The Central Bank of Morocco announced in a statement released on January 2 it has approved the creation of five new Islamic banks and allowed three already existing lenders to open halal segments. The five applications green-lit by the lenders committee of the Bank Al-Maghrib were submitted by the Crédit Immobilier et Hôtelier (CIH Bank) in partnership with Qatar International Islamic Bank,...

At the end of 2016, Mobilis, branch of Algérie Telecom, installed a new convergence solution for its system. The firm clearly put has regrouped its networks and services to improve its users’ experience. In a statement, Mobilis said the move would help meet more appropriately users’ needs and provide them new products in 2017. According to dia-algerie.com, the system installed is the...

The United Kingdom, recently fifth most powerful economy worldwide, is about to fall two places in the ranking in few months only, following Brexit. Due to the country’s currency, the Pound Sterling, tumbling after the vote, U.K. will soon be the world’s seventh global economy, behind France which recovered its fifth position, but also behind India, its former colony, whose growth was...

Spectrum has announced the commencement of the first of several 3D multi-client seismic acquisition programs offshore Gabon. The programs which are located in under-explored areas over shallow water open blocks are being carried out in collaboration with the Direction Generale des Hydrocarbures (DGH). The blocks in question are to be made available through upcoming shallow water licence...

Crude oil prices increased on Tuesday on hopes that an agreement between members of the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC members to cut production will ease the oversupply in the global market. Benchmark North Sea Brent crude increased by 40 cents to $57.22 a barrel up from the 2016 high of $57.89, reached on December 12. U.S. light crude oil was also...

San Leon Energy Plc has announced that the reperforation operations at wells in the Oil Mining Lease (OML) 18 onshore Nigeria, has boosted production to about 61,000 barrels of oil per day (bopd). According to the company, the increase in production is expected to boost Nigeria’s output. “The well has now been temporarily shut in to allow minor production upgrades and additional workover...

Zambia tax administration declared last Wednesday that the government will not return $243 million (2.4 billion kwacha) out of 5 billion kwacha of taxes it owes mining firms operating in the country. Kingsley Chanda (photo), head of the Zambia Revenue Authority, told Reuters that the decision is due to the fact that the concerned companies did not provide documentation they were asked....

Mohammed Bouderbali, the wali of the Kabyle wilaya, announced that proceedings would be initiated since only 27% of investment projects in the Tizi-Ouzou activity zones are effectively online. The proceedings, which aim to retrieve the unused areas, are a stepping stone towards sanitizing industrial lands in the region. “Out of 593 projects planned across 16 zones of activity of the wilaya,...

Gabonese subsidiary of Singapore group Olam International said it will, in 2017, focus on the Nkok privileged economic region (ZERP) as well as on transport, energy and hydraulic infrastructures. In the Nkok ZERP, the firm plans to develop 1126 ha of multi-sector industrial warehouses, to help diversify Gabon’s economy and make 100% made in Gabon products for both the local and external...

Tanzania has initiated talks with Swiss banking group Crédit Suisse which is headed by Tidjane Thiam, regarding a $300 million loan to finance infrastructure projects, Minister of Finance, Philip Mpango, announced on December 31, 2016. “The government has initiated negotiations with Credit Suisse in the United Kingdom for a loan of $300 million following recent improvements in the...