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Week commencing 18 February
Japanese car manufacturer Nissan Motors signed a $160m joint venture agreement with an Algerian private partner to build a car assembly plant. The plant, near the western city of Oran, will start production in the first half of 2020 with a capacity of 63,500 vehicles a year.
Reuters 12 February
German-based chemical distributor Brenntag Group has acquired chemical distributor Desbro for an undisclosed amount. Brenntag is a distributor in Europe, the Middle East and Africa involved in the manufacture of food additives, preservatives, oil and gas, adhesives and polymers.
Liquid Africa 12 February
South African insurance company company Sanlam Group has taken over Soras Assurance General and Saham Assurance in Rwanda. The process began in 2014 when Sanlam acquired a 63% stake in Soras after investing $24.3m. Sanlam is active in 33 African countries with more than 3,000 employees, generating profits on the continent of $1.6bn.
The New Times 5 February
Morocco and Spain have agreed to develop a third electric interconnection through the Strait of Gibraltar. A memorandum of understanding mandates the system operators of the two countries to analyse, develop and build the interconnection for commissioning by 2026. The aim is to promote regional electricity trade, improve the reliability of electricity systems and maintain the security of the interconnected networks across the Maghreb.
Morocco World News 14 February
United Real Estate, a unit of Kuwait Projects, and Marriott International have agreed to open a resort near Marrakech. The St Regis Marrakech in central Morocco is set to open in 2024. Marriott has signed deals with partners to increase the number of its hotels in Africa to 50% by 2023.
Reuters 9 February
Belgium-based Radisson Hotel Group signed up six new hotels in Egypt as part of a portfolio deal across its numerous brands. The agreement was signed with existing business partner Zaghloul Holdings, a Cairo-based business conglomerate operating in various industries.
Egypt Business Directory 12 February