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VW, Renault eye Algeria investment

2011-01-03 European carmakers Volkswagen and Renault are in talks with Algerian officials about investment opportunities, El Moudjahid reported on Monday (January 2nd). While the government needs more time to study the VW offer, French company Renault’s revised offer is acceptable, Industry Minister Mohamed Benmeradi said Sunday in Algiers. Renault looks to produce 75,000 cars per year at the proposed Algeria plant, El Watan reported.

Bouteflika signs 2011 Finance Act

2010-12-30 Algerian President Abdelaziz Bouteflika on Wednesday (December 29th) signed the 2011 Finance Act, APS reported. The new budget is based on a $37 per barrel crude oil price and 3.5% inflation rate. It provides for an economic growth rate of 4%. The 2011 budget introduces new tax incentives aimed at encouraging investment. Certain tax breaks benefit particular sectors, such as Algeria’s milk industry.

Libya, China launch business council

2010-12-28 Libya and China inaugurated a joint business council Monday (December 27th) in Tripoli, PANA reported. Libyan Secretary for Co-operation Mohamed Tahar Siala, who hosted the opening ceremony, invited Libyan business leaders and Chinese investors to support small and medium-size projects.

Algeria, Tunisia ink 12 accords

2010-12-27 The Algeria-Tunisia Joint Co-operation Commission wrapped up Sunday (December 26th) in Algiers with the signing of 12 new accords, APS reported. Algerian Prime Minister Ahmed Ouyahia and his Tunisian counterpart Mohamed Ghannouchi signed co-operation agreements in agriculture, rural development, media, investment and other sectors.

Libya plans green energy exports to Europe

2010-12-27 Abu Dhabi’s Al Maskari Holding will build an integrated “energy hub” in Libya, Emirati daily The National reported on Monday (December 27th). The project will include solar power and conventional electricity generation from natural gas, and a high-voltage undersea transmission line from Libya to southern Italy. “Libya is a source for clean energy. We can export energy to all of Europe,” Libyan Privatisation Secretary Jamal Al Nuesri Al Lammouchi said Sunday at an Abu Dhabi investment forum.

Libya and UAE recently agreed to launch a joint investment fund. As part of the Libyan privatisation plan, about 30 public enterprises slated for privatisation will be presented to UAE investors.

Libya, UAE launch investment partnerships

2010-12-23 As part of its privatisation initiative, Libya agreed to establish a joint investment fund with the UAE, Emirates247.com reported on Wednesday (December 22nd). About 30 Libyan public enterprises slated for privatisation will be presented to UAE investors, Al Ittihad quoted Libyan Privatisation Committee chief Jamal Al Nuesri Al Lammouchi as saying. The businesses are in the farming, industry, hospitality, tourism, and transport sectors. Libya and UAE are also considering co-operation in the management of airports and seaports. The investment fund and other projects were discussed during the recent visit to Libya by UAE Economy Minister Sultan Bin Saeed Al Mansouri.

Freshwater fisheries project set for Tabarka

2010-12-23 Tunisia will launch a pilot freshwater fishing project early next year, Ansa reported on Thursday (December 23rd), The 600,000 dinar farming initiative in the Tabarka region is part of a 3-year deal between the Tunisian fishing industry and an Italian NGO.

In other development news, Tunisia received a $41.6m million loan from the World Bank. The funds support natural resources, infrastructure and agriculture in the mountains and forests of north-western Tunisia.

Morocco boosts anti-AIDS spending

2010-12-23 Morocco will allocate 1.7m euros to the national Sidaction campaign in 2011, AFP reported on Wednesday (December 22nd). Moroccan Health Minister Yasmima Baddou told legislators that the funds will support public services for detection and treatment of HIV/AIDS. “Awareness programmes are going on in schools, universities, railway stations and even in mosques. This year, prevention programmes have involved almost 50,000 people,” Baddou said.

Algeria to save 51 public companies, 40,000 jobs

2010-12-21 Algerian public works company (SGP-SINTRA) on Monday (December 20th) signed two framework agreements with public banks CPA and BDL, APS reported. According to Public Works Minister Amar Ghoul, the funding partnership will support the development of 51 companies, modernise equipment, provide training and save more than 40,000 jobs.

Algeria unemployment posts modest decline

2010-12-20 Algeria’s unemployment rate fell to 10% in the last quarter of 2010 from 10.2% the year before, APS reported on Sunday (December 19th). The rate of unemployment among women was 19.1%, while the rate for youth aged 16-24 was 21.5%.

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Posted January 6, 2011 by newworldconsulting in Uncategorized

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