Follow the latest in economic news and developments about the Arab transition countries.
Egypt’s military chief Abdel-Fattah El-Sisi will launch a new initiative, “For Egypt’s Youth,” to build a million housing units for low-income Egyptians. The initiative will be established through cooperation between leading UAE construction company Arabtec and the Egyptian armed forces and is estimated to cost $40 billion. The collaboration is planned to continue for five years. [Ahram, Bloomberg]
Libyan militia selling oil, defying the government
A militia group that has blockaded Libya’s main oil ports for more than six months began on Saturday to sell the oil for its own accounts as the weak transitional government appeared powerless to stop it. The first unauthorized export of the oil — the lifeblood of Libya’s government and economy — may be the most ominous indication yet that the nation is at risk of coming apart at the seams. [NYT]
A militia group that has blockaded Libya’s main oil ports for more than six months began on Saturday to sell the oil for its own accounts as the weak transitional government appeared powerless to stop it. The first unauthorized export of the oil — the lifeblood of Libya’s government and economy — may be the most ominous indication yet that the nation is at risk of coming apart at the seams. [NYT]
Tunisia: Trade deficit widens to TND 863.2 in January 2014
Tunisia’s trade deficit widened in January 2014 to TND 863.2 million dinars, from TND 769.6 in January 2013, according to the National Institute of Statistics (INS). The deficit resulted from the imbalance recorded in trade, with exports valued at TND 2,196.1, while imports were estimated at TND 3,059.3. [TAP]
Tunisia’s trade deficit widened in January 2014 to TND 863.2 million dinars, from TND 769.6 in January 2013, according to the National Institute of Statistics (INS). The deficit resulted from the imbalance recorded in trade, with exports valued at TND 2,196.1, while imports were estimated at TND 3,059.3. [TAP]
President Abd Rabbo Mansour Hadi on Sunday said that the big challenge Yemen faces is in the economic sector. During his meeting with Head of the European Union Delegation to Yemen Bettina Muscheidt, Hadi called for more assistance to Yemen to achieve safety, development and prosperity. [SABA]
Also of Interest:
Egyptian urban annual inflation slows to 9.8 percent in February | Reuters
Egypt to miss GDP growth target this fiscal year: El-Arabi | Bloomberg
Egypt govt to raise prices of electricity consumption by 10-15 percent | Egypt Independent
Egypt reclassified as frontier market | Mada Masr
Dubai retail giant to expand investments in Egypt, creates jobs | Ahram
China provides Egypt with $24.4 million grant | DNE
Second business development conference to enhance Morocco-US economic relations | MWN