Egypt’s tourism revenues reached $2.2 billion during the first quarter of this year reflecting a strong increase by 83.3% compared to the same period last year, Reuters reported today May 23 quoting official sources. Likewise, tourist arrivals during the period under review surged by 37.1% to 2.383 million, the source indicated. Let’s note that this sector which accounts for...

Last May 21, Moroccan Bank of Commerce and Industry (BMCI), local BNP Paribas subsidiary (66.7% of the capital) boosted shares on the Casablanca Stock Exchange. This follows a general meeting notice proposing a MAD87 dividend per share for the 2017 financial year. On that day, the BMCI share recorded the strongest rise on the stock exchange (5, 8%), but also the largest...

Mauritius is expected to produce 350, 000 tons of sugar in the 2018 season, down 5, 000 tons from last season, the country’s Chamber of Agriculture reports. This slight drop in production comes in a difficult context for the sugar sector. Indeed, as sugar quotas ended last October, the sector which has been benefiting from high guaranteed prices on the European market, has now lost its...

Kenyan authorities expect to produce 46 million corn bags (1 bag= 90 kg) in 2018, up 43.7% from the 32 million bags produced during the last season (which was the lowest level recovered since 2009). According to the agriculture ministry, this output recovery is due to good weather in growing areas as well as an efficient fight against armyworm which was the cause of the 5% decrease in production...

Russia is likely to set an industrial zone worth $7 billion in Egypt’s North-Eastern city Port-Saïd, a statement from the Russian trade ministry indicated. According to information relayed by Ahram Online, this agreement which is scheduled to be signed tomorrow May 23, should make it possible to set up an area of 5.25 km², in the region.   Through this agreement,...

Mozambique’s government signed with Great Lakes Africa Energy (GLAE) an agreement whereby GLAE will construct a 250 MW gas-powered plant in the country’s Northern region. The facility estimated at $400 million will run under domestic natural gas. According to the agreed terms, the company will develop, finance, build, and operate the infrastructure. “Mozambique has considerable...

Last May 18, Uganda launched a tender for the construction and operation of a new 95 km highway linking the capital Kampala with the eastern city of Jinja. The project is designed to reduce congestion on the existing aging road. In its tender notice, the Uganda National Road Authority (UNRA) specified that the selected private concessionaire should “design, build, finance,...

Madagascar’s vanilla quality is expected to decline further during the 2018 season. This is forecasted by Aust & Hachmann Canada, one of the world's leading vanilla traders, in its vanilla market update published last May 18. According to the company, vacuum packing and early harvest of green vanilla have degraded quality during last season and will persist in 2018. That will further decline...

LSE-listed Gem Diamonds announced today May 22 ,it has recovered a new 115 carat diamond at its Letšeng in Lesotho. This top white type IIa stone is the ninth of more than 100 carats recovered in 2018, exceeding the total number recorded in 2017. Among the 100 carat diamonds discovered this year in Letšeng, the largest one remains the 910 carat stone recovered in January. This stone which is...

Last, week, Mkango Resources announced, it has concluded with Talaxis Ltd, subsidiary of Noble Group, a definitive agreement whereby Talaxis will acquire 75% interest in Songwe Hill Rare Earths project in Malawi. This transaction was previously announced on November 2017 while its completion was subject to a number of conditions. Mkango revealed in a statement that Talaxis invested £5...