Business
Oil and Energy Sectors Vulnerable to Corruption in North Africa
The North Africa Journal | Corruption in North Africa is a widespread and is a deeply rooted problem. So much so that the activists that are driving the revolts in the Arab world say many of ills that have been crippling economic, social and political progress originate from corruption. While corrupt acts such as paying bribery are widespread in administrations and bureaucracies, the business sector is particularly affected by corrupt practices as well.
[Corporate Affairs] Al Baraka Banking Group Maintains Aggressive Growth Strategy in North Africa despite Uprisings
The year 2010 was not bad at all for Al Baraka Banking Group (ABG). Involved in international Islamic banking, the company is a Bahrain Joint Stock Company listed on Bahrain Bourse and NASDAQ Dubai. It maintains Standard and Poors long term and short-term credit ratings of BBB- stable and A3 respectively. ABG offers retail, corporate and investment banking and treasury services in accordance with the principles of the Islamic Sharia law. The authorized capital of ABG is US$1.5 billion, while total equity amounts to about US$1.8 billion....[Energy and Mining] Despite Revolt and New Politics, it’s Business as Usual for Energy Sector in Egypt
Having been affected in early 2011 by what they call “Force Majeure,” oil companies remain very active on the Egyptian exploration front. With violence erupting in January, most major companies had to scale back their expectations, only to resume normal activities after the departure of Hosni Mubarak....[Economy and Trade] Tunisia: Painful Recovery for the Business Sector
As if the Jasmine Revolution was not enough in itself, the Tunisian economy is also suffering from a massive drop in trade with its troubled eastern neighbor of Libya. Government data suggests that during the recent disturbances, Tunisia lost in all between 5 to 8 billion dinars as a consequence of the inevitable crisis. ...
[Economy and Trade] Challenges Cripple the Tunisian Business Sector, Expect Recession
Despite the promises of democracy, the Jasmine Revolution has had the expected debilitating impact on the conduct of business and the Tunisian economy at a large. The multi-billion dollar support packages promised by the likes of the G8, the World Bank, the EU and individual nations are not for trivial purposes. They are about keeping a country from moving into chaos and economic bankruptcy as entire industries and almost all companies are struggling to survive...
[Corporate Affairs] Orascom vs. Algeria
[The North Africa Journal] In a lingering conflict that underscores lack of transparency and weak business rules, the case of Orascom Telecom Algerie (OTA), which has raised a great deal of concerns in foreign investor circles, has not been settled yet. It underscores that the rules of engagement when doing business in Algeria are still unclear and that many leaders of foreign companies remain dangerously ignorant of operating conditions and the business environement in the North Africa country. ...
[Corporate Affairs] Business as Usual for Corporate Morocco
There is noticeable decrease in tourism activity across North Africa and Morocco is witnessing a small impact there. Yet, for the broad economy, the Arab revolutions have not fully afftected Morocco. This is largely due to the fact that Morocco is focused on its own economic growth, while remaining solidly tied to the EU. With limited economic relations with the affected countries, it is no surprise that it's business as usual for many Moroccan firms. Below are some reports that analyze the performance of key companies, ending with a full review of the Casablanca Stock Exchange....
[Economy and Trade] Global Investors Reassessing their MENA Posture: Investments in the Region Likely to Drop Considerably
[By Arezki Daoud | daoud@north-africa.com | 508-981-6937 | Twitter: @northafrica] Ever since former President Ben Ali was toppled by the Tunisian people, risk management and assessment executives in global corporations have been working around the clock to figure out what posture to take. The subsequent events that followed in form of a domino effect, starting with the deterioration of the Egyptian market, then the acceleration of risk in Libya as that country exploded forced corporations to halt operations, evacuate foreign staffs out of the danger zones, and reevaluate where they stood. ...
[Energy and Mining] Growing Concerns Over Transparency of Oil Sales by Libyan Rebels
[The North Africa Journal] Reports that opposition forces in Libya will begin exporting crude oil from areas under their control raise concerns about the transparency of oil revenues, Human Rights Watch said today. Libya’s people have a right to information about a major national resource, Human Rights Watch said. The New York-based organization called on the self-appointed opposition authority, the Interim Transitional National Council, to respect internationally accepted standards of transparency for all sales of crude oil and gas that it arranges. In contrast, oil and gas transactions by the Gaddafi government have been opaque and lacked accountability for many years....
[Economy and Trade] The Irrelevance of Japan in Africa
Japan is one of the latest economic powers to make it loud and clear that it wants to compete for influence in the Middle East and Africa . But can its leaders build strong economic ties that would compete with those of China? Today’s situation suggests that the Japanese climb will be steep and difficult. Just in Africa alone, the Japanese economic presence is about one third of that of China and further dropping given the fast expansion of China there. ...
[Economy and Trade] Competing for Africa: Turkey Rising
The North Africa Journal | In a briefing we held with a former Turkish Ambassador to the U.N., he noted that global corporations generally like to point to the strong economic growth of markets like Brazil, China, India and Russia. But he added that they often neglect to mention the stellar performance of the Turkish economy. ...
[Finance and Banking] Inside the Tunisian Leasing Sector
[The North Africa Journal] The Tunisian leasing sector currently boasts 10 active companies competing for the market. Most of them are bank subsidiaries which have been set up in the 1990’s in a move to take advantage of a nascent activity which is, after all, a familiar activity for a banker and can be easily integrated in the banks’ main business. ...
[Economy and Trade] Announcing the U.S. - Maghreb Entrepreneurship Conference
[The North Africa Journal | Conferences] The U.S. Department of State and the U.S.-Algeria Business Council will host the U.S. - Maghreb Entrepreneurship Conference in Algiers on December 1-2, 2010. This conference is a direct result of the Presidential Summit on Entrepreneurship held in Washington, D.C., in April, 2010 and demonstrates the continuing work of business and non-governmental organizations to create regional partnerships that promote entrepreneurship. North Africa Journal Editor Arezki Daoud will moderate a panel of business leaders during the event ...
[Industries and Markets] CO2 Sequestration to Expand in Algeria’s Gas Fields
Four Western oil companies and Algeria’s Sonatrach are planning to partner in the CO2 sequestration business. The companies are BP and Statoil with focus on the In-Salah fields in southern Algeria and more recently Total, Gaz de France, and Sonatrach revealing a join project in the Timimoun, Ahnet and Touat gas fields located in the southwest of the country. ...
[Industries and Markets] Acquisition Time in the North African Telco Sector
[The North Africa Journal | Mergers and Acquisitions] The telecommunications sector has been very busy lately in North Africa. Companies are looking for new assets to acquire in a bid to grow their business in emerging markets. Among the most important transactions recorded in the telco sector is the acquisition by France Telecom of a substantial stake in Morocco’s Meditel, the Kingdom’s second largest carrier. The other transaction is the acquisition by Russia’s VimpelCom of Egypt’s Orascom Telecom. This acquisition brings another wildcard to the long-lasting feud between the Egyptian owner of Orascom Telecom Algeria and the Algerian government. ...
[Economy and Trade] A New War on the African Continent
[The North Africa Journal | Economy] There is a different type of war being waged on the African continent and North Africa is not spared. Economic influence is the goal and money in its many forms is the weapon used by powerful interests for the dual purposes of wining contracts in a slowly emerging Africa, while guaranteeing access to increasingly scarce commodities. ...
[Finance and Banking] BCP Absorbs BP Casa, Sets Stage for New Growth
[The North Africa Journal | Banking] BCP Bank has absorbed Moroccan peer BP Casablanca, in a transaction officially endorsed by Stock Exchange authorities. CFG Analysts (Casablanca Finance Group) say this transaction marks a strategic turning point for BCP as it will give the bank a direct presence in deposit-taking and lending to retail customers. ...
[Finance and Banking] Africa Wants to Attract Islamic Banking Investors
In less than a decade, the value of the Sukuk market, financial instruments that are the Islamic equivalent of bonds has reached an impressive $112 billion and Africa is being eyed by Islamic bankers as a promising destination. ...
[Industries and Markets] Telco Sector Expands in Morocco
The telecom sector in Morocco continues on its growth momentum in 2010 driven by sustain expansion of the mobile phone segmen. This trend was recently confirmed when France Telecom decided to acquire a substantial equity in second largest carrier Meditel. CFG (Casablanca Finance Group) Analysts say sustaining its positive performance in 2009, following the growth of the mobile subscriber base which increased by 10.9% year over year, the mobile market maintained a remarkable performance in the first quarter of 2010. ...
[Industries and Markets] 7th North Africa Business Development Forum, Barcelona, Spain
The North Africa Journal is proud to announce the participation of Publisher and Editor Arezki Daoud to the 7th. North Africa Business Development Forum. The Forum will be held in Barcelona, Spain on November 22, 2010. Mr. Daoud will moderate a debate about the North African enterprise with key corporate leaders from the region including Isaad Rebrab, CEO of Cevital (Algeria), Anas Sefrioui, CEO of Addoha Group (Morocco), Karim Ammar, CEO of Poulina Holding (Tunisia), Ali Haddad, President of ETRHB (Algeria), Miloud Chaabi, CEO of YNNA Holding (Morocco), Abdeslam Ben Ayed of Ben Ayed Group (Tunisia), Selma Elloumi, CEO of Stiffen (Tunisia)....
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