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Algerian British Business Council 14/08/2017

Monday - 14 / August / 2017

Monday 14th August 2017

 

Welcome to the latest Edition of the ABBC Business News Digest.

Please find here the latest business news and opportunities in Algeria.

 

 

ABBC Secretariat

Algeria recalls veteran crisis manager Ouyahia as Prime Minister - Reuters                                                                                                 15/08/2017                                                                                                                                                          Algeria's presidency has recalled veteran crisis manager Ahmed Ouyahia as prime minister, a job he first held in the 1990s when Algeria was battling an Islamist insurgency. Ouyahia, 65, will replace Abdelmadjid Tebboune, who held the job for just three months, the office of President Abdelaziz Bouteflika said on Tuesday. Ouyahia will likely be seen as a steadying influence as Algeria tries to carry out economic adjustments to cope with a fall in oil prices that has slashed state revenues. The presidency statement gave no reason for the change. Ouyahia has served three terms as prime minister and most recently was Bouteflika's chief of staff. A veteran politician and diplomat by training, Ouyahia first became prime minister in the mid-1990s, when Algeria was fighting to suppress an Islamist insurgency. He is also leader of the National Rally for Democracy, a party close to the presidency that increased its number of seats in May's parliamentary election. "Ouyahia is a renowned servant of the state who has the experience to manage situations of crisis," said Arslan Chikhaoui, an Algiers-based analyst who runs a private consultancy firm. Lady Olga Maitland welcomes appointment of H E Ahmed Ouyahia as Prime Minister. "I have had two meetings with Mr Ouyahia and found him a pleasure to meet.  He has an open mind and will be good for Algerian British relations ". Read more.                                                                                                    Algeria: Ministry of Commerce orders lifting ban on imported goods                                                                                                    10/08/2017                                                                                                                                                               Algeria’s Ministry of Commerce has ordered the release, without delay, of goods imported and blocked at the zones under customs control, for lack of issuance by domiciliation’s banks, ALG 24 website reported on Thursday. “I have the honor to inform you that ABEF has been made the recipient on this day of correspondence emanating from the Ministry of Commerce referenced No. 1751 / MC / SG / 2017 of 08/08/2017 relating to the Release, without delay Concerning any cargo whose import documents prove the order of the goods before the introduction of import licensing schemes “, said a letter addressed, Thursday, by the Professional Association of Banks and Financial Institutions (ABEF). “To this end, banks are invited to authorize domiciliation of imports of the concerned goods”, the letter said. Read more.     

                                                                                                                                      OPEC foresees higher 2018 oil demand and rise in output again 31/07/2017                                                                                                                                                     OPEC forecast higher demand for its oil in 2018 due to rising global consumption and slower supply growth from rivals, although another increase in the group’s output suggested the market will remain in surplus despite efforts to rein in production. The world would need 32.42 million barrels per day (bpd) of its crude next year, up 220,000 bpd from the previous forecast, said the Organization of the Petroleum Exporting Countries in its monthly report. The Organization of the Petroleum Exporting Countries was also upbeat about 2018 economic growth and said oil stocks in developed economies declined in June and would fall further in the United States, a sign the OPEC-led supply cut is working. “With the ongoing growth momentum and an expected continued dynamic in second-half 2017, there is still some room to the upside,” OPEC said in the report.“Further declines in U.S. crude stocks are likely, given the record rates at which U.S. refineries are running.” Read more.                                                                                                                                 Algeria’s National Cereal Production will be better than last year’s 10/08/2017                                                                                                                                                        National cereals production will be “better” this year than last year, the Head of regulation and development of agricultural production told Constantine Ministry of Agriculture, Rural Development and of Fisheries, Cherif Omari, APS reported. “The stress felt in provinces in the east of the country, in terms of cereal production has been appeased by the high productivity recorded in the central and western regions of the country,” the same official told APS, indicating a volume of production to exceed 35 million quintals of cereals, for all combined varieties, under the current harvest-threshing campaign which will have to end in a few days. The same official, recalling that the eastern region of the country distinguished itself during the previous agricultural season by a “significant” cereal production, stressed that the climatic conditions, in particular the low rainfall in several provinces of the East have greatly affected cereal production this year. Read more.                                                                                                                                        Austerity, tax amnesty, migrants, wages ... The main positions taken by Ouyahia                                                                                                                                      16/08/2017                                                                                                                                              Ahmed Ouyahia is back in government, five years after giving way to Abdelmalek Sellal. During the last five years, the man has taken position on several economic and social issues. He particularly developed his vision of the economy and society last April during the legislative campaign. Ahmed Ouyahia criticized, on April 26, during the election campaign in the legislative elections, salary increases for civil servants. "There were demands for wage increases. I said that wages increase with the increase in production, "he said, referring to the increases decided in 2011 and 2012 after the Arab Spring. During the election campaign, the Secretary General of the RND voted in favor of a fiscal amnesty. He also called for the privatization of small public enterprises. "The country must return to major projects and encourage exports. Small public enterprises must be privatized. We do not want to be indebted again. We want to remain sovereign and masters of our decisions ". Read more.                                                                                                                                   Sanctions against Russia could benefit Algerian gas                         14/08/2017                                                                                                                                                          The US sanctions imposed on Russia could represent an opportunity for Algerian gas, reports Your Oil and Gas News, which specializes in hydrocarbons. "While several analyzes have focused on increasing European imports of liquefied natural gas (LNG) from the United States, the main beneficiary will probably be North Africa," the site writes, which however tempers by stating " The fact that gas producers in the Maghreb can take advantage of this opportunity represents another debate "."Algeria has encountered difficulties in recent years in attracting investment, with the result of the decline in exploration. Despite this, some very important gas fields are expected to start in the short term and an increase in production is expected this year, "said the same source. "The $ 3 billion North Reggane project is expected to reach 2.9 billion cubic meters of production, while Touat is expected to reach 4.5 billion, Timimoun 1.6 billion and Isarene 3.6 billion cubic meters. These projects should start in 2016/2017 but 2018 seems more plausible. Read more.                                                                                                                                                                                                                                           Zalene demands that progress be made in the project of the port of Cherchell and the works of extension of the metro of Algiers         14/08/2017                                                                                                                                                          Abdelghani Zalene, the Minister of Public Works and Transport, instructed the heads of public enterprises for the construction of the Port-Center of El Hamdania (Tipaza) and the Algiers metro, respectively, to launch work of the port of Cherchell and to deliver the extensions of the metro in Algiers on schedule, the ministry said in a statement. At a working meeting with the heads of the Cherchell port enterprise and the Maritime Studies Laboratory, the Minister gave the necessary instructions to finalize the final technical details of the commercial port center of El-Hamdania at In August this year, to allow work to start on schedule, the source added.As a reminder, considered as one of the biggest projects in Algeria, this port destined for the transport of goods is called to be a pole of economic development of importance, after its connection to the railway networks and the motorways thus enabling it to trade Trade with Africa. According to the same source, an on-site visit is scheduled to allow the Minister to supervise the field work. Read more.                                                                                                                                                                                                                        Bank of Algeria: New reduction of required reserve rate of banks 13/08/2017                                                                                                                                                       The required reserve rate of banks will see a further decline starting from 15 August, going from 8% to 4% according to a new instruction from the Bank of Algeria (BA) published on its website. Thus, instruction 4-2017 of 31 July 2017 amends and supplements instruction 2-2004 of 13 May    

 

 

2014 relating to the system of minimum reserves. On May 15, 2016, the BA lowered the rate of these reserves from 12% to 8%, a measure designed to allow banks to inject more liquidity into the market. Note that reserve requirements represent the financial reserves that banks and financial institutions have to deposit with the Central Bank. Read more.                                                                                                                         Waste Recovery: International show “Revade” to be held in October in Algiers                                                                       08/08/2017                                                                                                                                                       The 2nd edition of the International Show of Waste Recovery and Recycling “Revade” will be held from 9 to 12 October at the Centre of Exhibition (Algiers), announced the Ministry of Commerce, APS reported. Dedicated to the collection, sorting, transport, treatment, recovery and recycling of waste, this fair is organized by the Algerian Chamber of Commerce and Industry (CACI) in collaboration with the National Waste Agency ( AND) and SAFEX. “Waste recovery, which was previously a purely environmental concern, has become an economic activity capable of generating a financial value of 38 billion DA / year and consequently creating many direct as well as indirect  employment positions (7,600 jobs can be created in the PET sector which generates nearly 350,000 tons / year), “said the same source. Read more.                                                                                                                                                                                                                                                                     New strategy on development of border regions in late 2017 11/08/2017                                                                                                                                                     Minister of the Interior, Local Authorities and Land Planning, Noureddine Bedoui, announced on Friday in Tamanrasset that the government intends to set up a "new strategy" for the development of the border regions, before the end of 2017. "The government is preparing a new strategy for the development of border regions and delegated wilayas, which will be put in place before the end of 2017, in accordance with the instructions of the President of the Republic for the development of these regions through A special program, "said Mr Bedoui, who chaired a meeting devoted to the evaluation of development projects in the delegated wilaya of In Guezzam in the presence of the wali of Tamanrasset and the secretaries general of several ministerial departments. Read more.                                                                                                                     AfDB: Algeria received 760 million dollars of funding for 8 transport projects between 1967-2017                                                                14/08/2017                                                                                                                                                           The African Development Bank (AfDB) funded more than 450 transport projects between 1967 and 2017, including 8 projects in Algeria which received 760 million dollars of funding during this period, said this financial institution on its website. In this context, the African Institution states that almost all the member countries of the ADB have benefited from financing including Algeria which received 760 million dollars for the financing of 8 projects. Read more.     

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