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Activity in construction, energy sectors grows
Morocco’s construction and energy sectors saw increased activity in the third quarter of 2009 despite a slowdown in manufacturing and mining, according to the country’s High Planning Commission, reported investment bank EFG-Hermes on December 17. The construction sector was aided by an increase in residential building, while increased production of refined oil and electricity propelled energy sector growth. The textile manufacturing sector declined in the third quarter because of decreased demand from European countries, Morocco’s main trading partners.
Algerian imports decline 3.3 percent
Algeria’s imports were down 3.3 percent year-on-year to $34.9 billion in November. Investment bank EFG-Hermes reported on December 17 that the slight decline in imports is attributable to government-imposed restrictions. EFG-Hermes estimates Algeria’s trade surplus at $2.8 billion in 2009, compared to $39 billion in 2008.
Construction, supply contracts awarded
Oman has awarded a number of contracts for projects involving the port of Duqm. According to press reports, the contracts for construction and supply projects, collectively worth approximately $134 million, were awarded to a number of different firms from around the world.
Duqm is expected to house an airport, a petrochemical plant and a refinery.
Central bank cuts key interest rates
The Central Bank of Jordan announced on its website on December 17 that its Open Market Operations Committee, headed by bank governor Umayaa Toukan, had decided to slash key interest rates by 50 basis points effective December 20. Overnight window deposit rates were reduced to 2.5 percent from 3 percent; repurchase agreement rates from 5 percent to 4.5 percent; and re-discount rates from 5.25 percent to 4.75 percent.
According to the bank, the rate cuts were prompted by negative inflation rates and the anticipation that international interest rates would remain low in the medium term.
Official denies exchange rate rumors
The Libyan press has quoted a senior central bank official as denying media reports claiming the country’s exchange rate was going to be adjusted soon. “The central bank has no plan to change the Libyan dinar exchange rate,” said the official.
Since 2002, the dinar has remained stable at a rate of 1.2 to the US dollar. The dinar is pegged to a basket of currencies, with the US dollar accounting for 44 percent, the euro 34 percent, the pound sterling 11 percent and the Japanese yen 11 percent.
Korean-led consortium gets nuclear contract
The UAE awarded a consortium of companies a contract to build four nuclear power plants – a deal worth about $20 billion. The consortium is led by Korea Electric Power Corp.
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