First Independent Mena Newspaper
China’s Hudong-Zhonghua company, a wholly owned subsidiary of China State Shipbuilding Corporation, is building a second C28A corvette for the Algerian navy, reported IHS Jane’s Navy International in its latest issue. The Defense, security and intelligence magazine published a photo showing the Algerian warship docked at the Chinese shipyard. The furtive vessel has already been […]
While the inauguration of the New Suez Canal is just about two weeks ahead, Egypt has announced that there are plans to build a third canal. The New Suez Canal, whose construction was launched last year to reduce the country’s unemployment rate and also to boost income, is scheduled to be inaugurated on August 6th. […]
The Algerian army has reportedly received Russian anti-aircraft missile system S-400, designed to intercept and destroy airborne targets at a distance of up to 400 km, twice the range of the American Patriot missile. If such a delivery is confirmed, the North African country will become the first foreign country to get the S-400 system […]
Abdul Magid Breish, once the undisputed leader of the Libyan Investment Authority (LIA), has warned that the country’s $67 billion sovereign wealth fund should continue to be frozen “until we have total stability.” Four chairmen are claiming to be representing LIA for the past two years but Breish stressed that the two rival governments and armed […]
Algeria’s foreign exchange reserves plummeted by half in the first quarter of 2015 due to the fall in global crude oil prices, the country’s central bank said. The forex reserves went down by $ 19.02 billion to $159.9 billion in the first quarter of 2015, Algerian central bank added, noting that the sales of hydrocarbons […]
British Prime Minister is expected to ask lawmakers Monday to consider increasing the defence budget as such an increase is necessary to face up the threat posed by the Islamic State threat and to protect the country. Prime Minister David Cameron will also discuss with Defence Security Chiefs means of boosting the defence budget and […]
Abu Dhabi Islamic Bank PJSC, the United Arab Emirates’ second-biggest shariah-compliant lender, is planning expansion in Africa markets to tap demand in countries with a large Muslim population. In Africa, The bank has “looked closely” at Algeria and Morocco, Chief Executive Officer Tirad Mahmoud told reporters. “We are actively visiting locations where we may be […]
Ties between Beijing and Cairo should be boosted because the two share complementary pro-development policies and the North African country will play a crucial role in the Silk Road Economic Belt and the 21st-Century Maritime Silk Road initiative often known as the Belt and Road. The remarks were made by Han Bing, counselor for economic […]
Etisalat has announced that 20% of its stakes will be available to foreign individuals and institutions but a date has not been set yet for acquisitions. It will be the first time that foreign investors will have shares in the company. The company operates in around 18 countries across the Middle East, Africa and Asia. […]
Suspense has been building over the past few weeks about whether the French automaker PSA Peugeot Citroen would build a factory in Morocco or not. The suspense was finally dispelled on Friday. Morocco and the French firm have actually signed the accord under which PSA will build a factory in the North African country in […]