Follow the latest in economic news and developments about the Arab transition countries.
Oil production has risen to 650,000 barrels per day (bpd), five times the level two months ago, in a rare success for the economy at a time when armed groups and two parliaments fight for control of the North African country. The recent increase comes after a group of federalist rebels campaigning for regional autonomy implemented a deal to reopen major eastern ports such as Es Sider, but comeback of Libya’s oil industry may be short-lived. [Reuters]
Algeria will launch a new five-year investment plan worth $262 billion to boost domestic production and move its economy away from reliance on oil and gas, the government has said. Analysts say previous investment plans had little impact on the economy, due to a slow pace of reform that has limited foreign and private investors’ involvement in bringing the economy out of stagnation. [Daily Star]
Due to the crisis of the National Office of Electricity and Water, (Office National de l’Electricité et de l’Eau Potable), the Moroccan government is endorsing a national project that privatizes the production of electricity in Morocco. [MWN]
Around 35,000 households in Sana’a obtain electricity illegally. Given the high rent and costly land in Sana’a, many residents build illegal houses on the outskirts of the capital. Residents in illegal neighborhoods, who live in unregistered houses, lack public services such as water, electricity, sewage systems, and public institutions like hospitals and schools. Roads are sandy and unpaved, phone lines are non-existent and cellphone connections are often poor. [Yemen Times]
Also of Interest:
Egypt Social Fund for Development spends 70 percent of allocations in 2014 | DNE
Egypt central bank seek keeping rates on hold – poll | Reuters
Free trade zone in Gulf and Egypt planned by Trade Ministry | Cairo Post
Egypt in talks with Chicago Merc to build commodities exchange in MENA | Amwal Al-Ghad
First gas for BP offshore Egypt well | PGN
WB announced $100 million employment project in Morocco | WB
Emirates NBD releases its Tunisian GDP update | CPI
ALESCO: Illiteracy exceeds 8 million mark in Yemen | Yemen Times