At September 30, 2016, Carthage Cement’s turnover grew 17% compared to last year’s turnover, accounts audited by the firm show. From 125.5 million Tunisian dinars in 2015, the firm’s revenue surged to 149 million dinars this year, namely as a result of a 16% increase in orders on products. Locally, the firm’s sales reached 95.12 million dinar, up 21% from 78.5 million in 2015. This...

Tunisian leading private group Poulina Group Holding partnered with various local financial institutions to create an investment fund that will support the expansion of Tunisian companies in sub-Saharan Africa, ilboursa reported, on October 17. The institutions are: Caisse des dépôts et consignations (CDC), a state-run firm which promotes investment, private bank Amen Bank and the Compagnie...

Citruses exports to the U.S. from Morocco have restarted. The news was confirmed by the National Office for Food Quality and Safety (ONSSA in French) which said the ban on Moroccan citruses exports to the United States has been lifted. The ban was issued by U.S. authorities after they discovered in a cargo of Morocco-imported Clementine fruit fly larvae.  Decision to lift the ban follows a...

Algerian billionaire Issad Rebrab, Magrheb’s richest man and head of agro-food group Cevital will invest €195 million ($215 million) in Sri lanka. While part of the investment, knowingly €150 million, will be used to build sugar refinery and power plant, €45 million will be injected into vegetable oil production, the billionaire revealed. “I have noticed that Sri...

Nigeria is about to launch a development bank to support, financially, small and medium enterprises (SMEs) as its entrepreneurial environment suffers a severe economic crisis which was spurred by oil price plunge, the nation’s minister of finance Kemi Adeosun announced on October 17, 2016.   “The Development Bank of Nigeria is going to provide money for (small and medium-sized...

Malaysian firm Bionas plans to build plant where it will produce bio-fuel from Jatropha plant, in Zaria, Kaduna State. “Jatropha plant could produce aviation fuel and sell at the same price with fossil fuel. Every Nigerian would cultivate the crop, sell the seedlings for export. Our Nigerian partners are ready for the takeoff of the project,” said Zurina Amnan, CEO Bionas. It added that...

Swala Oil & Gas (Tanzania) has announced it is looking to raise $120 million to finance operations in East Africa.The company says it has involved investment firm, Exotix Partners LLP, to place corporate bonds of about $120 million to fund material transactions after it recently acquired an exploration block in Burundi. “We took the decision earlier this year to balance our asset...

Mining junior Acacia Coal signed a deal with Coalvent to buy a 74% interest in the Riversdale anthracite project, in South Africa, currently held by a subsidiary of Rio Tinto. Under the agreement, Coalvent will get the project from Rio Tinto and sells it back to Acacia for AU$2.9 million cash and AU$2.6 million in shares based on certain milestones. Remaining 26% will be held by black economic...

“It is a good exercise that honors our country. Number of things has come to light and those responsible will answer,” said Burkina’s Minister for land management and internal security, Simon Compaoré while commenting the report released on October 13 by the National Assembly on parliamentary investigation on the management of urban land. Ouagadougou’s former mayor appreciates the...

The Federal Government of Nigeria has entered into a $15 billion deal with India, in which the latter would make advance payment for crude oil purchases from Nigeria. According to the Minister of State for Petroleum Resources, Emmanuel Kachikwu (photo), the terms of the deal would be agreed sooner or later. Under the deal, the Indian government would pay Nigeria in advance for crude...