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OPINION
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What's
Behind the Reversal of Tunisia Hijab Ban?
In 1981, then Tunisian president Habib Bourguiba
(1956-1987) ratified law number 108 banning Tunisian women
from wearing the hijab in state offices. In the 1980s and
1990s, the Tunisian government issued more restrictive enactments
including the infamous 102 law which considers hijab a sign
of "extremism" and as a result banned it. But on October
11, 2007, the law was rescinded after being deemed unconstitutional
by the Administrative Court of Tunis.
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| 203rd.
issue - November 7, 2007
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Strategic
Positionning: Energy Sector
Eni
to Pour Billions in North Africa, Secures Long-Term Supply
of Oil and Gas
The Italian energy giant Eni has been in the news quite
a bit lately. The Italian company managed to ink important
agreements with Libya's NOC and Algeria's Sonatrach, further
consolidating and solidifying its leadership position in
the region's exploration and production sectors.
While
they have long complained about their erroding competitiveness
in the North Africa, French businesses are making substantial
progress in the region, winning lucrative contracts. Although
French technology is cutting edge and world-class, the French
government has been helping in ways it never did in the
past. The Nicolas Sarkozy administration is in no way similar
to the Chirac administration in their approaches to promoting
French companies. Sarkozy has taken the American approach
of promoting his country's commercial interest and is indeed
perfecting it to fit in new innovative ways.
Retirement in North Africa
A
Brief Look at Maghreb's Retirement Regimes
The retirement systems in North Africa are different from
one country to another. In Morocco, less than three years
after its overhaul, the retirement system there is about to
be reformed again. With the latest assessments pointing to
the system's potential inability to meet its obligations in
the long term, pressure has been growing to revisit the existing
laws governing the sector.
Financial Sector Modernization
Consolidation
and Modernization of the Libyan Banking Sector Underway
The
Libyan central bank (LCB) has decided to merge the country's
first and fifth largest financial institutions. The banks
are Jamahiriya Bank and Umma Bank. The new entity will make
its debut in early 2008 with assets worth US$6.2 billion.
The bank will become North Africa's 15th largest financial
institution. This merger will occur after the sale of a
19% of Sahara Bank to France's BNP Paribas in an effort
to modernize the Libyan banking sector.
Banking
Sector Performance
Despite
Being a Leader in North Africa Financial Sector, Morocco Boasts
Low Consumer Banking Adoption.
The
penetration of banking services in the Moroccan consumer market
remains low, despite the country's status of a the leading
financial center in the Maghreb. By the end of this year,
only 25% of the Moroccan population would actually have a
bank account.
Currency
Issues and the Economy
Foreign
Currency Exchange and its Impact on the Algerian Economy
The
bulk of Algerian export earnings comes from US dollar-denominated
gas and oil sales. As such, it makes the value of its earning
sensitive to any changes in the value of the American currency
as it fluctuates in the global currency exchange. The largest
share of Algerian imports originates from the European market
and is Euro-currency denominated. This makes the North African
nation's purchasing power intricately linked to the interaction
between the dollar and the Euro. While the barrel of oil continues
to move toward the $100 record, its value still remains relatively
lower than that as the Euro also continues to gain strength
against the dollar.
Latest
North Africa Oil and Gas Activity Roundup
Exploration
Efforts Continue in Tunisia, Amid Declinging Production
The
fall season has been a very busy period for the petroleum
sector in the Maghreb region. The most important news was
undoubtedly the agreements signed by the Italian energy giant
Eni with both Libya's NOC and Algeria's Sonatrach, consolidating
the company's leadership in the region. [See associated article
in this issues titled "Eni
to Pour Billions in North Africa, Secures Long-Term Supply
of Oil and Gas".]
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IN
THIS ISSUE
CORPORATE
AFFAIRS
Egypt's
Ezz Steel Enters the Algerian Market
Acquisition
of Algerian Rail Infrastructure Company Will Pave the Way for
Bigger Contracts to Buyer
Corporate
Profile: Karoui & Karoui: Thriving in Emerging Ad Market,
but Challenged in TV Market
A
Brief Look at Maghreb's Retirement Regimes
Despite
Being a Leader in North Africa Financial Sector, Morocco Boasts
Low Consumer Banking Adoption
Consolidation
and Modernization of the Libyan Banking Sector Underway
Algeria
to Sustain Privatization Program
Can
Abbas El Fassi Deliver Strong Economic Growth for Morocco?
Foreign
Currency Exchange and its Impact on the Algerian Economy
Hyundai
Algeria to Push for More Sales with Interest-Free Loans
Auto
Sales up 17% in Morocco, Renault in the Lead
Paris'
Commercial Diplomacy Enhances French Companies' Competitiveness
in North Africa: Alstom Case
ENERGY/MINING
EMGS
wins Libyan Contract
Latest
North Africa Oil and Gas Activity Roundup
Eni
to Pour Billions in North Africa, Secures Long-Term Supply of
Oil and Gas
Chinese
Firms Eye Mining Opportunities in Algeria
What's
Behind the Reversal of Tunisia Hijab Ban?
By
Nasima Alli
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