THE
NORTH AFRICA JOURNAL
154th. Issue
Week ending July 26, 2004
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The Tunisian economy is performing relatively well. Despite higher energy prices, Tunisia managed to withstand the storm of high oil prices and its economy is moving along at a steady pace. All basic indicators point to healthy performance, thanks to stable or improving tourism receipts, signs of recovery in industrial activity, good exports, and the consolidation of the country’s foreign currency stock. .
Relations
With a $2.4 Billion Package France Reinforces its Economic Presence in Algeria
The official visit of the French finance minister to Algeria marks the beginning of new chapter in the economic relations between the two countries. Already in a fast recovery mode, after a cooling in the 1990s due to Algerian’s own political crisi, the economic relations between Algeria and France are likely to see a new push following the signing of Nicolas Sarkozy and his Algerian counterpart Abdelatif Benachenhou of a new document that will act as a roadmap to improved trade and investments linking the two sides of the Mediterranean. Continue here...
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Tourism
Morocco Looks at Britain for New Sources of Tourists
In the best of times, not more than 150,000 Britons make it to Morocco in any given year. In 2003 some 134,000 British tourists went to Morocco. That was less than the 146,000 of the previous year. Britons are particularly sensitive to political events, and certainly much more than their French counterparts, which makes their choice of vacation spots very selective. Right after the 2003 terror attack in Casablanca, nearly all British travel agents canceled all scheduled trips to Morocco. The British Foreign Office also issued an advisory note advising against the Morocco destination. And when Morocco's tourism officials sought to correct the perceptions on their country, their discussions with British travel professionals were difficult and frustrating at times.
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Banking
S&P Report Confirms the Strength of French Banks in North Africa
With close proximity, cultural and language similarities, shared history and some common business practices, it comes as no surprise that French banks have a major lead in North Africa. Even in Egypt where the French language was not as widely assimilated as in Algeria, Morocco and Tunisia, French banks have been active and successful compared to their Anglo American rivals. This is according to a report published by the international rating agency Standard & Poor's Ratings Services. Titled "French Banks Emerge as Leading Foreign Players in North Africa," the report was published on July 26. Continue here...
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Regional Politics
In a Move to Appease Tension Between Algeria and Morocco, King Mohammed Removes Visa Requirement for Algerian Tourists – Lukewarm Reaction in Algiers
King Mohammed of Morocco celebrated this week the Throne Day festivities and his fifth year as the monarch of Morocco. But the even will also be celebrated by many Algerians who no longer need a visa to enter Morocco. This visa waiver initiative is a major step forward in appeasing the tense diplomatic relations that have, for nearly 30 years, dashed all hope and efforts to create an integrated and secure Maghreb. With this unilateral decision, Algeria is likely to reciprocate, but perhaps not so soon. Continue here...
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Farming
Summer Heat Wave and the Rise of Poultry Prices in Morocco
Poultry prices in Morocco are reaching record high these days. A major staple in household kitchens, poultry saw their priced top MAD 20 per kilo in markets across Casablanca and elsewhere in the Kingdom. The culprit is a sustained heat wave that is becoming a seasonal phenomenon expected in the months of July and August of each year. During these two months, the price of white meat tends to rise along with the rising thermometer, although this time the temperatures reached record high. Continue here...
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Corporate
Reorg of Utility Firm Sonelgaz Paves the Way for Private Investment in Power and Gas Distribution and Generation in Algeria
The Algerian state-controlled utility firm Sonelgaz is undergoing a reorganization of its structures focusing on the activity of power and gas distribution on the domestic market. The company is now organized into four regional but autonomous entities handling independently the east, west, south and central regions. The capital Algiers, which is part of the central region, will receive a special status, likely to become an independent region in itself. These units, which will function as divisions for the time being, will be transformed into independent subsidiaries at the end of 2005. Continue here...
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