North Africa’s Economy
Egypt: Price of subsidized bread up by as much as 50% in Egypt, threatening stability
By Bassem Aboualabass Soaring bread prices sparked by Russia's invasion of Ukraine have bitten into the purchasing power of consumers in Egypt, a leading importer of wheat from the former Soviet states. For the first time since he took office, President Abdel Fattah...
Morocco: Three-day strike in the transport sector over skyrocketing fuel price
Moroccan truck drivers are observing a three-day strike in protest at spiralling fuel costs, a union said Tuesday, as oil prices spike over Russia's war in Ukraine. Around three quarters of drivers are observing the strike, said Mounir Benazouz of the SNPTR truckers'...
Libya: Militia ends siege of oil fields, production in Al-Sharara field resumes
Libya's National Oil Corporation said Tuesday that an armed group blockading two major oil fields had lifted its siege and that production had resumed at one of them. The NOC had announced the suspension of production on Sunday at the vast Al-Sharara and Al-Fil...
MENA region confronted with dangerous wheat supply crisis
By Sarah Benhaida Russia's invasion of Ukraine could mean less bread on the table in Egypt, Lebanon, Yemen and elsewhere in the Arab world where millions already struggle to survive. The region is heavily dependent on wheat supplies from the two countries which are...
Algerian oil firm Sonatrach to resume operations in Libya
Algerian oil and gas giant Sonatrach said Thursday it had signed a deal with Libya's National Oil Corporation to restart its operations in the war-torn nation. The Algerian group announced the deal during a visit to the neighbouring North African country by its...
Mali’s new leaders are unflinching in face of economic turmoil
By Amaury Hauchard: Mali's ruling military junta has appeared unflinching so far in the face of economic sanctions imposed a month ago by the country's West African neighbours, despite indications the measures are beginning to bite. In response to the junta postponing...
Energy: Morocco secures gas supply from Spain
Spain on Thursday said it would help Morocco ensure its energy security by allowing it to transport supplies through the Maghreb-Europe gas pipeline (GME) following a supply crisis with Algeria. "Morocco has asked for support to guarantee its energy security on the...
Business: Production in four Libyan oil fields resumes
Production has resumed at four key oil fields in war-torn Libya after a three-week shutdown by gunmen linked to Libya's Petroleum Facilities Guard, the group said Tuesday. The PFG-affiliated fighters had closed the Sharara, Al-Fil, Al-Wafa and Al-Hamada fields in...
Business: Egypt says it earned more than $6 billion in Suez Canal transit fees
Egypt's Suez Canal Authority said the key waterway netted record revenues last year, despite the coronavirus pandemic and a six-day blockage by giant cargo ship the Ever Given. Connecting the Red Sea and the Mediterranean, the canal accounts for roughly 10 percent of...
Libya: Rival central banks reach deal to reunite
Libya's rival central banks said on Monday they had reached a reunification deal, seven years after they divided as conflict tore the country apart. The original bank, which manages the North African state's vast oil revenues, had been severed in 2014 when a complex...