First Independent Mena Newspaper
Tullow, a multinational oil and gas exploration company headquartered in London, United Kingdom is preparing itself for another drilling campaign in the Islamic Republic of Mauritania. This time around, the company is hoping to begin frontier drilling campaign in Mauritania’s during the spring. It has set its eyes on venturing into new plays in the […]
Tunisia is mingled in chaos and that are fears that it might continue for a long period. Its economy and finance are hardly affected by the current situation. The European Investment Bank (EIB) has shown its intention to help the small and medium sized enterprises in the country. In a statement by Jamel, the chief […]
Moody, a Credit-ratings agency has downgraded Egypt’s government bond ratings by one notch from B2 to B3, citing the intensification of civil unrest and sliding foreign exchange reserves. It also added that it is maintaining the rating on review for further possible downgrade. According to the agency, the reason behind the decision “is the country’s […]
Bombardier Aerospace, one of the world’s leading aircraft manufacturers, announced it started producing components at a transitional facility in Morocco. “This is a very exciting milestone for us as we start to see our operation in Morocco take form,” said Hugo Brouillard, General Manager, Bombardier Aerospace, Morocco. The group said in a release that 18 […]
Since the conclusion of a preliminary agreement with Canadian oil and gas exploration and production company Sonde Resources in December, PA Resources (PAR) is still looking for farm-in partners for the Zarat license offshore Tunisia. The two companies hold the joint oil block license north of the Zarat concession, concerning unitization principles for the Zarat […]
International Finance Corporation (IFC), a member of the World Bank Group, has announced $6 million investment in Fawry, Egypt’s leading electronic payment provider, in an effort to promote financial services and encourage economic development across the country. IFC’s investment will help Fawry embark on expanding its network of payment terminals across the country to make […]
The International Monetary Fund Executive Board has reaffirmed Morocco’s continued qualification to access the Precautionary Liquidity Line (PLL) resources as approved in August 2012. The IMF made the decision after it completed the first review of Morocco’s performance under the economic program supported by the two-year PLL arrangement and after concluding the 2012 Article IV […]
Moroccan authorities have approved an agreement between San Leon Energy, Serica Energy and Longreach Oil and Gas on the one hand and Cairn Energy, on the other. The announcement was made last week by San Leon Energy which said the assignment of interest in the Foum Draa offshore licence in Morocco was part of the […]
In what seems to be a desperate call due to the continuous deteriorating economic situation in his country, Egypt’s president Mohamed Morsi has launched a “Save in Egypt” campaign while paying a short visit to Germany. The campaign is mainly targeting Egyptian expatriates who are called to support their native country’s economy by depositing part […]
Criticism has started coming from Egyptian big companies which complain that they are being neglected by the government. They blame the government for undermining their role and for harming the economy at large. A new cast of Islamists has emerged at the lead of business despite promises of a “Renaissance Project” by the government. Nassef […]