- Investment bank EFG Hermes, the biggest publicly traded Arab investment bank, said Monday it sold its entire stake in Lebanon's Bank Audi in a deal valued at $913.4 million.
Shares in the Cairo-based firm, rose more than 5 percent after Thursday's announcement, talk of which traders said had pushed the stock higher in recent days.
The Egyptian group said, in a statement submitted by EFG Hermes to the Egyptian Stock Exchange, that it has sold its 7.5 million common shares and 2.5 million global depository receipts in the bank, to a group of investors. However the statement, didn’t say who bought EFG- Hermes’s stake.
EFG Hermes had announced on Jan. 14 it was i…
Moroccan banks may introduce the concepts and practices of sharia (Islamic law) finance and banking to the public, thanks to recent tax rate changes. The new tax rates means that sharia-approved alternative banking products will be charged the same taxes as traditional banking products and loans. - As of January 2010, the VAT on alternative banking products like Mourabaha and Ijara will be 10%, as opposed to the 20% that was previously charged.
Lenders will offer leasing (Ijara) products, whereby they rent an asset to a customer who may later be able to buy it at a fixed date, while Mourabaha will allow a lender to buy an asset and re-sell it to a client at a margin decided in advance.
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Maroc telecom has launched Mobicash, Morocco's first trials of mobile debit payment service. This first service of money transfer and payment by cell phone has been the object of an agreement signed between Morocco Telecom operators and Attijariwafa bank and the Central 'Banque Populaire'. - MobiCash is a complete mobile payment platform that works immediately on every existing cell phone. Transactions are securely signed with NSDT (Near Sound Data Transfer), a technology that sends “cryptosounds” through the phone’s audio channel to enable contact-less mobile payment.
This new service allows operators to provide their subscribers with variety of services …
- Banco Espirito Santo (BES), Portugal's third largest bank, Swicorp and Banque Extérieure d'Algérie (BEA), Algeria's largest bank, announced a partnership in the Algerian leasing sector and the formation of Ijar Leasing Algérie be headquartered in Algiers.
The leasing company, IJAR Leasing Algérie, will be initially capitalised with DZD3.5 billion (¤33 million), of which BES, will contribute 35 percent; the Bank of Algeria, 59 percent; and Swicorp, 6 percent.
The new investment is within the scope of the BES international growth strategy that aims to promote access to Algerian markets which considered as one of the most promising markets in the region.
The new fi…
- Banco Santander, announced that it has sold to the Moroccan Société Nationale d'Investissement, or SNI, 10% of the share capital of Attijariwafa Bank, at a price of Dirhams 4,149.4 million, or approximately EUR 367 million at current exchange rate.
In a statement , the three companies said this transaction, which is part of a programme to optimise the Spanish group's capital, raises The SNI's share in Attijariwafa Bank's capital to 13.49% and that After the sale, Santander maintains a 4.55 percent stake in the bank.
Banco Santander, the major European financial institution, maintains its presence on Attijari's management board and confirms its commitment wit…
- Egyptian banks plan to invest in growing strategic crops in the Nile basin countries including Ethiopia.
Banque Misr SAE and the Export Development Bank of Egypt are among banks that will take part in this project.
The state-owned bank, The National Bank of Egypt, plans to invest about $40 million to grow strategic crops such as corn and wheat in Ethiopia for export to Egypt.
The bank will also give six Ethiopian banks, about 80 million Egyptian pounds ($14.6 million) credit facilities to fund foreign trade to countries including Egypt and other Nile basin countries.
Egypt announced preparations to invest on 20,000 hectares of land of agricultural products as from 2010, in the…
- The Moroccan banking group Banque Populaire du Maroc Group (GPB), the largest bank in Morocco, has opened a new headquarters and bank shop in Amsterdam.
The move to open such a branch is part of a plan devised by the bank aiming to enhance its presence in Europe and also dictated by the important presence in Netherlands of a large Moroccan community.
The Amsterdam branch will provide services that adapt to the new context marked by new financial regulations in Europe, and aims also to offer services to the Moroccan expatriates in Netherlands. Although GBP is not only focussing on Dutch-Moroccan customers but also on private Dutch customers and Dutch companies wishing to do business…
- Morocco decided to keep its key interest rate unchanged at 3.25 %, said the country’s central bank, Bank al Maghrib, in a statement following its quarterly board meeting,
The bank has also kept commercial banks's reserve rate unchanged at 8 percent, saying the banking system enjoyed the right balance of liquidity.
The bank's Governor Abdellatif Jouahri told reporters, that inflation was tame and the economic growth was expected to slow down to stand between 3.0 and 4.0 per cent in 2010, compared with the projected 5.0 per cent to 6.0 per cent growth estimated for 2009.
Mr Jouahri considered also that an exchange rate system is more flexible to adapt to Morocco…
- Tunisia IT, will Organize "Gafsa Net Expo “in February 2010, the forum will take place in the town of Gafsa, in Southern Tunisia.
The event is initiating a series of meetings aiming at fostering partnership between Tunisian and foreign investors namely in the sector of technological innovations and open source softwares as well as customer relationships sectors.
Gafsa Net Expo Forum aims also to Developing a network of innovative and high-performance enterprises with high added value, capable of achieving integration within the global market, and give a new concept in the marketing field consisting of a mutually beneficial relationship between the customer and the compan…
- The supermarket chain, Label'Vie, has launched Morocco’s first 100% biodegradable plastic carrier bag in an effort to reduce landfill waste.
Label'Vie supermarket group signed an agreement with domestic environmental marketing group Greenberry and Symphony’s French distributor Alternative Plastics (APS) for the distribution of d2w controlled-life plastic products in the country.
With The deal, Label'Vie aims to improve its approach to green efforts issues by adopting a “green marketing” strategy.
The Supermarket has said that after trying all of the alternatives, the d2w was the ideal solution and that all its carrier bags will be degradable…
- The Banker, an affiliate publication of the Financial Times, has chosen Banque de Tunisie (Bank of Tunisia) as “Bank of the Year in Tunisia ” for 2009.
The Banker's 10th annual commercial banking awards provide winners in 144 countries along with six regional awards, which acknowledge the best overall performance of a bank in its country.
The winners are chosen based on analysis of the latest financial results and performance data, regarding the banks' performance over the 12-month period up to this year's deadline and not for their historical or dominant position in a market.
The awards aim to support financial institutions and promote industry w…
- Despite the difficult year brought on by the global economic crisis, Moroccan tourism was able to achieve strong growth in 2008. Tourist arrivals in Morocco have risen, in the year to October, by 6% compared to the year before to reach over 7 million tourists, according to the Moroccan Tourism Ministry.
The government’s travel and tourism policy for promoting the travel and tourism industry, was the force behind this growth. This new strategy embarked on the development of new tourist resorts and the opening of brand new hotels and tour operators, as well as the opening the first two next generation resorts of the Azur Plan Mediterrania Saidia in June 2009 and Mazagan Beach Resor…
The European Union (EU) has granted Morocco two grants worth 771 million dirhams (USD 100 million). The first grant aims to promote investments and exports, while the second one aims to contribute to the financing of the Rabat-Sale tramway project. - Worth 680 million dirhams (about $87,997,409), the first agreement will support and promote exports, development project and investments launched in the North African country.
The second agreement totaling 91 million dirhams (about $11,772,955), deals with financing the Rabat-Sale tramway project, that will be an appropriate response to the public transportation problem with its system of speed, comfort and environmental efficiency the devel…
The Tunisian Chamber of Industry and Commerce (Sfax) has organised a series of economic and sectoral mission visits to a number of African countries mainly Mali, Cote d'Ivoire, Mauritania, Senegal and Burkina Faso. - The move is to discover the African market and to increase Tunisian’s capacity to promote exports into targeted markets and also strengthen opportunities of partnership and investment between Tunisian businessmen and their African counterparts.
Since 2007, Tunisia has developed a plan to promote exports and trade with African countries. Moreover, The Tunisian Union of Industry (UTICA), Commerce and Handicrafts and CEPEX, the Tunisian centre for the Promotion of Ex…
- Egypt, plans to start its first solar power unit in 2010, and wanted to expand solar power production for possible export to Europe via Libya and Tunisia, which are in turn linked with Morocco and Spain.
This first solar thermal power plant will generate 140MW, including a solar share of 20MW. And is co-financed by Global Environment Facility (GEF).
The North African country has set an ambitious renewable energy program to generate 500 MW of solar energy, 600 MW of wind power, and 600 MW of hydroelectric power by 2017.
The Egyptian government has also installed wind capacity of 430 megawatts and is adding 120 megawatts by mid 2010.
The growth of the economy and population are e…
- Morocco and the International Trade Center (ITC) signed, a cooperation agreement, according to the Moroccan news agency MAP, the deal aims to implement the "Enhancing Arab Capacity for Trade" (ENACT) Programme in Morocco.
The project supports the competitiveness of Moroccan products internationally. Part of the technical assistance will be to improve the required infrastructure for standardization, to contribute to the improvement of export strategies, and the introduction of quality management systems at the enterprise level. The $ 8.4 million programme will allocate $ 1.6 million to Morocco.
ENACT is a regional programme of technical assistance funded by the Canadian Inte…
International and low-cost flights are experiencing strong growth in Morocco. Low cost airlines, such as Jet 4 you, Atlas Blue, Ryanair and Easyjet, have come onto the Moroccan market with large-scale passenger capacity and frequent flights. - The liberalisation of the air transport sector and the agreement with the EU have allowed for an evolution in air traffic in the 2004-2008 period, practically 17% per year.
Morocco is the first non-European country to conclude such a global air transport agreement with the European Union. This reinforces its bid for advanced status in its relationship with the Union - a condition less than accession, but more than its current association status.
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- Tunisian transportation company (SNTRI), signed an agreement with the Center for Research in Telecommunications (CERT), setting up an intelligent transportation system.
Under the agreement, CERT is committed, to monitor the movement of SNTRI bus park via satellite and developing computer systems and communications for the benefit of SNTRI.
The project aims to develop technologies that pave the way for highly efficient unmanned public transport systems especially that the transport sector can form a duality with information technology and communication (ITC).
However, one of the most important aspects of the project, is to work out the best way to give the Intelligent Transport Sy…
Egypt will receive $300 million from the Clean Technology Fund to support the Power Sector Strategy and Greater Cairo Urban Transport Strategy. The financing, endorsed by the CTF Trust Fund Committee, will be used to improve the Egyptian power sector and low carbon urban transport systems in Cairo. - Cairo is grossly under prepared to serve one of the world’s largest cities of over 17 million. The economic and environmental costs of the megacity’s pollution and traffic congestion have been considerable.
Egypt’s greenhouse gas emissions have been among the fastest growing in the world. To alleviate traffic and reduce CO2 emissions by about 1.5 million tons a year, the Egy…
- USTDA extended Morocco $337,880 grant to support Royal Air Maroc's plans to modernize its airline operations.
The grant is expected to aid airports in the north African country in a bid to upgrade services and infrastructure to meet growing air-traffic demand and develop airline's operations at Casablanca's Mohammed V Airport, the country’s chief port.
The feasibility study grant will provide a plan to help respond to future aviation demand and increased competition.
The fund aims also to support Morocco's long-term plan to increase tourism and international aviation traffic.The grant will as well help Royal Air Maroc in meeting their business develop…
- Alstom Transport, the French engineering company, has won a 120 million euro contract to build a tramway network in Casablanca, Morocco's business capital.
According to the contract, which could reach a value of 190 million euro over 15 years including options and maintenance, Alstom Transport will provide 74 Citadis trams to Casa Transports, the local public transport operator.
The French company will also supply the vehicles coupled in double units of 65 meters total, the deal includes as well options for the supply of additional trainsets.
This project will be emblematic in the city of Casablanca because it will be the link between the most central places and will serve…
The European Investment Bank (EIB) has granted the Moroccan company Autoroutes du Maroc, a loan of 2.6 billion Moroccan dirhams (240m Euros), the highest ever granted to Morocco, for major improvements to the motorway system in the country. - The loan would finance the expansion and upgrading of 98 km long highway linking Casablanca and Rabat.
Autoroutes du Maroc (ADM) plans to widen the Rabat-Casablanca highway and build about 41km highway bypass in Rabat, to be completed in 2012 and 2013.
The amount of the loan is half the overall cost of the project, which the two parties deem will help relieve congestion and guarantee security to the motorway traffic at the level of Casablanca-Rab…
Egypt will announce the leading bidding company that would build two more ports on the Nile River by the end of this year, stated Egyptian Transport Ministry officials. - Already there are two existing tenders for the ports in the northern Mediterranean city of Alexandria and in Qena in central Egypt. Four more cargo ports are eyed in 2010 for tender.
Currently, 98% of all cargo in Egypt is transported via roads. According to the Egyptian Transport Ministry the aim of the new project is to transport 20% of total cargo in Egypt through the Nile River and railroads within the next four to five years.
Officials of the ministry said that Egypt was hoping to receive an additional US$ 8.9 bi…
The Moroccan Transport and Equipment Ministry has called on the European Union to increase its backing to transport infrastructure projects in Mediterranean countries. The call was made at the international meeting on trans-European transport (RTE-T 2009). - The ministry pointed out the considerable funds needed to carry out Mediterranean road projects and warned against the infrastructure gap in the Mediterranean region if more financial resources and innovative solutions are not put in place. Officials said this is crucial since the funds allocated by the union for the Mediterranean remain limited compared to those granted to other regions.
The transport flows between the two shores of …
The Algerian Ministry of Transport is considering measures to replace the old and dangerous buses on the roads. It is part of the government's efforts to reduce road accidents. - The ministry will develop the criteria for the forcible retirement of vehicles aged 30 years and over.
Deaths resulting from car crashes soared by 7 % in 2009, as compared to the same period last year in the country. The North African country already leads the Arab world in traffic accidents.
AfricaNews reporter said the prevalence of old vehicles has contributed to the high level of deaths on Algeria's roads. The proposal which is described as an important measure to improve road security and move…
Despite the global economic crisis, Morocco's tourism industry is doing well. Eight million tourists visited the country in 2008, a 7% growth compared to 2007. - A total of 6.72mn tourists arrived in the country over this period. The most important source market for Morocco was France, which sent 2.6mn tourists. Spain was second, with 1.43mn, followed by Belgium (392,000), the UK (387,000), Italy (333,000) the Netherlands (325,000) and Germany (182,000). Tourism receipts for the Jan-Nov period were MAD54.1bn (US$6.6bn).
Despite The growth of the sector The Ministry of Tourism has also drafted a new plan to protect the Moroccan tourism sector from the effects of the global economic cr…
