Category: North Africa
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Morocco: HM the King Chairs Launching Ceremony of New Investment Reform Plan, Signing of Several Agreements & Investment Contracts
HM King Mohammed VI chaired, on Monday at the Royal Palace in Casablanca, the launching ceremony of a new investment reform plan and the signing ceremony of several agreements and investment contracts. At the beginning of this ceremony, Minister of Industry, Trade, Investment and Digital Economy, Moulay Hafid Elalamy, presented before HM the King the…
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Egypt’s Budget Deficit Exceeds 11 PCT Between Jul 2015 – May 2016
Egypt’s budget deficit soared to EGP 311 billion (around $25 billion) during the period between July 2015 and May 2016, constituting 11.2 per cent of the Gross Domestic Product (GDP). In its monthly report, the Ministry of Finance said on Monday the budget deficit during the same period of the fiscal year 2014/2015 amounted to…
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Algeria: Economic Crisis Is Not Specific to One Country, Says President Bouteflika
The current economic and financial crisis is not specific to one country in particular and it is not the “consequence of failure” in Algeria’s internal economic approach, underlined President of the Republic Abdelaziz Bouteflika. “The economic and financial crisis is not specific to one country in particular, notably in the globalized economy of the world.…
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Algeria: Foodstuffs and Cement – Import Prices Decline in Q1
The average import prices of foodstuff and cement imported by Algeria declined in the first quarter of 2016 compared to the same period of 2015, the Trade Ministry told APS. The average import prices of raw materials for the food industry recorded a decrease between 4% and 27%, except crude sunflower oil. For cereals, prices…
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Algeria Catches Its Full Annual Quota of Bluefin Tuna
Algeria has caught its full annual quota of bluefin tuna, 450 tonnes, as set by the International Commission for the Conservation of Atlantic Tunas (ICCAT), said the Ministry of Agriculture, Rural Development and Fishing in a communiqué. The eleven Algerian tuna fishing vessels authorized to participate in the 2016 season, from 26 May to 24…
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Algeria:Total files arbitration against oil tax change
French oil major Total has filed a request for arbitration against Algeria for changing profit-sharing terms on oil and gas contracts in the mid-2000s, chief executive Patrick Pouyanne said on Saturday. “We tried as always to find a mutual agreement first, it failed, so we decided that we would seek arbitration,” Pouyanne told Reuters on…
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Egypt: Cockpit Voice Recorder of Egyptair Flight Ready for Information Extraction
Egyptian investigators said on Saturday that board components of cockpit voice recorder (CVR), one of the black boxes of doomed EgyptAir flight, were replaced to enable the reading of recorders of the CVR memory units. Egypt sent the flight’s black boxes, the CVR, and the flight data recorder (FDR), to France to be repaired after…
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Algeria: Building Materials – Import Bill Declines, Quantities Widen
The import bill of building materials reached USD 965.32 million in the first five months of 2016 against USD 1.12 billion during the same period, i.e. a decrease by 14.24%, Customs told APS. Imported quantities (cement, iron, steel, wood and ceramic products) widened to 4.9 million tons against 4.61 million, i.e. an increase by 6.24%,…
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Egypt’s Exports Increase By 7 PCT in May Amid Dollar Shortage
Egypt’s exports increased by 7 per cent in May compared to the same month last year, the Egyptian trade minister said on Tuesday, as the country’s cash-strapped economy continues to face a foreign currency shortage. Exports, a source of foreign currency, stood at $1.9 billion in May compared to $1.7 billion in the same month…
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Algeria: Lower House Adopts Bill On Investment
The People’s National Assembly (Lower House of Parliament) adopted Monday by majority the bill on the promotion of investment in a plenary session chaired by Mohamed Larbi Ould Khelifa, Speaker of the Assembly, in the presence of Minister of Industry and Mining Abdessalem Bouchouareb. Among the 274 voices, the Party of Workers voted against the…