People & Lifestyle Cairo has most billionaires in Africa, but wealthy are leaving Cairo is home to more billionaires than any other African city, but Egypt is facing an exodus of its wealthiest citizens. The international wealth advisory firm Henley & Partners said Cairo is home to four billionaires, and 30 centi-millionaires – those worth $100 million or more. Most reside in affluent parts of Greater Cairo, including […] April 25, 2024
Manufacturing Stellantis puts Algerian car industry on road to recovery Multinational car maker Stellantis has announced the start of production at its factory in Algeria, with a commitment to expand further to help the ailing local market. Four Fiat models will be built, including the Fiat 500 and Fiat Doblo, as part of an initial €200 million ($216 million) investment in the plant in Tafraoui, […] December 15, 2023
Infrastructure Gulf telcos sign deal to create $2bn tower company Telecom operators Ooredoo and Zain Group on Tuesday said agreements have been signed to create the largest tower company in the Middle East and North Africa. The cash and share deal, which also involves Dubai-based Tasc Towers Holding, will establish a company comprising 30,000 telecom towers in Qatar, Kuwait, Jordan, Iraq, Algeria and Tunisia, with […] December 5, 2023
Oil & Gas Market confusion over Opec+ cuts hits oil prices Oil prices fell further on Friday after tumbling sharply when Opec+ announced more production cuts amid suspicions that quotas will not be adhered to. Brent, the main international benchmark, traded at $80.66, down from $84.37 on Thursday, while West Texas intermediate was flat at $75.94. Saudi Arabia, Russia and other members of Opec+ announced on […] December 1, 2023
Oil & Gas Opec+ agrees to cut 2m bpd at delayed meeting Early reports indicated on Thursday that Opec+ members, led by Saudi Arabia, have agreed at their delayed meeting to cut oil output by nearly 2 million barrels per day, above supply curbs agreed in June. Crude prices rose nearly 1 percent in anticipation of the decision; Brent traded at $82.51. Saudi Arabia, Russia and other […] November 30, 2023
Analysis Industry Future is rosy for Mena phosphate producers With Morocco and Saudi Arabia now holding the bulk of the world’s high-quality, accessible phosphate rock reserves, the Middle East and North Africa (Mena) region is a major centre for the phosphate mining industry’s future growth, analysts say. Morocco alone holds around 70 percent of the world’s total reserves of phosphate rock, the raw material […] November 17, 2023
Industry Algeria’s rail tender aims to boost iron ore mining sector Algeria has issued a construction tender for a rail project that the government hopes will unleash the potential of an iron ore mine in a remote province. Anesrif, a transport business set up by the government to expand and modernise the railway system, is seeking companies to build a 575km section to the Gâra Djebilet […] September 26, 2023
Analysis Economy Algeria’s GDP growth to slow as oil production dips Algeria’s economic growth is expected to slow this year and in 2024 as oil production drops. Analysts at BMI, formerly Fitch Solutions, forecast that the country’s real GDP will be 2.1 percent in 2023 and 1.9 percent next year – down from 3.3 percent in 2022. Algeria’s hydrocarbon production – made up of one-third gas […] August 16, 2023
Manufacturing Saudi pharma firm to buy manufacturing site in Algeria Jamjoom Pharmaceuticals Factory Company has increased capital in its joint venture in Algeria to help finance the acquisition of a manufacturing facility. In a filing to the Saudi Stock Exchange, the company, which raised $336 million in an initial public offering in May, announced the additional funding in Jamjoom Algeria Lil Dawa, in which it […] July 31, 2023
Oil & Gas Investment needed to unlock Algeria’s gas supplies Algeria has helped to plug Europe’s gas needs following Russia’s invasion of Ukraine, but industry experts say future growth in exports can only be sustained with further investment. Africa’s largest gas exporter saw its share of EU gas imports increase to 44 billion cubic metres last year, accounting for around 12 percent of the total, […] May 4, 2023
Analysis Energy One year on, what the war in Ukraine means for the Middle East A year since Russia invaded Ukraine, the war’s impacts are reverberating across the Middle East and North Africa. While some Gulf oil producers have prospered during the conflict, it has heaped suffering on some of the most fragile and volatile economies in the region. “It has contributed to the difficulties in Egypt and the worsening […] February 24, 2023
Energy Eni and Snam join forces on Algeria-Italy gas pipelines Italian energy group Eni and gas grid operator Snam have clinched a partnership to jointly manage their assets in the gas pipelines connecting Algeria to Italy. With Russia curtailing its gas flows to Europe, Algeria last year emerged as Rome’s biggest gas supplier, making the network between the two countries a strategic infrastructure for Rome’s […] January 11, 2023
Energy Algeria’s Sonatrach plans to invest over $30bn in hydrocarbons Algeria’s state-owned Sonatrach has revealed plans to invest over $30 billion in exploring and producing hydrocarbons, with a particular focus on natural gas to supply to the global market. “As part of Sonatrach’s five-year investment plan more than $30 billion will be allocated to exploration and production,” said CEO Toufik Hakkar, according to Algeria Press […] January 9, 2023
