North Africa-The next Investment Destination
North Africa is coming into its own, not only as a major oil and gas player, but also as a more general destination for investment. Arab investments has reached 25 billion dollars in Maghreb region
The financial reforms of recent years are starting to pay off for most African countries. As the recent World Bank report, "Making Finance work for Africa," shows most of the continent's economies are recording robust growth, which has led in turn to lower inflation and better fiscal discipline. The report attributes the economic progress to financial reforms such as the privatization of state-owned financial institutions, which has spurred competition in the banking market and paved the way for foreign institutions to enter the African financial services arena.
Tunisia lies at the very top of the African continent . It is the smallest country in North Africa but the most competitive economy in Africa and the Arab World. It is also cited as a model by foreign observers, notably international financial institutions. This is the outcome of successful economic diversification, major opening to the outside world & sound and effective resource management. Investors from the Middle East are investing in the Real Estate and Tourism sector in Tunisia
Both Algeria and Libya have gone through wrenching political turmoil but now both are open to international help to develop their oil and gas resources. The World Bank recommended an investment of about $40 million within three years, to be invested in the development of IT infrastructure, a national clearing-house system, ATM's and staff training in Libya. The government of Algeria has begun work to privatize the Algerian Popular Credit bank, the first of three public banks scheduled for privatization. This is but a first step to reforming the banking and financial industry to match it to international standards, which will facilitate the establishment of businesses in Algeria.
Morocco's trade with the EU is booming. Morocco is a unique location for property investors and tourism too. Morocco is a free market economy and allows free movement of money. From a regional perspective, Egypt (which has by far the largest population in the Arab world) is becoming increasingly successful at attracting investment, with foreign investment approaching $10 billion per year.
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