Latest news with #NorthAfricanArab
Zawya
24-04-2025
- Business
- Zawya
Algeria seeks Turkish renewable energy investment
Algeria has invited Turkey to invest in renewable energy projects as the North African Arab country is pushing ahead with a massive drive to expand reliance on renewable energy sources to save its fossil fuel wealth. The two countries also said they are targeting $10 billion trade volume after two-way exchange between the two countries hit an all time high of nearly $6 billion in 2024. The foreign ministers of the two nations announced the target at a meeting of their joint commission in the Algerian capital Algiers on Monday. Algerian Foreign Minister Ahmed Attaf said during the talks that commercial relations between Algeria and Turkey have largely expanded over the past years. 'Two-way trade between the two countries reached an unprecedented level last year as it hit a record high of nearly $six billion,' Attaf said. 'But our ambitions surpass that level as Algeria and Turkey are seeking to reach a target of $10 billion in their commercial exchanges,' Affat said in his comments, published on Facebook by Algerian state TV. Affaf said Turkey is also one of the largest foreign investors in Algeria, with an estimated $six billion at the end of 2024. 'Cooperation between Algeria and Turkey in various fields, mainly steel, energy, textiles and desert farming, has produced remarkable results…yet we see a great potential to expand this cooperation to include renewable energy projects and pharmaceutical industries…Turkish companies can take advantage of several incentives offered by Algeria in this field,' the Algerian Minister said. (Writing by Nadim Kawach; Editing by Anoop Menon) (
Zawya
14-04-2025
- Automotive
- Zawya
Algeria in talks with 13 car makers for possible projects
Algeria is negotiating with 13 international car manufacturers for possible investment in vehicle production in the North African Arab country, an official has said. The companies include South Korea's Hyundai which already produces auto spare parts in Algeria, said Bilal Lamita, an adviser at the Industry Ministry. 'The Ministry has entered negotiations with 13 international car production companies for investment in car manufacturing in Algeria,' Lamita told the Arabic language Elkhabar newspaper on Friday. He said OPEC member Algeria currently has nearly 120 car parts factories but that it needs at least 500 such projects to serve the local and foreign markets. Several automakers have set up joint ventures in Algeria over the past years following a government decision in 2018 to ban the import of vehicles as part of a strategy to encourage local car production for the domestic market and export. The latest company to enter the Algerian market is China's Great Wall Motor, (GWM), which announced its decision last month to build a car assembly plant as a joint venture with an Algerian partner. (Writing by Nadim Kawach; Editing by Anoop Menon) (
Zawya
18-02-2025
- Business
- Zawya
Tunisia energy investment soars 43% in 2024
Foreign investments in Tunisia's energy sector jumped by nearly 43 percent in 2024 due to the awarding of new contracts by the North African Arab nation. Figures released on Monday by the Foreign Investment Promotion Agency (FIPA) showed investments stood at around 689 million Tunisian dinars ($218 million) last year compared with nearly 479 million dinars ($151.5 million) in 2023. 'The energy sector in Tunisia recorded a substantial growth last year after the government awarded new concession permits,' FIPA director Hatim Al-Susi said. He was quoted by Alshuruq and other local newspapers as saying the increase last year was also due to new investments in renewable energy projects by some foreign firms operating in Tunisia. Voltalia to start construction of 130MW Tunisian solar PPP project in 2025 AMEA Power breaks ground on 120 MWp Solar PV project in Tunisia (Writing by Nadim Kawach; Editing by Anoop Menon) (
Zawya
07-02-2025
- Business
- Zawya
Morocco's tourism to boom on projects, World Cup
Tourism fetched Morocco record revenues in 2024 and the North African Arab nation expects a surge in the next few years as projects gain pace for the 2030 World Cup. Nearly 17.4 million tourists from the oil-rich Gulf, Europe and other countries visited Morocco in 2024, the Ministry of Tourism, Handicrafts and Social and Solidarity Economy said in a report published by Morocco's daily Hespress this week. Revenues swelled by nearly seven percent over 2023 to reach around 112 billion Moroccan dirhams ($11.2 billion), the report said. 'It was an exceptional year for the tourism sector in Morocco…tourism revenues climbed to an unprecedented level…this boom was demonstrated mostly in December, when revenues increased by 11 percent over the same months of 2023,' it said. It said the number of tourists in 2024 was nearly 20 percent higher than in 2023, adding that this 'demonstrated Morocco's ability to attract a larger variety of visitors.' Fatim-Zahra Ammor, the Minister of Tourism, Handicrafts and Social and Solidarity Economy, said in the report that the improvement 'reflects Morocco's ability to adapt to new international trends and to tap its natural and cultural resources.' Bracing for the 2030 games, Morocco said last week it would build 16 tourism villages and have already allocated nearly MAD188 million ($19 million) for phase 1 of the project that will cover various parts of the country. In December, Sabah Akadir and other Moroccan newspapers said Egyptian billionaire Samih Sawiris is leading a group of local and UAE investors in a project to develop a large tourism project on Morocco's Western Atlantic coast. The investment will include hotels, resorts, and other tourist attractions with the aim of boosting the country's tourism industry, the paper said. The consortium, which includes Sawiris' company Orascom Investment, the UAE-based Al Nowais Group, and Eastern Investment, has submitted a proposal to Morocco's Competition Council, it said. It added that the project involves acquiring full ownership of the Moroccan company SAEMOG, which oversees the Essaouira Mogador coastal project. The US hospitality giant Hilton also revealed plans in late 2024 to open nine new hotels in Morocco. The first hotel will be inaugurated in early 2025 and is based in the 250-metre-tall King Mohammed VI Tower in Sale city near Rabat. According to Ministry data, the tourism sector contributed by nearly seven percent to GDP in 2023 and the level is projected to surge in 2030, when a record 26 million tourists are expected to visit. (Writing by Nadim Kawach; Editing by Anoop Menon)
Zawya
29-01-2025
- Business
- Zawya
Morocco to build 16 tourism villages
Morocco will soon launch a project to build 16 tourism villages as the North African Arab country braces for co-hosting the FIFA World Cup games in 2030. The government has allocated around 188 million Moroccan dirhams ($19 million) for phase 1 of the project that will cover various parts of the country. In a report on Wednesday, Morocco's daily Sabah Akadir said the project would be executed in partnership with the US-based Marriott , France's Club Med and Morocco's MAdAEF tourism investment firm. 'This project is part of a tourism roadmap approved by the government for the period aims to promote the tourism sector and make Morocco a more attractive destination for tourists locally and internationally,' the report said. (Reporting by Nadim Kawach; Editing by Anoop Menon) (
