factory in Tunisia
French ready-to-wear clothing manufacturer Etam has launched its first production unit in Tunisia. The factory will specialize in the manufacturing of lace underwear for the French group’s different brands: Etam, Undiz, Ysé, and Livy.
Aug. 17, 2023
TUNISIA – FDIs in Tunisia increase by 5.0% in the first half of 2023
Foreign direct investments in Tunisia have reached a total value of TND 1.1 bn (EUR 328 mn) in the first half of 2023, marking a 5.0% increase in comparison with the same period of 2022. The investments were divided between manufacturing industries (48.1%), services (30.0%), energy (21.6%), and agriculture (0.3%).
Aug. 23, 2023
ALGERIA – Saudi and Algerian pharmaceutical companies jointly acquire a production unit in Algiers
Saudi company Jamjoom Pharmaceuticals has partnered up with Algerian operator Vitalcare to acquire a production unit, located in Algiers, from Swiss-based company Sandoz. The acquired unit specializes in producing several types of medical drugs, including tablets, capsules, and powders for treating various conditions. Vitalcare will own 51% of the project, while Jamjoom Pharmaceuticals will have a 49% share.
Aug. 5, 2023
ALGERIA – Belgian manufacturer Ontex leaves the Algerian market
Belgian hygiene products manufacturer Ontex has decided to leave the Algerian market and sell all of its activity in the country to its local distributor, Hygianis. Ontex has been present in the Algerian market for over 20 years. The company did not disclose the reason behind its decision.
Aug. 9, 2023
EGYPT – BRICS officially invites Egypt to join the organization
The BRICS organization has officially invited Egypt, along with five other countries (Argentina, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates) to join the economic bloc. The new members are set to join as of January 1, 2024. The announcement was made during the 15th BRICS Summit, held in Johannesburg, South Africa.
Aug. 24, 2023
MOROCCO – Morocco denies South Africa’s claim of an official application to join BRICS
The Moroccan Ministry of Foreign Affairs has denied South Africa’s claim that Morocco has presented an official bid to join the BRICS organization. The Moroccan diplomacy also announced that it will not respond positively to South Africa’s invitation to participate in the 15th BRICS Summit. The ministry claimed that “South Africa was going to hijack this event from its nature and purpose, to serve a hidden agenda.” Morocco, however, did not exclude the possibility of applying to join BRICS in the future if it falls “within the general framework and strategic orientations of the Kingdom’s foreign policy.”
Aug. 19, 2023
ALGERIA – Algeria fails to join BRICS despite enthusiastic speeches
Algeria has failed to make the list of the countries invited by BRICS to join the organization, despite many enthusiastic declarations by Algerian officials that the country’s application has been well received by member states. In response, Algeria’s minister of foreign affairs declared that the non-adhesion to BRICS does not represent a setback and that Algeria “has enough tools to continue defending its diplomatic, political, strategic, and economic interests.”
Aug. 29, 2023
EGYPT – Egyptian inflation rate reaches 38.2% in July 2023
Egypt’s annual inflation rate has increased to 38.2% in July 2023, up from 36.8% in June and 33.7% in May. Compared to the same period in the previous year, the figure increased from 14.6% in July 2022.
Aug. 10, 2023
EGYPT – Egypt’s unemployment rate declines to 7.0% in Q2-2023
Egypt’s unemployment rate has decreased from 7.1% in the first quarter of 2023 to 7.0% in the second quarter. The unemployment rate is significantly higher among women (17.3%) than men (4.8%). Unemployment is also highly prevalent among youth aged 15 to 29 (61.8%). The Egyptian workforce is estimated at around 30.9 million individuals, including 25.5 million men and 5.4 million women.
Aug. 23, 2023
MOROCCO – Morocco records a 12.4% unemployment rate in Q2-2023
The unemployment rate in Morocco has declined from 12.9% in the first quarter of 2023 to 12.4% in the second quarter. Unemployment is more prevalent in urban areas (16.3%) than in rural areas (5.7%). The rate is also higher among women (17.0%) compared to men (11.0%).
Aug. 3, 2023
MOROCCO – Morocco’s annual inflation decreases to 4.9% in July 2023
Morocco’s annual inflation rate has maintained its downward trend, recording 4.9% in July 2023 after 5.5% in June and 7.1% in May. The figure is attributed to an 11.7% increase in the prices of food products between July 2022 and 2023, as well as a 0.4% increase for non-food products.
Aug. 22, 2023
TUNISIA – Tunisian economy records a 0.6% annual growth in Q2-2023
The Tunisian economy has recorded an annual growth of 0.6% in the second quarter of 2023, according to preliminary estimations. The growth, however, is lower than the 1.2% recorded in the first quarter of the year. The growth is attributed to an 11.4% increase in the volume of exported goods and services, which was higher than the 9.0% increase in importations. Interior demand, which increased by 0.2% in volume, also contributed to the slight increase in economic activity.
Aug. 15, 2023
ALGERIA – Algerian economy witnesses a 3.0% annual growth in Q1-2023
The Algerian economy has recorded an annual growth of 3.0% in the first quarter of 2023. The hydrocarbons sector witnessed a 1.4% evolution, compared to -2.3% in the first quarter of 2022. Meanwhile, non-hydrocarbon sectors recorded a 4.0% increase in activity. The sectors that witnessed the highest growth were accommodation and catering (7.9%), industry (6.1%), public works and infrastructure (6.0%), and commerce (4.7%).
Aug. 6, 2023
Key Economic Indicators