First Independent Mena Newspaper
The plummeting oil prices propelled Algeria in an economic crisis marked by a sharp decrease in exports and a deepening budget deficit threatening to halt several mega projects in the country, chief among which is Algeria’s mega mosque. In 2011, when global oil prices were at their peak, works started to build the mosque overlooking […]
US company specializing in solar power technology, Nano PV Global, will launch by the end of the year a project worth 2 billion dirhams to manufacture solar panels. The new factory will be producing photovoltaic panels and will create 660 direct jobs, Moroccan daily L’Economiste reports. The paper, quoting the regional investment promotion center, says […]
Efforts and investment policies implemented by Moroccan authorities to make the kingdom one of the first investment destination in Africa are paying off. The Paris-based consulting firm Havas Horizon has ranked, in its latest report, the North African country the third most attractive investment destination for the coming years. The report titled “Financing the African […]
Morocco’s oil and gas imports stood at 29.394 billion dirhams by July 2016 compared to 41.947 billion dirhams the same period last year, which is a significant 30% drop, Morocco’s exchange office said in its latest statistics. Yet, despite the drop in oil prices, Morocco’s commercial deficit deepened 7.5% as imports continue to exceed exports. […]
Nigeria’s President Muhammadu Buhari comment saying that his country has suddenly became a poor country, resounded in Algiers as an alarm bell on the repercussions of the plummeting oil prices. Like Algeria, Nigeria depends on oil whose prices crashed to 37 dollars a barrel, and in the best cases oscillate between 40 dollars and 45 […]
Canadian aviation industry giant, Bombarider is planning the relocation of parts of its production from its factories in Northern Ireland to Morocco and Mexico in a bid to cut costs. Bombardier, which employs around 5,000 staff in Belfast, confirmed the transfer of “certain activities” it said it was “unable to undertake competitively in Northern Ireland”, […]
Libyan oil production is falling more sharply than expected, declining by 70 percent from pre-civil war levels due to continued instability and hostilities between armed groups. The situation has sparked serious concerns of Western powers. A joint statement issued by the French Government said five of its NATO allies have expressed concern about tensions near […]
Algeria and other OPEC members whose budget took a toll on the backdrop of the oil price plunge are expected to push for a production freeze during an OPEC informal meeting scheduled for late September in Algiers. OPEC has lined up an informal meeting on the sidelines of the International Energy Forum in Algeria in […]
Algerian public company IMETAL specialized in metal work and steel industry took control on Sunday of shares of Indian giant ArcelorMittal in ArcelorMittal Algérie (AMA,) ArcelorMittal Pipes and Tubes Algeria (AMPTA) and ArcelorMittal Tebessa (AMT,) reports say. The deal has been in the pipeline since October last year. The Indian giant controlled 49 per cent […]
A technical and economic feasibility study for the electric interconnection between Morocco and Potugal was launched on Monday in Rabat and Lisbon. This intercontinental electric link will be operational in 2020 following the presentation of the results of the feasibility studies by Rabat and Lisbon. The implementation of this undersea electric interconnectivity will place Morocco […]