Algeria | - Part 2

Marriott International Expands Presence in Algeria with Opening of Sheraton Annaba

ALGIERS (Capital Markets in Africa) – Marriott International, Inc, today announced further expansion in Algeria with the opening of its seventh hotel in Algeria, Sheraton Annaba. The company already operates six hotels in Algeria including Constantine Marriott Hotel, Renaissance Tlemcen Hotel, Sheraton Club des Pins, Sheraton Oran, Le Meridien Oran and Four Points by Sheraton Oran amounting to 1580 rooms. With another six hotels under development, the company is set to double its footprint in…

Dubai-based firm forms $1.6 bln steel plant JV in Algeria

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ALGIERS (Capital Markets in Africa) – Dubai-based conglomerate Emarat Dzayer Group said it had signed a joint venture agreement to develop a $1.6 billion steel factory in Algeria, boosting the North African country’s drive to diversify its economy and attract foreign investment. Emarat Dzayer Steel Company will be a joint venture between Algeria’s state-linked Groupe Imetal, which will hold a 51 percent stake in the business through two subsidiaries, and 49 percent held by Emarat…

Algeria raises over $5 bln in local debt issue says Finance Minister

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ALGIERS (Capital Markets in Africa) – Algeria, faced with financial difficulties from the fall in oil prices, has raised 568 billion dinars ($5.210 billion) from a local bond issue aimed at helping offset lower energy revenues, the finance minister said. Oil and gas revenues account for 94 percent of OPEC member Algeria’s exports and 60 percent of the state budget. The government has reduced spending in 2015 and 2016 and planned further cuts for 2017….

African Development Bank board approves 900 mln euro loan for Algeria

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ABIDJAN (Capital Markets in Africa) – The African Development Bank’s board approved a 900 million euro ($1 billion) loan for Algeria on Wednesday aimed at supporting reforms to help the North African nation confront falling oil revenues, it said in a statement. The money will support the government’s efforts to improve domestic revenue mobilisation and the investment climate as well as boosting the efficiency of the energy sector and promoting renewable energy.

Early Signs of OPEC Supply After Algiers Deal Show Saudi Dilemma

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ALGIERS (Capital Markets in Africa) – Just days after OPEC agreed the framework for its first production cut in eight years, initial estimates of the group’s output this month show the potential bind faced by its most powerful member. While Saudi Arabia lowered output this month — following the typical seasonal shift as local consumption sags at the end of summer — the group’s overall output remained steady as Nigeria and Libya restored disrupted supplies and Iran continued its…

DPI acquires stake in Général Emballage, an Algerian packaging business

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ALGIERS (Capital Markets in Africa) – Development Partners International (DPI), one of the leading African private equity specialists with US$1.1bn under management, has acquired through its ADP II fund a stake in Général Emballage, the leading packaging business in Algeria, which specialises in the manufacturing and processing of corrugated cardboard. ADP II closed in March 2015, at US$725mn, significantly above its target and is DPI’s second successfully closed fund. Under the agreement, a consortium comprising…

AfricInvest exits Générale Embellage, Algeria in $55mln deal

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ALGIERS (Capital Markets in Africa) – AfricInvest, one of the key Pan-African midcap private equity firms, is pleased to announce that its Maghreb Private Equity Fund II (MPEF II) has successfully concluded its exit from Général Emballage (GE) a leader in the manufacturing and processing of corrugated cardboard based in Algeria (www.generalemballage.com). Under the agreement, AfricInvest and the original founders, the Batouche family, have sold a 49% stake in Général Emballage to a consortium composed…

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