First Independent Mena Newspaper
Senegal’s Sangomar oil and gas field has produced its first oil, operator Woodside Energy said, with the newly elected president Bassirou Faye promising that oil revenue will be “well managed.” Senegal also expected to start producing gas this year in the Greater Tortue Ahmeyim offshore field which it shares with Mauritania. “This is an historic […]
The European Bank for Reconstruction and Development (EBRD) announced on Wednesday a €45.5 million loan to Eczacıbaşı Consumer Products Maroc (ECP Maroc) to enable the Moroccan subsidiary of Turkish group Eczacıbaşı Consumer Products (ECP) to acquire Jeesr, a leading manufacturer of tissue paper products in Morocco. This is the Bank’s first cross-border acquisition financing package […]
Morocco’s tourism sector is poised to outperform last year’s record with the arrival of 6 million tourists in the first five months of this year, tourism minister Fatima Ezzahra Ammour said. The number of arrivals was 770,000 higher compared to the same period last year, as Morocco continues to attract international hotel brands to invest […]
The United States is “missing an incredible window of opportunity” in Africa, a senior executive in US company told the US Senate Committee on Finance, urging a “quick renewal” of the African Growth and Opportunity Act (AGOA) that will have the largest impact on the US business interests on the African continent. SanMar Corporation’s general […]
Cash-strapped Tunisia will get 450 million euros from the European Investment Bank to fund small and medium-sized enterprises and infrastructure projects, the bank said. The financing deal will be signed on Thursday at the Tunisia Investment, the bank said in a statement, adding that the loan will benefit “high-impact projects for the population and the […]
Morocco’s Tanger Med is expected to outpace its nominal container capacity this year, as the port strengthens its foothold as a major transshipment hub, a port official told Reuters. The port is poised to handle more than 9 million containers after 8.6 million containers last year, that is a growth of 13.4% compared to the […]
Nearly 20,000 millionaires fled Africa in the past decade due to currency depreciations that eroded their wealth, according to Henley and Partners, a global citizenship and residence consultancy. The number of individuals with a wealth of $1 million in Africa dropped 8% to 135,200, while the number of billionaires was limited to 21 with a […]
Moroccan car manufacturer Neo Motors opened its first showroom in Rabat and started delivering vehicles to customers. Neo Motors is the first car maker in the Moroccan capital with factories near Rabat and a price tag starting at 175000 dirhams. Neo Motors plans to open 15 other showrooms across Morocco. Neo Motors’s Rabat factory has […]
African countries participating in the Africa Economic Summit 2024 held last week in Abuja pledged to boost intra-continental trade from 14% to at least 50% by 2030 under the African Continental Free Trade Area (AfCFTA). The summit closed with a release of a white paper on coordinated actions that governments and institutions should commit to […]
India is stepping up its critical mineral acquisition plans in Africa, with New Delhi reportedly eying to sign new and updated mineral pacts with about a dozen African countries, in bid to challenge China’s dominant position on the continent. India’s Ministry of Mines has said it was in discussions with Côte d’Ivoire, Democratic Republic of […]