INVESTING
2007 IS STRONG YEAR FOR ARAB INVESTMENT IN
ALGERIA
Arab and North African financiers are looking to Algeria
as a new opportunity to expand their investment reaches
and to channel oil money in this emerging economy. For example
there are at least five banks with MENA (Middle East North
Africa) investors behind them that are expected to open
in Algiers. Algerian financial authorities have been in
talks with banks and investors from Lebanon, Morocco, Tunisia,
the UAE and Qatar to work on new bank creations.
[read
here]
INVESTING
REAL
ESTATE TOPS EXPATRIATES INVESTMENTS IN MOROCCO
Despite being increasingly integrated into their
countries of residence, Moroccans residing abroad continue
to transfer money back home at ever growing rates. Their remittances
continuously increased, even from the younger generations
of dual citizens of Moroccan origin. The money transferred
to Morocco by Moroccans living abroad more than doubled from
MAD 19 billion in 1996 to more than MAD 40 billion in 2005
or almost 4 billion euros.
[read
here]
CORPORATE
AFFAIRS
GENERAL
ELECTRIC SEEKS MORE BUSINESS IN ALGERIA AFTER JEFF IMMELT'S
VISIT THERE
Announced
in March 2006, the American company General Electric (GE)
and its Algerian partners Sonatrach and Sonelgaz inked a final
agreement to expand Algesco SA, a gas turbine services joint
venture based in Hassi R'Mel that serves the oil and gas and
power generation industries and the construction of a turbine
maintenance center in Hassi Messaoud.
[read
here]
INDUSTRY:
POWER
ELECTRICITY CONSUMPTION IN MOROCCO AND
ALGERIA FACING PEAK DEMAND AND RISKS OF BLACKOUTS
Electricity
consumption in Morocco reached its peak on December 26, 2006
as a result of a cold front which swept the entire country.
The peak period was between 7 PM and 8 PM, when 3,760 MW of
power were absorbed, representing an 11.2% increase compared
to the same day in 2005. Algeria faces similar pressure on
supply. Lately demand has exceeded the 6,200 MW ceiling, also
as a consequence of cold temperatures. The situation has led
the utility firm Sonelgaz, the state-owned monopoly to issue
a warning that blackouts could actually take place.
[read
here]
ECONOMY
MOROCCO
LIBERALIZES CURRENCY EXCHANGE BUSINESS
Morocco’s
banks have lost their control of currency exchange activity,
a business they have protected for so long. Live currency
exchange now has a new law effective January 1, 2007.
[read
here]
POLITICS
AND DIPLOMACY
SMOOTH
SAILING FOR THE NEW REGIME IN MAURITANIA
In
typical circumstances these days, the world would be less
tolerant of a regime that took power through a coup d’etat.
But this rule does not apply to Mauritania. After the 2005
coup that toppled the previous regime, the new one managed
to not only survive but thrive. Its only problem lately is
the growing risk of another locust invasion, but that in itself
is offset by the prospect of higher oil revenues. The leader
of the coup has even been welcomed in western capitals.
[read
here]
POLITICS
AND DIPLOMACY
RACE FOR THE PRESIDENTIAL POST
IN MAURITANIA BEGINS
A dozen Mauritanian politicians submitted their candidacy
last week to run for the March 11, 2007 presidential elections.
Their filing of the paper indicates that the race for the
highest office in Mauritania is now official. Among those
who are in the race is former head of state and retired army
colonel Mohamed Khouna Ould Haidallah. Ould Haidallah, who
was president between 1980 and 1984, filed as an independent
candidate. Also in the race, representing the Progressist
Popular Alliance (APP) is Messaoud Ould Belkheir.
[read
here]
LABOR
AFFAIRS
STATE
OF EMPLOYMENT IN MOROCCO'S POLICE FORCES
Some 6,000 police officers in Morocco have recently left
their jobs as part of their request for early retirement and
yet there is a deficit of 10,000 police officers across the
country. Why so many agents are leaving the corp. when it
needs more men and women? This question can be answered by
looking at the economics of this highly dangerous profession.
[read
here]
