SONIA BESSAMRA

The Desertec Industrial Initiative (DII) has taken a vital step with the formation of a joint venture to build a massive solar energy system in North Africa and the Middle East.

The new company, Dll GmbH, has appointed Paul van Son as its CEO. The articles of association for the DII GmbH, whose headquarters will be located in Munich, were signed by the group of founding members in Munich last week.

The DII aims to provide 15 percent of Europe's electricity by 2050 or earlier, via power lines stretching across the desert and Mediterranean sea. The objective of this initiative is to analyse and develop the technical, economic, political, social and ecological framework for carbon-free power generation in the deserts of North Africa.

The DII will primarily focus on the economic, technical and regulatory conditions that must be fulfilled for successful project implementation, said van Son.

Shareholders of the DII are ABB, ABENGOA Solar, Cevital, DESERTEC Foundation, Deutsche Bank, E.ON, HSH Nordbank, MAN Solar Millennium, Munich Re, M+W Zander, RWE, SCHOTT Solar and Siemens.

2 November 2009

The world's financial powerhouses are already queuing up to back the next big concentrated solar power market.

By Oliver Balch

In Arabic, Maghreb literally translates as: 'Land of the sunset'. But a new project under consideration by the World Bank could see this expansive region of Arab-speaking North Africa become better known for sunup rather than sundown. Blessed with high direct normal irradiation (DNI) and on Europe’s doorstep, the Middle East and North Africa hold potential as a pivotal CSP market.

The Clean Technology Fund, which provides scale-up financing for low carbon technologies, is finalising a proposal to develop one gigawatt (GW) of concentrated solar power (CSP) in the region over the next six to eight years.

The Bank’s regional investment plan envisions between eight and ten commercial-scale power plants in the Maghreb and neighbouring Mashreq, the area of the Middle East between Iran and the Mediterranean.

The project’s proponents say the initiative will provide a catalyst for private sector investment, leading to 5GW of installed CSP capacity by 2025.

Under the Clean Technology Fund’s initial investment plan, the World Bank would provide around $750mn in co-financing – roughly 10 percent of the project’s US$6-8bn (€4 - 5.4bn) total funding requirement.

The Fund’s governing committee is scheduled to consider the project in early December, the World Bank’s senior environment specialist Chandrasekar Govindarajalu tells CSP Today. The proposal follows a similar investment plan for CSP in South Africa, which gained approval on 28 October.

Funding opportunities

At present, Morocco, Algeria, Tunisia, Egypt, Lebanon and Jordan are all eligible for project financing under the terms of the World Bank’s Clean Technology Fund. Syria and Libya are excluded, but they could potentially access technical assistance from the World Bank for a solar scale-up programme.

The World Bank is working closely with the African Development Bank to get the project off the ground. The list of other finance partners includes multilateral and bilateral lenders such as the Arab and Islamic Funds, the European Investment Bank and Germany’s Kreditanstalt für Wiederaufbau.

Other potential sources of financing might include public and private debt and equity, European Union neighbourhood funds, bilateral lending from within the region and tax breaks by domestic governments.

If the idea sounds far-fetched, then recent developments may persuade otherwise. Three combined-cycle pilot projects are already underway: Iberdrola’s 40MW Kuraymat facility in Egypt and its 25MW Hassi R'Mel plant in Algeria, plus Aberner’s 20MW Ain-Beni-Mathar facility in Morocco.

Domestic governments in the region are also getting in on the act. Egypt, Morocco and Tunisia all recently introduced renewable energy development plans that hold potential for advanced solar technologies.

“These countries already have experience. Now they are looking to develop CSP on a large scale”, says Govindarajalu.

The International Renewable Agency;s (IRENA) decision earlier this year to set up its headquarters in the United Arab Emirates provides further indication of the region’s emergence as a serious player in the non-conventional energy sector. IRENA will base its headquarters in Abu Dhabi’s Masdar City, a US$22bn (€15bn) construction project that is due to become the world’s first entirely renewable-powered city when completed in 2015.

Private sector buy-in

Signals from the private sector further substantiate the role the Middle Eastern and North African markets will likely play in the development of CSP.

A consortium of major European companies and banks recently launched a three-year feasibility study to assess the potential of a string of CSP projects across the region. Known as the Desertec Industrial Initiative, the group counts German energy giants RWE and E.ON as well as Spain’s CSP developer Abengoa Solar among its dozen participants.

“These are serious companies. If anyone can do this, it’s them”, argues Gerry Wolff, a representative of the non-profit organisation Desertec UK.

The international consortium, which established a formal holding company in October, anticipates investments of nearly $600mn over the next 40 years.

A number of reasons are attracting developers and policy makers to CSP’s potential in North Africa and the Middle East. The region's physical attributes are almost unparalleled for CSP: almost undisturbed sunshine, high radiation, low precipitation and plenty of uninhabited flat land.

Demand side factors are catching investors’ attention. Since the 1980’s, total energy consumption by MENA countries has grown faster than any other global region, according to a recent World Bank report. Energy intensity (per capita energy demand as a percentage of GDP) is a staggering 40 percent higher than the global average.

CSP ties therefore ties into the objective of the region’s governments to obtain long-term energy security through energy diversification, explains Govindarajalu.

The proximity of the Maghreb and Mashreq countries to continental Europe makes the market additionally attractive. Most notably, a scale-up CSP programme would have close synergies with efforts by southern European states to trade green electricity with their neighbours.

CSP developers in North Africa and the Middle East would be particularly well placed to take advantage of the so-called Mediterranean Solar Plan. If successful, this energy integration scheme would see large-scale solar power production linked to enhanced transmission networks in the Mediterranean region.

Multilateral development banks “could play a key role in financing” CSP’s development given the dependency of the Mediterranean Solar Plan on sharing costs and benefits between all partners, notes a preliminary paper by the World Bank.

Needless to say, the ambitious project faces some hurdles. Chief among them are access to finance, commitment by national governments and access to European markets, says Govindarajalu.

Other systemic barriers exist. Not least of these are fossil fuel energy subsidies. The absence of specific policies to promote the commercialisation of CSP also features highly.

Nevertheless, a ‘yes’ vote from the Clean Technology Fund’s trust fund committee in December would catapult the Maghreb and Mashreq regions onto the CSP world map. There is a famous Arabic saying that runs: “Every sun has to set”. In this case, CSP could just be the exception.

WASHINGTON, DC, February 20, 2008

Foreign direct investment (FDI) originating in developing countries and destined for other developing countries is on the rise, but the growing development potential of this so-called “South-South” investment is inhibited by political risks, according to a new report by the Multilateral Investment Guarantee Agency (MIGA).

Political risks are cited by South-based investors as a principal constraint to doing business in emerging markets. The MIGA review—“South-South FDI and Political Risk Insurance: Challenges and Opportunities”—looks at perceptions of political risk by companies based in emerging markets that are seeking to invest abroad, as well as challenges in mitigating those risks.

The report is based on client and insurer surveys, regional case studies conducted and commissioned by MIGA, and existing research. It is designed to provide emerging market investors with important information needed to make decisions about investing in other developing countries. “This report aims to fill a research gap by pulling together different pieces of the puzzle and then drawing a more complete picture of the situation,” said Stephan Dreyhaupt, manager of MIGA’s Online Investor Information Services.

The review is available on MIGA’s political risk insurance portal, www.pri-center.com.

South-South FDI is on the rise, but a cautious mood prevails

Over the past few years, the growth rate of outward FDI from emerging markets has outpaced the growth from industrialized countries. South-South FDI growth has been especially fast—a trend that is expected to continue, according to the MIGA survey. Nearly 90 percent of South-based companies surveyed said they expected their overseas investments to increase over the next five years. More than four-fifths planned to invest in emerging markets over the next year.

At the same time, the investors surveyed said the world is becoming a riskier place for business. Emerging markets are perceived to be riskier than industrialized countries, and the risk is expected to increase in the next five years.

Investors take increasing precautions against political risks

Although South-based companies appear to have a higher tolerance for risk compared with their North-based counterparts, they are increasingly conscious of the need to protect their investments as they go into unfamiliar markets. For instance, MENA-based investors, evolving from small, family-owned businesses to sizeable international firms, are becoming more conscious of the need for risk management, according to the Islamic Corporation for Insurance of Investments and Export Credit, which contributed to the MIGA report.

Some 80 percent of political risk insurance (PRI) providers surveyed by MIGA said they expected demand for PRI by South-based investors to go up in the next five years. South-based PRI providers appear to be responding to this demand in different ways, although some are facing capacity constraints.

“We stand ready to meet the needs of this growing market,” says Yukiko Omura, executive vice president of MIGA. “MIGA complements the work of public PRI providers, providing technical assistance and jointly underwriting projects—thus encouraging them to venture into markets where they may not otherwise feel comfortable and leveraging their underwriting capacity.”

As a small agency, MIGA also has the flexibility to tailor its guarantee products to meet the emerging needs of South-South investors, as seen by the agency’s recent $427 million guarantee for Shariah-compliant project financing for a project in Djibouti.

For more on the report, visit www.pri-center.com. For more on MIGA, visit www.miga.org.

For information:
Angie Gentile, agentile@worldbank.org, 202.473.3509
Farah Hussain, fhussain@worldbank.org, 202.473.2540

Published: 27 July 2009 12:33 GMT, Author:Perry Williams, MEED

Iraq's Oil Ministry will hold a roadshow for its second oil licensing round in Istanbul on 25 August in an attempt to reverse the disappointing results of the first bid round held in June.

The ministry's Petroleum Contracts & Licensing Directorate says it has invited 45 qualified oil companies to attend the meeting.

The directorate is offering licences covering 10 oil and gas fields which have yet to be developed.

The fields include the highly prized Majnoon field in Basra Province and West Qurna phase 2, which holds about six billion barrels of oil.

The remaining fields include Halfaya, East Baghdad, Gharraf, Qavara, Najmah, Badrah and Merjan/Kifl/West Kifl.

Iraq is also offering an Eastern Block comprising the Gilabat, Khashm al-Ahmr, Nau Doman and Qumar fields.

The government previously said it will sign contracts by the end of 2009 and that the fields are capable of producing up to 2.5 million barrels a day (b/d) of oil by 2013.

In June's licensing round, Iraq's Oil Ministry awarded just one licence to an energy major as companies baulked at Baghdad's tough terms and conditions.

L'association pour la formation professionnelle des adultes Provence Alpes Côte d'Azur s'est engagée dans la conduite d'un projet de formation professionnelle pour l'Union pour la Méditerranée.

Dans le cadre de l'Union pour la Méditerranée, fondée le 13 juillet 2008 dans le cadre de la présidence française de l'Union européenne et réunissant 43 membres, la formation professionnelle est un enjeu déterminant pour la modernisation, la diversification et le développement des économies des pays membres.

C'est un instrument de convergence économique et social. L'association pour la formation professionnelle des adultes (Afpa) va piloter une mission sur ce thème depuis Marseille. Le lancement de la mission s'effectuera en présence de Philippe Caïla, directeur général de l'Afpa (photo ci-dessous) et de Jean-Jacques Blanc, directeur régional de l'Afpa.

La formation professionnelle doit permettre de répondre à la demande d'emplois qualifiés pour servir l'économie, améliorer la compétitivité des entreprises et favoriser les mobilités professionnelles. Elle doit être en adéquation avec les besoins du marché. L'Afpa a compétence pour répondre en qualité d'intégrateur et ainsi assurer l'ingénierie de formation, l'assistance technique, la formation des formateurs.

La ville de Marseille, siège de l'Union pour la Méditerranée, avait naturellement vocation à devenir ce centre d'expertise en matière de formation professionnelle.

L’enjeu du projet:
Les estimations concordent sur le chiffre de 22 millions d’emplois nouveaux à créer dans les 15 prochaines années. Cela simplement pour éviter une aggravation du taux de chômage dans les pays partenaires méditerranéens. A cette fin, le renforcement du capital humain par la formation professionnelle représente un enjeu essentiel pour la modernisation, la diversification et le développement des économies des pays membres de l’UpM.

La plus-value de l’AFPA PACA dans ce projet :
- La proximité : des compétences nationales et internationales et son implantation sur le pourtour méditerranéen. Tunisie, Maroc et Egypte ont notamment engagé depuis plusieurs années d’importants processus de réforme de leur dispositif de formation dans lesquels l’AFPA a été fortement impliquée,
- ses compétences sur l’ingénierie de formation, l’assistance technique, la formation de formateurs,
- son expérience et sa capacité à répondre à la demande d’emplois qualifiés pour servir l’économie, à améliorer la compétitivité des entreprises et favoriser les mobilités professionnelles.

Perspective:
La ville de Marseille a pour vocation de devenir le centre d’expertise en matière de formation professionnelle. L’AFPA doit jouer au sein de l’UpM un rôle d’intégrateur majeur à travers la constitution d’une plateforme interinstitutionnelle dans le domaine de la formation.

Par Marseille.fr et Afpa.fr - le 22 juillet 2009

Publié le 29/07/09.

Emerging Capital Partners (ECP), l'un des leaders dans la gestion de fonds d'investissement dédiés au continent africain a annoncé, en début de semaine, deux prises de participation dans des entreprises nord-africaines opérant dans le secteur de la construction, Almes et Shoresal.

Ces deux investissements, pour un montant de 26,2 millions USD, s'inscrivent dans la stratégie d'expansion du portefeuille nord-africain d'ECP.

ECP a investi dans plusieurs entreprises africaines d'ingénierie et de construction depuis 2006, et nous étudions depuis un certain temps les opportunités d'investissement sur le marché nord-africain», déclare Thomas Gibian, président-directeur général d'ECP.

«A la différence de nombreux marchés occidentaux, le marché de l'immobilier et de la construction est généralement caractérisé par un déficit d'offre face à une demande croissante de la part des entreprises étrangères et des entreprises locales.»

Au Maroc, ECP a investi 12,4 millions USD dans Almes, une société holding mise en place pour acquérir les sociétés Entreprise Marocaine de Tavaux (EMT) et Somadiaz. EMT est une entreprise de BTP spécialisée dans les travaux publics, le génie civil et le terrassement pour des projets d'infrastructure variés. Somadiaz est une entreprise de location de matériel de BTP, leader marocain dans le domaine du levage et des transports spéciaux.

Cette opération constitue une opportunité pour le groupement EMT/Somadiaz de poursuivre le développement des sociétés au Maroc et de déployer l'offre de services dans des pays voisins – comme la Libye ou la Mauritanie-où la demande en travaux publics et autres services de construction est également importante. ECP a réalisé cette opération en partenariat avec Alliances Développement Immobilier, premier opérateur immobilier et touristique intégré au Maroc. Les investissements dans EMT et Somadiaz ont été réalisés via le Moroccan Infrastructure Fund (MIF), fonds cogéré par ECP et Attijariwafa bank, l'une des institutions financières leaders en Afrique du Nord. Le fonds a été créé en décembre 2006 afin de capitaliser sur les réformes en cours qui stimulent la croissance économique du Maroc. Le MIF est dédié aux secteurs des infrastructures et cible de nombreux secteurs, dont les télécommunications, les transports, l'énergie, l'électricité et l'eau.

En Algérie, ECP a acquis une participation de 13,8 millions USD dans Shoresal, une société de promotion immobilière. Cet investissement devrait permettre à Shoresal de financer, en partie, le développement d'une tour de bureaux de classe A de 14 étages dans le quartier d'affaires de Bab Ezzouar à Alger. La demande d'espaces de bureaux dans les grandes villes est huit fois plus importante que l'offre actuelle. Ce déséquilibre résulte notamment de l'augmentation significative du nombre de multinationales implantées dans le pays, qui a triplé depuis 2000. Shoresal constitue le cinquième investissement d'ECP en Algérie, après des prises de participation dans les secteurs des services financiers, des biens de consommation et des télécommunications.

L'investissement a été réalisé à travers le MENA Growth Fund LLC géré par ECP, qui a été établi en septembre 2007 pour bénéficier des opportunités d'investissement à travers le Moyen-Orient et l'Afrique du Nord. Enfin, « ECP considère que le secteur de la construction dans toute la région Afrique du Nord est sur le point de connaître une croissance exceptionnelle », déclare Vincent Le Guennou, directeur général d'ECP. «Nous pensons que le fort déséquilibre entre l'offre et la demande est une très forte incitation à investir ».
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A propos d'ECP

Emerging Capital Partners (ECP) est une société américaine de gestion de fonds d'investissement en Private Equity spécialisée sur le continent africain, avec plus de 1,6 milliard USD sous gestion. L'équipe de gestion a investi à travers toute l'Afrique pendant neuf ans. ECP vise à offrir aux investisseurs des rendements supérieurs à ceux en vigueur sur le marché, et qui ne sont pas liés à l'économie américaine ni aux autres économies dominantes.

26 Jul 2009

In the frame of supporting the strategy planed by the Ministry of Trade and Industry to promote Egyptian exports in the field of car feeding industries and Components, the export council of the engineering industries sent a promoting trade delegation to Britain in collaboration with the Association of British car manufacturers and dealers, said Ahmed Fekri Abd-el Wahab, the head of the council.

He said that the visit aimed at completing negotiations with the British side for attracting investments valued by 100 million dollars during the next year in the Egyptian automotive sector.

He noted that many of the British companies are seeking to invest in Egypt, aiming at exporting to the countries which agreed on free trade agreement with Egypt.

The economic slowdown in the Gulf is having a direct effect on Jordan's economy, and highlighting its dependence on remittances from the 600,000 Jordanians working in the GCC.

Such is the volume of money these workers send back that remittances accounted for almost 15 per cent of the kingdom's gross domestic product (GDP) in 2008. But remittances fell to $273m in April this year, down almost 10 per cent compared with the same month in 2008.

Jordan's economy is also vulnerable to external shocks because of its reliance on foreign direct investment and global export markets. Both of these key GDP generators have recorded lower growth rates in 2009 than the previous year.

There is one area of optimism, however. Trade with its neighbour, Iraq, is providing Jordan with a much needed fillip to its economy. Baghdad's $70bn reconstruction plan is translating into orders for cement, bricks and other materials from Jordanian companies, while the port of Aqaba receives a large proportion of the overseas goods destined for Iraq.

A surge in Iraqi reconstruction efforts could not have come at a better time for Jordan, whose future economic prosperity relies on good relations with its often troubled neighbours.

7 juillet 2009

Overview

Solar Millennium AG Company Statement

A joint statement by Mr. Christian Beltle, the Chairman and the Cheif Executive Officer, Mr. Thomas Meyer, the Chief Financial Officer and Dr. Henner Gladen, the Chief Technology Officer of Solar Millennium AG is given below. The statement has been taken from the company’s 2008 Annual Report.

We made it! In December 2008 Andasol 1, the world’s largest solar power plant, was connected to the grid. With this, we have managed to realize our vision and, together with our partners, carried out an idea that only existed in the heads of a few idealistic founding shareholders just a couple of years ago. With Andasol 1, Solar Millennium underscores its pioneering role in the field of solar-thermal power plants. This is something to be proud of.

The two sister projects Andasol 2 and 3 are under construction in the direct vicinity. While Andasol 2 will be connected to the grid towards the middle of the year, preparations have begun for Andasol 3. A major investor will soon be involved. In 2011, the power plant triad with an overall area of about 6 km2 will convert a total of more than 500 GWh of solar energy into sustainable electricity for up to 600,000 people. In doing so, up to 450,000 tons of carbon dioxide emissions will be saved over conventional coal power plants. Thus, we managed to make the vision come true that we had made our cause 10 years ago when founding the Company.

Against the background of globally rising energy demand in connection with scarcer resources, many decision-makers in politics and business have now realized that electricity from solar energy is one of the most important alternatives to the energy mix so far. The “Solar Plan” that came into being in 2008 under the French EU Council Presidency as part of the new Union for the Mediterranean is one of the best examples. Large-scale solar-thermal plants such as the hybrid power plant in Egypt, which our subsidiary Flagsol is equipping with a solar field, are the first flagship projects for a number of solar power plants that will form a line along the North African states bordering the Mediterranean and cover their own need for energy in addition to supplying Europe. Our experts are being consulted by many of the respective committees, thus making them the architects of a new transnational energy policy from the start.

However, solar energy is also experiencing a renaissance in the US, a country where parabolic trough power plants have reliably been generating electricity in the Californian desert for more than 20 years. At the end of the Bush administration, tax incentives for investment in solar energy, the so-called Investment Tax Credits, were extended for another eight years. Moreover, the state of California recently raised the benchmark for renewable energy generation that is fixed in the Renewable Portfolio Standards from 20% to 33% for 2020. Considering that president Barack Obama has announced massive investment in the establishment of renewable energy supply within the context of his stimulus plan providing for a total of nearly US$ 790 billion overall, it becomes clear why the US is believed to be the next boom market for solar-thermal power plants.

Solar Millennium has an excellent starting position in the US thanks to its involvement there for many years and its own branch in Berkeley, California. We have secured land for approximately 5,000 MW in power plant capacities within these regions, which feature the world’s best solar radiation conditions. Furthermore, Solar Millennium has been short-listed for the realization of approximately six power plants with a total capacity of 1,500 MW by American utilities. We expect to sign contracts for one to two projects with a total capacity of 250 MW to 500 MW as early as this year.

Other countries have likewise become aware of the vast economic and ecologic potential of solar-thermal power plants. In Israel, the United Arab Emirates and Morocco, tenders for solar-thermal power plants can now be made, and the Solar Millennium Group is of course involved. Italy and Greece determined their fixed feed-in tariffs last year. Australia, one of the most attractive regions in the world given its high level of direct normal radiation and its resources of free land, has also opened up to the large-scale solar-thermal power plant market despite its low energy prices.

According to a survey by the German Aerospace Center (DLR), electricity from most renewable energy sources will be cheaper than fossil fuels by 2025. Accordingly, renewable energy will have largely superseded fossil energy sources in the Mediterranean by the middle of this century. In 2050, the survey further reads, the output of solar-thermal power plants will be double the amount of wind, photovoltaics, biomass and geothermal power plants put together.

Consequently, the prospects are outstanding and, with a well-filled project pipeline in Spain and the US as well as the possibility of acquiring additional projects through tenders, our Company is excellently positioned in the expanding market for solar-thermal power plants. Solar Millennium also enjoys a distinguished reputation among suppliers as well as partners and customers as an expert in the planning and realization of top-quality solar-thermal power plants. As a mark of recognition for its contribution to sustainable energy supply, Solar Millennium AG was awarded the internationally-renowned Energy Globe Award in May 2008 in Brussels.

We are looking forward to the next few steps in this exciting growth sector and would like to thank our employees for their enormous commitment as well as our shareholders and investors for the confidence you have bestowed in us along this path.

2 juillet 2009

Les Echos

Désormais filiale du groupe GDF Suez, La Compagnie du Vent table sur 1,5 milliard d'euros d'investissements d'ici à 2012 dans le secteur éolien et fait ses premiers pas dans le photovoltaïque.

Grâce à la croissance de notre puissance éolienne installée, à notre diversification à l'international et dans le solaire photovoltaïque, nous devrions créer environ 180 nouveaux emplois d'ici à 2012 », explique Jean-Michel Germa, fondateur et président de La Compagnie du Vent. Basée à Montpellier, la société (16,8 millions d'euros de chiffre d'affaires en 2008, 59.000 euros de résultat net) est désormais dans le giron du groupe GDF Suez, qui en détient 58,6 % du capital. Avec un effectif 115 salariés et une puissance éolienne installée de 175 mégawatts (MW) dans l'Hexagone, elle maintient sa position d'acteur majeur de la filière éolienne.

Malgré une conjoncture difficile, l'entreprise a mis en service 5 nouveaux parcs entre juillet 2008 et juin 2009, un investissement de 103 millions d'euros. Dans le cadre du Grenelle de l'environnement, La Compagnie du Vent veut disposer en France de plus de 750 MW d'ici à fin 2012, ce qui demande un investissement de l'ordre de 1,49 milliard d'euros. A cette date, l'effectif avoisinera les 300 personnes. Les parcs en service sont installés en Bretagne, en Languedoc-Roussillon, en Nord-Pas-de-Calais, en Picardie et en Pays de la Loire. La Compagnie du Vent a déjà obtenu les permis de construire de plusieurs parcs pour une puissance de 163 MW. Huit d'entre eux (86 MW) seront construits d'ici à 2010. Elle a également déposé les demandes de permis de construire de 11 parcs représentant 160 MW.

Diversification

L'entreprise développe également des projets éoliens de grande envergure. Les études sont en cours pour le projet en mer des Deux Côtes. Composé de 141 éoliennes (705 MW), il se situera à plus de 14 kilomètres, au large de la Somme et de la Seine-Maritime. La première tranche de ce parc pourrait voir le jour en 2012. Il mobilisera plus de 2.000 emplois pour la construction pendant trois ans, puis environ 250 emplois locaux directs et indirects pour l'exploitation. En outre, La Compagnie du Vent a répondu à un appel d'offres de l'Office national d'électricité du Maroc (ONE) pour un projet éolien de 300 MW à Tarfaya, représentant un investissement d'environ 500 millions d'euros.

Enfin, La Compagnie du Vent diversifie son activité vers d'autres moyens de production d'énergie renouvelable. Elle installe désormais des centrales photovoltaïques, intégrées aux bâtiments ou au sol. Objectif : 55 MW en crête installés d'ici à 2015

Sahara Management and Marketing Consultancies, subsidiary of UAE-based Sahara Group, has signed a joint venture agreement with the Morocco based 'Arab Gulf Agency for Media and Communications for reciprocal representation rights, according to which Sahara will represent the Morocco-based agency in the UAE, and the latter will represent Sahara in Morocco.

The signing ceremony was attended by Mr Fahad Ahmed Al Deeb, Vice President of Sahara Group, who signed the agreement with Mr Mohammed Ayat Bou Silham, Executive Manager of Arab Gulf Agency for Media and Communication”.

Both parties agreed that Sahara will commence a promotional campaign for the second edition of the Gulf Investments Forum, scheduled to be held in Rabat on 19-20 November 2009. Participants in the forum will come together to discuss existing opportunities in Morocco's industrial, technology, real estate, tourism and energy sectors.

The forum aims to encourage GCC firms and businessmen to enter the Moroccan market, which presents untapped opportunities in various economic sectors, particularly in light of the special incentives offered by Moroccan government to Arab investors. This has enhanced the country's appeal to Arab investment, particularly GCC capital, which has been injected into Morocco's vibrant market over the last few years. But the value of the relatively modest Arab investment in Morocco accounts for only ten percent of total foreign investment, and is restricted to the tourism and real estate sectors.

The amount of foreign direct investment (FDI) pumped into Morocco in 2006 was estimated at $25bn, according to official statistics issued by the Office Des Changes, with French investors leading the way, followed by their Spanish counterparts. The industrial sector attracted 36% of total foreign investment, followed by the tourism and real estate sectors with 32 percent and 16%, respectively.

Commenting on the agreement, Mr Al Deeb said: “Morocco enjoys one of the region's largest markets in terms of its appeal to foreign investors. Today, we are witnessing competition among businessmen and firms looking to enter this market and capture a slice of its diverse investment opportunities. This urged us as a leading management and marketing consultancy firm to be present in this market and offer our media, marketing and management services to potential clients."

“Arab Gulf Agency for Media and Communication is an ideal partner that is well positioned to represent us in the Moroccan market, due to their broad experience in the market, and their quality customer service. Sahara, in return, will extend all possible support to make this agreement a success”.

Mr Silham said: “We are delighted to join hands with one of the largest management and marketing consultancies firms in the UAE and the region. We are confident that this will open new vistas for our company in the GCC region, in a way that will serve the interests of both firms.”

“We are currently focusing our efforts on the 2nd Gulf Investments Forum, and we are confident that Sahara will offer the most reliable services to reach the largest segment of interested investors. The forum is supported by the Moroccan government and has drawn the attention of public and private sector firms, which we look forward to seeing in this forum,” he added.

IHS Global Insight Perspective

-A deeper integration among Maghreb nations will yield great benefits, in the form of higher growth and lower unemployment; in addition, an FTA with both the EU and the United States could sharply increase foreign direct investment (FDI).

-The Maghreb nations thus stand to gain tremendously by forging closer economic relations with the European Union and the United States.

-Political reforms are expected to be slow in the next few years due to differences between Algeria and Morocco over the Western Sahara, but economic reforms could accelerate over the short and medium terms.

Economic Growth: Performance in 2008 and Impact of Global Recession

The Maghreb nations performed relatively well in 2008, despite a slowdown in the world economy. Among the region’s oil exporters, Algeria experienced a boost to growth in 2008, to 3.6% from 3.4% a year earlier, driven by robust non-oil-sector growth due to strongly expansionary government policy. Both the construction sector and services linked to infrastructure projects grew robustly. The Algerian economy is expected to post a slower growth rate in 2009, a reflection of tough conditions in the world economy, sharp corrections in the price of oil during the year, and tighter rules governing foreign investment. Nevertheless, the Algerian government can continue to expand spending in the short term to support non-oil sectors, thanks to its large stock of international reserves.

Reserves stood at US$140 billion at end-March 2009, more than doubling the amount posted 36 months earlier. Among the more-diversified economies in the region, Tunisia's economic growth eased slightly to 4.6% in 2008, from 6.3% in 2007, as the Eurozone economies slowed during the year. Eurozone nations sunk into a severe recession in 2009, hurting Tunisian export and growth. Despite difficult domestic and external conditions the government continued to implement structural reforms, albeit at a slow pace to minimise social discontent.

Meanwhile, healthy expansion in non-agriculture sectors in Morocco, especially in telecommunications, financial services, and construction, led to a sharp acceleration in growth to 5.4% during 2008. Growth was modest in the previous year because of a strong contraction in agriculture. The Moroccan economy is expected to weather the global recession given exceptional performance in the farming sector in 2009. Yet growth should moderate given slowdown in non-oil sectors, lower merchandise exports, remittances from abroad, tourism receipts, and FDI.

Overall, the Maghreb region expanded 4.9% in real terms during 2008. The ongoing global financial crisis has reduced short-term growth prospects for Maghreb nations, and IHS Global Insight expects the region to grow 2.2% in 2009. This is still a remarkable performance given the severe deteriorations in world economic conditions which have led to the failure of a few major companies and the collapse in the housing market in industrialised nations. Economic conditions in the Maghreb could be improved if integration among countries could be deepened. Dominique Strauss-Kahn, managing director of the International Monetary Fund (IMF) recently stressed the importance of deeper integration among Maghreb economies, which he believed was the best protection against the effects of external crisis.

Regional and Global Integration Could Boost Growth and FDI Inflows

Political tensions between Maghreb countries remain high, with Algeria and Morocco taking a different stance on the Western Sahara territory. In the past the region has focused mainly on anti-terrorism measures, sometimes to the detriment of economic reforms. Maghreb nations could benefit greatly from enhanced economic integration within the region and with the international economy.

Regional trade exchanges are currently very low: For example trade between Morocco and Algeria represent only 2% of the total trade exchanges of the two countries. According to data published by Algeria's National Data Processing and Statistics Centre, the country's trade surplus with the other four nations of the Arab Maghreb Union (UMA) has almost doubled in 2008 compared to 2007.

Yet Algerian exports to the UMA stood at US$1.3 billion, compared with total merchandise exports of US$78.6 billion, while imports from the other Maghreb countries amounted to US$387.5 million (as opposed to an overall import bill of US$37.4 billion). By creating a larger market, a regional integration would yield great benefits, in a form of higher growth and lower unemployment. The overall unemployment rate for the region is estimated at 15—25%, with very high unemployment among urban women and young college graduates. A regional integration could create the market dynamics for a better absorption of the total labour force. Meanwhile, per-capita real GDP in the Maghreb could increase by an additional 50% by 2015 through deeper integration and reform, according to a recent study by the World Bank.

Markets in the Maghreb remain fragmented and will require integration and openness to achieve development. In turn, the large market of more than 75 million consumers which could be created by deeper integration could make these countries more attractive to foreign investment. Some reports suggest that total Maghreb inward FDI stock would rise moderately if only a deeper integration among Maghreb nations was pursued.

If in addition to regional integration, a full fledged U.S.-EU free-trade agreement could be reached, the stock of FDI could increase by an additional 70—80%. Thus Maghreb nations also stand to gain tremendously by forging closer economic relations with the European Union and the United States. In such a scenario GDP in the region could grow by an additional 2—4%.

Outlook and Implications

The immediate effect of the ongoing global financial crisis on Maghreb nations such as Algeria and Morocco has been modest. Nevertheless the resulting global recession has had a bigger impact on the Maghreb economies: Export revenues, FDI inflows, remittances from expatriates, and tourism are expected to feel the impact of the worldwide recession. With North African nations facing a sharp slowdown in 2009, the future of the Maghreb region resides in economic reforms and integration. Political reforms are expected to be slow, with differences between Algeria and Morocco impeding on these reforms.

On the other hand, economic reforms are expected to pick up in the next 12—36 months. Like Tunisia, we expect other North African nations to sign economic agreements within and outside the Maghreb block, boosting trade exchanges and FDI inflows. A deeper regional integration will be a first step toward cushioning the Maghreb economy from adverse external shocks. In the longer term we hope to see the existence of an EU/U.S./Maghreb FTA.

On compterait, selon le gouvernement marocain, plus de 40.000 retraités étrangers installés au Maroc, la plupart étant français. Cet intérêt s'explique d'abord par une fiscalité locale très attractive. Les contribuables ayant transféré au Maroc leur domicile fiscal bénéficient en effet d'un abattement de 40 %, puis de 80 % de l'impôt dû au titre de leur pension. Soit, au final, un taux d'imposition avoisinant 4 % du montant total de la pension de retraite.

Rabat très courtisé par les Américains et les Européens

L'Union européenne et les États-Unis se livrent une bataille d'influence au Maroc. Depuis la signature d'un accord de libre-échange en juin 2004 avec Rabat (entré en vigueur en 2006), les émissaires de Washington multiplient les visites dans le royaume. De son côté l'UE, qui a fait du Maroc un partenaire privilégié, ne mégote pas son aide. La Banque européenne d'investissement a indiqué début juillet qu'elle allait prêter 200 millions d'euros au Maroc pour moderniser les écoles.

La France, premier partenaire du Maroc

Bouygues à Tanger Med II, Nexans Maroc qui étend son usine de Casablanca, Faurecia inaugurant un site de production à Kenitra : les investisseurs français continuent de venir au Maroc, assurant un effet d'entraînement sur les autres pays. En dix ans, les entreprises tricolores ont investi 10 milliards d'euros dans le royaume, s'octroyant une part de marché fluctuant au fil des années entre 35 % et 55 % des investissements étrangers. Premier client et premier fournisseur du Maroc, la France est aussi un partenaire privilégié du royaume, avec 7 milliards d'euros d'échanges commerciaux en 2008. Seule ombre au tableau, les Marocains avaient préféré en 2007 le F16 américain au Rafale, suscitant un coup de froid entre Paris et Rabat.

Many options

Although an economic slowdown in the region is expected in the wake of the global financial crisis, the region is expected to recover relatively quickly. It should present many investment opportunities this year. Let us look at some of the most attractive sectors.

SLOWED DOWN, BUT NOT OUT

The consensus of most experts is that the region will witness slower growth as a result of the financial crisis. JP Morgan has forecast that the MENA region will experience growth of 3.3 percent in 2009, as compared to 6.4 percent in 2008. Edward Gardner of the IMF said: The fundamental challenge will be in the extent of the depth of the economic slowdown, which we hope will be less burdensome in comparison with industrialized countries as well as other emerging markets." The crisis has shaken the confidence of investors and it has made it necessary to postpone many huge construction projects. Despite the negative effects, it appears that the region has fared relatively better than others in weathering the storm. The region has been able to transcend the crisis in comparison with the rest of the emerging markets," JP Morgan said. The region is still full of many investment opportunities, despite the repercussions of the international economic crisis," Gardner said.

INSURANCE SECTOR IS VERY PROMISING

The insurance sector is one of the most promising sectors. There is a high demand for insurance services in the region, driven by population growth on the one hand and the increasing awareness of the importance of insurance on the other hand. The sector is expected to grow by an annual rate of 25 percent to 30 percent in the next five years. The average of insurance premiums in the region per individual is not more than $25 per year, and this amount is low as compared to the levels that are found in advanced countries, which is more than $200 on the average. Samir Haja, the person in charge of the department of insurance expertise at PricewaterhouseCoopers, said: The financial crisis has only affected the insurance sector in the region in a slight and passing manner." The insurance sector, in particular life insurance, is expected to continue its growth in the region this year. Saudi Arabia, Qatar, and Bahrain are considered to be promising markets. For example, the health insurance sector in Saudi Arabia grew by 33 percent between 2006 and 2007, while life insurance grew by 50 percent. All of the Gulf countries are liberalizing their markets and granting new licenses, and they are promulgating more laws for compulsory insurance on vehicles and compulsory health insurance for workers. Standard & Poor's has estimated the rate of growth of the insurance sector in the region at 40 percent per year.

ISLAMIC BANKS ARE SAFE

Islamic banks have proved to be more resilient than traditional banks with respect to weathering the financial crisis. Saleh Al-Suheibani, director of the department of research and investment consultancy at Al-Rajihi Bank, said: Islamic banks are safe from any negative repercussions such as bankruptcy and liquidationÉbecause of good management, the increase in the volume of their assets, compliance with the Shariah, and the avoidance of toxic products." The region constitutes a fertile ground for the growth of this kind of bank, since 40 percent of Islamic banks are based in the Arab world, which is an indication of the demand for them. The assets of these banks are close to $520 billion, and the volume of their assets is expected to increase to $2 trillion by 2012. Islamic banks are growing by a rate that varies between 15 percent and 20 percent per year. The demand for Islamic services is no longer restricted to Muslims only. One of the positive effects of the crisis is that it has shed light on Islamic banking, especially since Islamic financing is based on a system of sharing profit and risk and it is linked to real investment in developmental projects," Al-Suheibani said.

BUY STOCKS, BUT WITH CARE

There are various investment opportunities in Arab stock exchanges, as share prices of companies in different sectors have reached tempting levels. However, caution is necessary. Abdul-Aziz Al-Dakhil, chairman of the board of directors of the Dakhil Financial Group, said: The year 2009 is a year of investment opportunities on Arab stock exchanges." The investor must of course always take oil prices into consideration: The investor must be prudent and keep his eyes on oil prices, because they are the fundamental pillar of the region's economies," Al-Dakhil said.

PRIVATE EQUITY IS A GROWTH SECTOR

The private equity sector is expected to grow, as it is one of the emerging sectors in the region. The sector's contribution to GDP does not exceed 0.3 percent, as compared to 3.5 percent in the United States and 1.7 percent in the United Kingdom. Private equity companies can invest in various sectors. According to Yorg Crisle, an independent consultant who specializes in the direct investment sector, the industrial, real estate, retail, IT, and education sectors are good targets for investment. In light of the presence of more than 100 million Arab students, the demand for quality private education, both academic and vocational, is growing in different countries of the region, especially in light of the inability of the official sector to meet competitive scientific criteria," he said.

TOURISM SECTOR IS A GOOD CHOICE

The tourism sector holds many opportunities for investment. With respect to hotel investment, the region lacks a sufficient number of businessmen's hotels and three-star and four-star hotels that offer quality service at competitive prices. The hotel apartment business should grow in the coming period. Maroun Al-Hashem, director of analysis at R Holding, said: The increase in foreign demand in the UAE on the one hand, and the continuing influx of pilgrims to Saudi Arabia, on the other hand, are among the principal incentives for increasing investments in these types of apartments." It has been estimated that the value of touristic investments in the region will reach around $4 trillion by 2020, while around 70 million tourists are expected to visit the region. Saudi Arabia is considered to be a prime candidate for growth in tourism. Returns from the tourism sector in Saudi Arabia are expected to increase from $34 billion in 2006 to more than $66 billion in 2016. Saudi spending on the tourism sector is expected to reach $16 billion in 2016. Rami Al-Thaqafi, first investment manager in private banking at National Emirates Dubai Bank, says: Riyadh for example is thirsting for five-star hotels, as a result of the shortage of supply." The sector of internal tourism and bilateral Arab tourism is expected to experience a noticeable boom, since it constitutes only 42 percent of the volume of Arab tourism. Bilateral tourism is expected to increase in the coming period, especially for five consecutive years, since Ramadan comes in the middle of the summer season and most of the Arabs, in particular those from the Gulf, prefer to spend the holiday period in an Arab country instead of in Europe," al-Thaqafi said.

BIG DEMAND FOR HEALTH SERVICES

The gap between supply and demand in the region is expanding constantly with respect to hospitals and luxury health resorts. Demand for health care services in the region will increase by 240 percent until 2025, according to a report by McKinsey and Company. The UAE and Saudi Arabia are registering the highest rates of demand. It is estimated that the region will need 162,000 beds in the above-mentioned period, while the volume of spending on the health care sector is estimated at around $20 billion in Saudi Arabia alone by 2016. In Jordan for example, 350,000 people visit the country annually for treatment purposes.

REAL ESTATE STILL BECKONS

The real estate sector is slowing down, but investment opportunities are still likely to grow. Hussein Sijwani, CEO of Damak Holding Company, said: The region is still full of rewarding real estate investment opportunities, especially since the population in the markets is relatively young." Among the promising markets are the UAE, Saudi Arabia, and Qatar. According to Sijwani, despite the slowdown in the UAE, it remains a booming market and it has much to give to investors from the Middle East and from outside of the Middle East. The demand for prime locations in Dubai will remain high, and it is likely that its real estate sector will continue to provide excellent investment opportunities over the long term," he said. Hani BaUthman, CEO of Ayyan Arabian Holding Company, said: The real estate sector in the Kingdom does not bear any debt. In addition, it has big investment opportunities in the residential sector, especially since the Kingdom has one of the lowest rates of citizen ownership of residences in the Gulf, as it varies between only 20 percent and 30 percent." The Saudi residential sector is expected to witness much growth. Saudi Arabia is the most promising country with respect to growth of the real estate sector in the next five years because of the development of the housing sector there, ÒBa Uthman said. For his part, the Qatari economic expert Saleh Al-Nabet, said: Qatar is first with respect to real estate investment in the next five years. Qatar's superiority is attributable to the existence of favorable economic conditions and big opportunities for expansion in the real estate sector, in addition to the fact that most of the projects are big and related to gas and petroleum and other governmental sectors that have credibility, which makes the Qatari real estate sector able to serve these sectors."

INFRASTRUCTURE IS A SOLID INVESTMENT

The region is continuing to develop infrastructure projects. There is no fear for these projects, because they constitute long-term investments, and the government realize their importance as a boost for the local economies," Al-Nabet said. Even if the rates of government spending in the region decreased, this spending would affect spending on non-vital projects, and not those projects that are related to infrastructure projects," he said. The transportation sector needs investments of tens of billions of dollars in all of the countries of the region, in the absence of railroad networks in particular. Studies estimate that the air and land and maritime transport sectors need more investments. Among the attractive sectors are public transportation, maritime taxis, and air taxis for businessmen.

TELECOMMUNICATIONS SPUR DEVELOPMENT

Whereas the market for cellular services is witnessing saturation with rates of 188 percent in some markets, there is a big demand for broadband services on the part of both companies and individuals especially since rates of saturation are less than 40 percent. The recent downward trend in prices will increase demand in the future. Experts estimate the opportunities for growth in the cellular telephone sector at around ten percent per year. However opportunities for growth vary between 30 percent and 40 percent with respect to broadband services. The cooperation between cellular telephone companies and media companies is growing constantly. Big telecommunications companies are seeking to establish a successful reciprocal relationship with media content companies as a means of increasing their revenues. The size of the market is still modest, and it does not exceed some tens of millions of dollars. However, it is expected to grow rapidly so that its size will reach billions of dollars in a few years, especially after the recent expansions in providing broadband services to individual consumers. The telecommunications sector is considered to be a fundamental pillar for developing the economies in the region, and there is a pressing need to develop it in the coming period," Gardner said.

THINK ABOUT INVESTING IN THE ARAB REGION

The global financial crisis has made people think about investing in the region. Mirvat Talawi from the League of Arab States, who is general coordinator of the Arab economic summit that is expected to be held in Kuwait on January 20, 2009, said: The lesson of the crisis lies in the fact that it might make people think again about investing in the Arab world, and this is a strength for the region and a guarantee of its future for coming generations." According to her, governments in the region have a role to play in encouraging investments. She said: Countries must provide stable incentives and establish a court for settling disputes among businessmen on the one hand, and between businessmen and governments on the other hand, so that the owner of capital will be reassured that there exists an official agency that will examine his rights in the event that any unexpected dispute arises. It is also necessary to provide a suitable legislative environment as well as a good investment climate in order to attract this money."

Jody Jaffe, and Leila Rahbani.

2009 Update of Investing in Israel.

Policy towards private enterprise and competition

2009-10: Privatisation is put on hold, except in the ports sector. "Open skies" policy is extended.

2011-13: Deregulation of electricity sector. Partial land reform. Competition increases in the financial services, energy, telecommunications and seaport sectors. Private involvement in major infrastructure projects increases.

Policy towards foreign investment

2009-10: Investment incentives, including tax breaks, are enhanced for foreign direct investment (FDI), but the global slowdown leads to falling inflows. New standards in banking and accounting as well as OECD benchmarks are adopted.

2011-13: Efforts to attract foreign investors continue, with a focus on the high- and clean-tech sectors and life sciences.

Foreign trade and exchange controls

2009-10: Shekel's value is pushed lower through foreign-exchange market intervention. Government supports exporters.

2011-13: Trade and investment links with emerging economies increased. The Bank of Israel (the central bank) may undertake limited interventions to limit a rapid rise in the shekel's value.

Taxes

2009-10: Planned reductions in personal and corporate income tax for 2009 are implemented, but 2010 changes are postponed. The rate of value-added tax (VAT) is raised to 16.5%. The earned-income tax credit programme is broadened.

2011-13: New tax reduction programme is launched, focused on corporate taxes and mid-range household incomes, financed by elimination of tax breaks, although its extent will be determined by the need to finance significant deficits.

Financing

2009-10: Further reforms in the financial sector are delayed, with the focus switching to enhanced regulation—including tougher measures to promote competition between financial institutions. New debt and equity instruments are launched.

2011-13: Further pension and capital market reforms lead to renewed rapid expansion of domestic financial markets.

The labour market

2009-10: The global and domestic recessions lead to higher unemployment and lower wages.

2011-13: Technology and other export industries are caught between rising demand and slow growth in the supply of skilled technology workers. Emerging skills shortages spur reforms in education at all levels.

Infrastructure

2009-10: Government launches expanded programme of public-private infrastructure ventures, but bureaucracy and scarce credit delay implementation. Offshore natural gas projects move towards completion.

2011-13: Natural gas becomes the primary energy source. The electricity sector is deregulated. Transport investment grows, as construction of the Jerusalem light rail project continues and work on the Tel Aviv light rail project begins.

More information on Invest in Israel Agency.

Création de la Facilité d’investissement de soutien économique à la Méditerranée (FISEM) et renforcement des actions de l’AFD

Paris, le 25 juin 2009

Dans le cadre de l’Union pour la Méditerranée (UPM), l’Agence Française de Développement (AFD) crée la Facilité d’investissement de soutien économique à la Méditerranée (FISEM). Doté de 250 millions d’euros, ce nouvel instrument d’investissement en fonds propres permettra d’aider les PME de la région à faire face à la crise. Depuis la création de l’UPM il y a un an, l’AFD a considérablement renforcé son activité en Méditerranée. Ses financements devraient s’élever à 6 milliards d’euros sur les cinq prochaines années.

Accompagnement du secteur privé en Méditerranée pour faire face à ses besoins structurels renforcés par la crise

Les pays du Bassin Méditerranéen sont aujourd’hui confrontés à un resserrement des contraintes de financement et à la transmission de la crise financière à l’économie réelle. Les entreprises de la rive sud de la Méditerranée, dépendantes des marchés du nord, souffrent par contrecoup de la récession et ont des difficultés croissantes d’accès aux financements bancaires qui avant même la crise constituaient un besoin structurel. Les marchés bancaires locaux font face à un tarissement des liquidités. La désaffection de certains investisseurs privés ou institutionnels crée par ailleurs des incertitudes sur la mise en œuvre de grands projets industriels.

Créée pour aider le secteur productif et notamment les PME à faire face à la crise en complément des outils financiers existants dans la région, la FISEM est gérée par l’AFD en partenariat avec Proparco, sa filiale dédiée au secteur privé. Doté de 250 millions d’euros, ce nouvel instrument apportera un appui financier aux PME à travers des prises de participation directes ou via des fonds d’investissement. Il agira sur la recapitalisation du secteur bancaire et financier afin d’accroître ses capacités d’intervention en faveur des PME. Il participera enfin au financement des grands projets industriels afin d’agir sur la croissance et de stimuler le tissu des PME et des sous-traitants locaux. Au-delà de l’apport en financements, la FISEM favorisera l’adoption de normes environnementales et sociales.

Renforcement des actions de l’AFD dans le cadre de l’UPM

Dans la dynamique de l’UPM, l’AFD a renforcé ses interventions en Méditerranée. Ses financements dans la région ont augmenté de 28% en un an. L’Agence apporte des réponses concrètes pour renforcer la croissance et la convergence des économies méditerranéennes du Sud et du Nord, promouvoir le développement durable et favoriser la cohésion sociale. Ses projets portent notamment sur le développement urbain, l’eau et l’assainissement (dépollution de la Méditerranée), l’appui aux entreprises et les énergies de substitution (Plan solaire méditerranéen).

Partenaire de longue date des pays du bassin méditerranéen, l’AFD a vu ses activités monter en puissance durant ces dernières années. Entre 2002 et 2008, les engagements de l’AFD en Méditerranée ont quadruplé pour atteindre, en cumulé, 3,5 milliards d’euros, soit un quart des activités du groupe. Ils devraient s’élever à 6 milliards d’euros sur la période 2009-2013, dont environ 20 % en faveur du secteur privé.

22 juillet, 2009

22 juillet, 2009

Le débat sur l’entrée de la Turquie dans l’Union Européenne doit être posé de manière stratégique. Après avoir satisfaisait suffisamment aux critères politiques de Copenhague en 2005, la Turquie peut théoriquement intégrer l’Union dès 2014. Ainsi, ce cadrage effectué par une des participantes au séminaire d’intelligence économique organisé à Dakar par l’Etablissement panafricain d’intelligence économique et stratégique (EPIES), dirigé par M. Diallo, a le mérite de définir les clés d’entrée et de souligner les contradictions de ce sujet complexe et controversé.

DES RAPPORTS DE FORCE PARADOXAUX

LES HESITATIONS DE L’UNION EUROPEENNE

Une pratique embarrassée

Après avoir admis que la Turquie ‘’satisfaisait suffisamment aux critères politiques de Copenhague’’ (03.10.2005), la Commission européenne critiquait en 2007 le ralentissement du processus des réformes turques, en écho à l’inquiétude que suscitent ce grand pays musulman et le risque d’une déferlante islamique.
A titre liminaire, l’opposition marquée par la France semble contredite par le partenariat pour l’adhésion de la Turquie qui a été conclu. sous la présidence française de l’UE.

Des critères conditionnels d’intégration
De la sorte, l’adhésion de la Turquie - théoriquement possible dès 2014 - cristallise les interrogations sur le futur de l’élargissement de l’UE sur les points suivants :
• critère politique : la présence d’institutions stables garantissant la démocratie, le degré d’implication de l’armée dans la gouvernance de l’Etat, la primauté du droit dans la société civile - droits de l’Homme, statut de la Femme, protection des minorités… - , la normalisation des relations avec Chypre ;
• critère économique : l’existence d’une économie de marché viable ainsi que la capacité de faire face à la pression concurrentielle et aux forces du marché à l’intérieur de l’UE ;
• critère de la reprise de l’acquis communautaire : la capacité à assumer les obligations d’un Etat membre et notamment de souscrire aux objectifs de l’Union politique, économique et monétaire.

LA DETERMINATION DE LA TURQUIE

Des raisons géohistoriques
La Turquie souligne son implication dans l’Histoire de l’Europe depuis 400 ans et met en avant que 40% de sa population actuelle a des origines ethniques européennes.
Très tôt, la Turquie a manifesté son souhait d’intégrer l’UE puisqu’elle participé à sa construction à la fois comme membre fondateur de l’Organisation Européenne de Coopération Economique dès 1948 puis d’adhérent au Conseil de l’Europe en 1949. Suite à l’Accord d’Ankara d’association à l’UE en date du 12.09.1963, l’Accord d’Union Douanière du 06.03.1995 faits de la Turquie le seul pays soumis à une telle union. Se considérant donc comme un État européen, ce pays s’est inspiré de l’Occident et s’en est rapprochée en se joignant à des organisations de coopération : l’OTAN (depuis 60ans), l’OCDE, l’OSCE, le Conseil de l’Europe.

Des raisons géopolitiques
Bien que paradoxalement, une faible partie du territoire (3%) se trouve en Europe et sa majeure partie (97%) se situe en Asie, la Turquie, de par sa localisation géographique même - à cheval sur deux continents, au carrefour des axes Russie - Méditerranée et Balkans - Moyen-Orient - , a toujours été un carrefour d’échanges économiques, religieux, culturels (le turc étant la langue officielle écrite en latin)… Elle n’entend pas céder sur la question chypriote qui lui est posée comme une condition impérative à son intégration ni se satisfaire d’un partenariat privilégié et s’offusque du refus qui lui est opposé. Selon Egemen BAGIS, actuel Ministre Turc des Affaires Européennes, ‘’la Turquie est la solution pour 80 % des défis qui se posent à l’UE et cette dernière est la réponse à 80% des défis que doit affronter la Turquie. La Turquie est un pont entre les civilisations, entre l’Europe et l’Asie, le Moyen-Orient et le Caucase’’.

LA PRESSION DYNAMIQUE DES ETATS-UNIS

L’envoi d’un signal fort à un pays musulman
Les USA ont une attitude contradictoire puisqu’ils demeurent alliés des positions israéliennes dans le conflit palestinien.

La recherche du contrôle de l’Union européenne
Dans la proche décennie et à raison des nouveaux alignements monétaires, le dollar pourrait perdre sa place de principale monnaie de réserve au profit de l’Euro, ce que les USA ne sont pas prêts d’accepter.
En redevenant son important allié depuis 2OO5, la Turquie permet aux USA de contrôler :
. les détroits débouchant de la Mer Noire à la Méditerranée et le principal pipeline pétrolier de la Mer Caspienne (de Bakou à Ceyhan) qui permet de réduire la dépendance énergétique de L’AZERBAÏDJAN, du KAZAKHSTAN et du TURKMENISTAN à l’égard de la Russie
. les ressources pétrolières et le marché des hydrocarbures [bataille des gazoducs : projet NABUCCO soutenu par l’Union européenne contre projet de gazoduc russe SOUTH STREAM]
. des tensions liées au problème de l’eau.

Une proximité de terrain de déploiement pour la puissance américaine
L’intérêt géostratégique de la Turquie tient à :
- sa proximité avec le Moyen-Orient, « zone de guerres à outrance » marquée par la participation directe des armées occidentales et dans laquelle se trouvent les plus grands gisements pétroliers et gaziers actuels,
- l’utilisation par l’armée américaine de la gigantesque base militaire turque d’INCIRLIK qui couvre tout le Moyen-Orient dans un rayon d’action de proximité et qui permet l’encerclement de la Russie et la Chine.

LE SILENCE ACTIF DE LA RUSSIE

Une stratégie multipolaire à l’encontre de diverses menaces

Réveils indépendantistes, menaces de ses voisins de l’Ouest, d’Asie mineure, du Japon, de la Chine… , la Russie surveille de près ses portes de sortie, aussi bien le verrou danois pour accéder à l’Océan Atlantique, le verrou japonais pour l’Océan Pacifique et l’Arctique qu’en l’espèce les détroits turcs pour accéder à la Méditerranée.
En ce sens, l’Oléoduc Bakou-Tbilisi-Ceyhan - un des piliers du couloir énergétique Est/Ouest - accueilli par la Turquie- confère à celle-ci une importance géopolitique accrue, conjointement à L’AZERBAÏDJAN et à la GEORGIE, trois pays pro-occidentaux, opposés à l’axe RUSSIE-ARMENIE-IRAN. L’intérêt de cet oléoduc pour les occidentaux est d’accéder au pétrole de la mer Caspienne en contournant la Russie et l’Iran pour atteindre la mer Méditerranée, le golf persique.

Des préoccupations d’influence dans le Caucase
Les enjeux sont énergétiques (gisement de MAÏKOP qui passe à Groznyï en TCHECHENIE) et se posent en termes de revendications nationales (retombées du conflit avec la TCHECHENIE sur les Républiques caucasiennes et Républiques autonomes de la Fédération de Russie). Le Sud Caucase, considéré jadis comme le pré-carré de la Russie, revêt une importance stratégique majeure pour les USA et leurs alliés autant que pour la Russie qui n’accepte pas que d’autres puissances viennent y contrecarrer ses plans tout comme en Asie centrale (pétrole, gaz naturel, eau).
En ce sens, les objectifs russes visent, d’une part, à verrouiller le marché turc pour bloquer le gaz azéri, turkmène et iranien et, d’autre part, à améliorer le développement de ses infrastructures de transport et d’approvisionnement sur son territoire avec la possible aide financière de la CHINE, de L’INDE et du JAPON dont les besoins énergétiques sont croissants.

LES DETERMINANTS STRATEGIQUES

L’UE représente aujourd’hui le troisième ensemble de population après la Chine et l’Inde, son élargissement suscite des interrogations fortes.

GOUVERNANCE POLITIQUE
• La question turque fonctionne comme un révélateur à la fois d’évidentes fractures et/ou d’étranges convergences. Les frontières de l’Europe étant historiquement conventionnelles, et bien que celle-ci bénéficie d’une grande richesse ethno-culturelle, la question de l’élargissement de l’UE est déterminante autant en ce qui concerne l’adhésion de la Turquie que de celle de Chypre.

• Au plan endogène : Ayant grandi rapidement, l’UE n’a pas réussi à obtenir une gestion ‘’satisfaisante et uniforme’’ de ses 27 membres actuels. Cette situation pourrait s’aggraver avec l’adhésion de la Turquie, laquelle - devenant l’une des premières nations de l’UE par sa population et ses députés au Parlement européen - aurait un poids déterminant dans la gouvernance politique de l’UE.

• Au plan exogène : l’élargissement de l’UE est confronté aux intérêts russes.
- La Russie poursuit la construction de son propre espace économique commun en Eurasie tant elle est soucieuse de contrer la pénétration des compagnies et des intérêts occidentaux et américains sur les marchés eurasiatiques, en misant sur ses principaux partenaires commerciaux comme L’UKRAINE et le KAZAKHSTAN et de tenter de recouvrer une zone d’influence. Par ailleurs, elle est tout aussi obligée de maintenir des liens suffisamment étroits avec l’UE pour éventuellement contrer la Chine, dont les intentions stratégiques demeurent incertaines.
- En ce sens, l’UE ne peut être indifférente aux relations russo-turques, tant la Turquie est susceptible de jouer un rôle d’interface modérateur entre l’Europe et l’Asie, surtout dans le contexte de la nouvelle politique de l’UE dans le Caucase. Ainsi, en intégrant la Turquie, l’UE rassurerait ce pays quant à ses angoisses de déstabilisation de ses frontières et, du même coup, en suscitant la transformation de la Turquie en un pays démocratique européen prospère, influencerait la zone du Caucase quant à la propagation des représentations démocratiques.

GOUVERNANCE ECONOMIQUE
• La Turquie présente une économie dynamique et stable, bien intégrée dans l’économie régionale et mondiale ainsi que l’avantage d’être dotée d’une population jeune, formée et active qui pourrait compenser le vieillissement de l’UE. D’un autre côté, les subventions européennes pourraient favoriser une meilleure croissance économique turque et la mise en place d’un gouvernement démocratique, de sorte que, selon la théorie des dominos, elle fournirait un modèle de démocratie économique et politique pour le reste du Proche-Orient.

• D’une part, l’UE dispose de champs pétrolifères en mer du Nord et de quelques lieux de production de gaz naturel mais elle est encore fortement dépendante d’importations, notamment du pétrole brut du Moyen-Orient et d’Iran, du gaz de Russie. D’autre part, la proximité des sources pétrolifères et gazières et son statut de double corridor énergétique (Bakou-Tbilissi-Ceyhan pour le pétrole, Bakou-Tbilissi-Erzurum pour le gaz) positionne la Turquie comme un Centre actif d’intérêt non négligeable.

• Les ressources aquifères souterraines de l’UE destinées à la consommation sont assez abondantes mais très inégalement réparties sur son territoire. Ces ressources sont largement utilisées par l’agriculture et l’industrie ou réservées pour la production hydroélectrique. Dans certaines régions toutefois, quand le détournement et le traitement d’eaux fluviales ne peuvent suffire, il est nécessaire de subvenir aux besoins en eau de consommation par livraison maritime ou par des usines de dessalement d’eau de mer, deux méthodes gourmandes en énergie. De son côté, la Turquie possède un potentiel hydrologique important. En raison de ses réserves d’eau, elle présente beaucoup d’intérêt pour le Moyen-Orient et, à terme, pour l’Europe (projet BLACK SEA INTERCONNECTION de réseau paneuropéen Haut Débit Géant coordonné par le réseau NREN TÜBITAK-ULAKBIM de la TURQUIE connecté aux réseaux régionaux de GEORGIE, D’AZERBAÏDJAN et D’ARMENIE)

GOUVERNANCE SECURITAIRE
L’intégration de la Turquie pourrait :
- d’une part, mettre en évidence que l’UE n’a jamais vraiment abordé le problème de la sécurité de son espace d’un point de vue militaire. Si la puissance militaire turque (une des plus grande armée du monde) est susceptible d’augmenter la puissance diplomatique de l’UE et sa capacité à intervenir dans des opérations internationales, donc d’accroître la sécurité régionale, en tant que membre de l’OTAN, la Turquie est, tout aussi susceptible de renforcer l’alignement militaire sur les USA (à noter toutefois que la Turquie n’a pas suivi les USA sur la question de l’Irak). De la sorte, la Turquie jouerait un rôle décisionnel dans la gouvernance diplomatique de l’UE.

- d’autre part, améliorer les efforts européens de multiculturalisme et contribuer à éviter un clash potentiel de civilisations entre européens chrétiens et musulmans. Elle serait dans la continuité et dans la logique d’élargissement, qui a présidé à l’intégration des pays de l’ancien bloc de l’Est et manifesterait la volonté de stabiliser les flux migratoires, l’ouverture de nouveaux marchés et le maintien de la Turquie hors de la mouvance islamiste.

Nelly Burgaud

BAGHDAD, Iraq, June 6 -- The U.S. Agency for International Development issued the following press release:

The Founding Shareholders meeting of the Iraqi Company for Financing SMEs, Ltd. (ICF-Small and Medium Enterprises) convened on June 6 at the Baghdad headquarters of the Tijara Provincial Economic Growth Program. Managing Directors of ICF-SME's nine Iraqi private commercial shareholder banks attended. They confirmed the appointment of Sherwan Mustafa to be ICF-SME's new Managing Director and reviewed the first-year business plan.

Incorporated last month, ICF-SME is designed to funnel investment capital to Iraqi banks for on-lending to small and medium enterprises to stimulate private sector growth. About 700,000 formal sector SMEs already exist in Iraq. Each employs from three to 29 workers. ICF-SME shareholders anticipate that a guaranteed flow of loan capital will allow existing small-and medium-size enterprises to expand and new ones to be created.

The Tijara program supported by the United States Agency for International Development (USAID) will provide a grant of $6,000,000 to ICF-SME for on lending through its shareholder banks that have specialized SME Lending Units. The money will be used for SME loans extended to qualified business borrowers at about 10 percent interest, and will average about 35 percent below prevailing market rates.

"Many worthy business people simply can't pay 16 to 18 percent interest, but they can afford 10 percent interest," says ICF-SME managing director Sherwan Mustafa. "We hope an established funding source will create more competition and allow interest rates to fall even further."

The founding private commercial banks that will receive the initial loan capital allocations are Gulf Bank, Sumer Bank, Ashur Bank, North Bank, Middle East Bank, Baghdad Bank, National Bank, Mosul Bank and Basra Bank.

The USAID-Tijara Provincial Economic Growth Program, which helped establish ICF-SME, promotes private sector development and employment in Iraq by supporting sustainable microfinance, bank lending for small and medium size enterprises, business development services, investment promotion, trade policy reform and accession to the World Trade Organization. USAID-Tijara works with government entities, Iraqi business associations and local leaders to create synergies that will improve the business environment, expand the private sector and advance other mutually-shared goals.

Since 2003, USAID has invested more than $6 billion on programs designed to stabilize communities; foster economic and agricultural growth; and build the capacity of the national, local, and provincial governments to respond to the needs of the Iraqi people.

Modernisation de l’industrie, compétitivité, relance économique, augmentation des investissements étrangers… telles sont les ambitions de la nouvelle stratégie industrielle du Maroc.

En plus de ses grands projets d’infrastructure et de développement, le Maroc a lancé un programme baptisé « Emergence » qui a pour objectifs de capter des opportunités majeures dans un contexte de fortes délocalisations, impulser l’émergence et le développement de nouveaux métiers et de nouveaux secteurs, et stimuler la croissance. Le programme définit les secteurs sur lesquels il faut concentrer les investissements de manière à faire face aux défis de la mondialisation et de la concurrence internationale, notamment l’offshoring, l’automobile, l’aéronautique, l’électronique, l’agro-alimentaire et les produits de la mer.

L’offshoring : L’objectif est d’offrir des sites clés en main pour attirer les activités d'externalisation (traitement d'informations financières, comptables et bancaires ou encore de téléservices), surtout sur les marchés francophones et hispanophones. Durant les prochaines années, le gouvernement marocain développera des zones spéciales dédiées à l’offshoring : Casa-shore, Rabat-shore (Technopolis), Tanger-Shore, Marrakech-Shore, Fès-Shore. Casa-shore sera le premier parc dédié à l’offshoring.

L’automobile : Pour ce secteur, il s'agit de se positionner sur la fabrication de composants, un secteur porteur déjà développé au Maroc. Concernant la mise en œuvre, et à l'instar de l'offshoring, le gouvernement a retenu l'idée d'une cité dédiée aux industries automobiles, baptisée « Automotive City », qui sera probablement implantée dans le Nord, à proximité du port Tanger-Méditerranée et de Tanger Free Zone (TFZ).

L’aéronautique : Tout comme l'automobile, l'industrie aéronautique, autre pilier du programme Emergence, aura sa cité, au sein de la technopole de Nouaceur.

L’électronique : Afin de faire face à la concurrence asiatique en matière d’électronique de masse (télévisions, téléphones cellulaires, etc.), le plan Emergence prévoit que le Maroc se positionne sur les composants plus sophistiqués, notamment ceux servant aux appareillages embarqués pour l'aviation, l'automobile et l'électronique à usage médical, ou encore ceux destinés à la défense. Le plan prévoit la création d’un site dédié, qui sera localisé du côté de TFZ, et qui portera le nom d'« Electronic City ».

L’agroalimentaire : Pour ce secteur, le programme Emergence propose une architecture bâtie autour de quatre pôles agro-industriels : le dipôle Meknès-Fès, le pôle du Gharb, le pôle Oriental et le pôle Tadla. Pour l'offensive dans l'agroalimentaire, le plan Emergence a retenu trois axes principaux. Le premier concerne les filières existantes et à fort potentiel comme les maraîchages, les condiments, les herbes et épices et les petits fruits. En revanche, le deuxième axe propose un positionnement sur de nouvelles filières en forte croissance comme la transformation des produits « bio » et les plats cuisinés. Enfin, le dernier axe consiste en une relance plus agressive dans les filières traditionnelles du Maroc comme l'olive, l'huile d'olive, l'huile d'argan et le jus d'orange de qualité supérieure.

Les produits de la mer : C’est presque le seul secteur dans lequel le Maroc se démarque nettement de ses principaux concurrents, dont la Turquie, la Tunisie et l'Egypte. Avec un dispositif plus agressif et en s'orientant, comme le préconise le programme Emergence, vers des produits plus élaborés comme le congelé et les produits haut de gamme, essentiellement le poisson frais, il pourrait faire mieux. Pour la mise en œuvre, le principal pôle de développement de ce secteur sera naturellement implanté à Agadir.

Le Maroc s’est donc engagé dans une politique d’aménagement de pôles de compétitivité structurés autour de projets de coopérations technologiques. Il s’agit d’une volonté clairement stratégique visant à fortifier chaque territoire à partir de réseaux d’acteurs mobilisés autour d’objectifs de compétitivité et d’attractivité communs.

Les pôles de compétitivité sont centrés sur la notion principale de réseaux : réseaux interentreprises (TPM, PME, grands groupes), réseaux entre le secteur privé (entreprise) et public (les collectivités locales, la recherche) et réseaux entre les entreprises, les centres de recherche et les organismes de formation. L’objectif est de favoriser la collaboration de l’ensemble de ces partenaires autour de projets de coopération technologiques, en vue d’une meilleure compétitivité. C’est cette coopération qui permettra de rendre chaque pôle plus visible à l’extérieur et donc plus attractif.

Les mutations économiques auxquelles les territoires sont confrontés incitent les entreprises à se rapprocher du monde de la recherche afin de multiplier ensemble les innovations au sein d’un même territoire. Dans cette optique, une politique industrielle territoriale peut se développer sur la base de nouveaux partenariats implantés sur un même espace géographique. Une telle coopération permet de développer une intelligence collective permettant de se prémunir contre les concurrents et de s’affirmer sur la scène internationale.

Le plan Emergence a déclenché une dynamique, mais il faut maintenant mettre en place une démarche réfléchie et une stratégie pour accompagner le développement des régions et leur spécialisation, ainsi que la gouvernance et l’évaluation des pôles.

By Abdel Hai Mohamad on Wednesday, July 22, 2009

UAE investments in Egypt have risen to $3.9 billion (Dh14.3bn) at the end of April and they cover many sectors such as oil and gas, Abdel Rahman A Raouf, Minister Plenipotentiary for Economics and Commercial Affairs, has said.

"The number of UAE companies in Egypt went up to 440 and the UAE direct investments in the telecommunication sector account for 50 per cent of the total investments, while the investments in the finance sector form 20 per cent and the investments in transformational industries, tourism, real estate and construction sectors form the remaining 30 per cent," he said.

"Trade exchange between Egypt and the UAE increased threefold in 2007 and 2008, as it rose from $390 million in 2007 to $1.4bn in 2008. We noticed in 2008 and the beginning of 2009 there is a big increase in exports and imports between the two countries and this is a result of the development of political relations.

"Though the trade exchange between the two countries increased last year, this does not reflect the real potentials of the two countries in various economic fields. There are big opportunities to increase the volume of trade exchange."

On whether the UAE investments to Egypt will continue after international financial crisis, he said: "The UAE and Arab investments overseas were impacted due to the crisis. But this crisis proved that the investment in Arab countries, especially Egypt, is guaranteed and generates good profits.

"Egypt has drawn up a modern investment map according to geographical distribution and structure of projects. The map includes giant projects in industrial and agricultural fields.

"The Egyptian Government invited many UAE national investors to participate in the projects. We received a positive response and I expect the UAE Government and private investments in Egypt will rise over next few years.

"The Egyptian Government issued many legislations that encourage UAE investments, in particular, and foreign investments, in general. The past period witnessed the facilitation of procedures and quick completion of projects.

"Egypt is an attractive environment for the UAE and foreign investment and has huge consumer market, as its population tops 80 million people. There are other characteristics like low wages of labourers, availability of the majority of raw materials with low prices, presence of many ports on the Mediterranean and Red Sea and a rail network which is considered the world's second oldest rail network after Britain.

"Official statistics show foreign direct investments in Egypt rose from $354.6m in 2000 to $13.2bn in 2008. The FDI in oil sector totalled $4.1bn, while they arrived at $9.1bn in non-oil sectors."

Winning Turkey: How America, Europe, and Turkey Can Revive a Fading Partnership. BY PHILIP H. GORDON AND OMER TASPINAR. Brookings Institution Press, 2008, 125 pp. $18.95.

This little book opens imagining a U.S. presidential debate in the fall of 2012 addressing the question; "Who lost Turkey?" The authors, having thus diverted the attention of foreign policy analysts from Afghanistan, Iran, Iraq, and that hearty perennial--Israel and the Arabs--move on to depict a Turkey cynical about its prospects for membership in the European Union, upset by U.S. actions in Iraq, and whiplashed by issues such as Armenia, Cyprus, and the Kurds, the last both at home and abroad. In Turkey itself, various die-hard secularists have already sought to oust the ruling Justice and Development Party (AKP) by dubious legal means, as well as by a foiled coup. Meanwhile, the AKP, with its Islamic roots, appears more concerned with furthering Turkey's ties with Europe than do those remnant Kemalist westernizers bent now on what one observer has labeled a "neo-Ottoman" orientation. The authors' five-point plan to keep the United States and Europe from "losing Turkey" boils down to "support[ing] liberalism and democracy in Turkey"; promoting a settlement with Armenia, Cyprus, and the Kurds; and renewing a commitment to Turkey's eventual membership in the EU.

SAO PAULO/ANKARA, July 22 Asia Pulse - Latin America and Africa are new bright spots for Turkish exporters after a contraction in conventional markets due to global economic crisis.

Turkish exports fell to an annual volume of around US$100 billion this year from last year's US$132 billion of exports.

Turkish exporters are now seeking new markets to overcome difficulties stemming from market contraction, especially in Europe.

For this purpose, Turkish businessmen led by State Minister for foreign trade Zafer Caglayan, travelled to Latin America last week on a tour covering Chile and Brazil.

Turkey is willing to sign a free trade deal with Mercosur zone which includes Brazil, Argentina, Paraguay and Uruguay, however, Turkish Exporters' Assembly Chairman Mehmet Buyukeksi said talks on a possible deal had not been satisfactory for Turkey.

"There is a 3.5 per cent customs duty on imports from these countries due to customs union deal that Turkey signed. But we are burdened by the 30 per cent duty on Turkish exports to such countries," Buyukeksi said.

Buyukeksi said Turkey could work together with Latin American countries on trade with Central Asia which is considered the new market for the world.

"They have the chance to reach Kazakhstan or Uzbekistan through Istanbul," he said. "This advantage could reflect onto our trade."

Buyukeksi also said that Turkish companies mostly sell automotive and spare parts, iron and steel, textiles and chemical materials to Latin America, especially to Brazil.

"We have to improve trade with Brazil. We aim to increase our bilateral trade volume in three years to US$5 billion from US$1.7 billion," he said.

"Potentially, Africa is an easier and untouched market but Latin America is important too. But it is a much more difficult market for us due to trade balance which is disadvantageous for Turkey," he said.

L’Union Européenne pourrait pérenniser son approvisionnement énergétique et limiter les effets du changement climatique à en croire une nouvelle étude.

L’étude montre également comment une « SuperSmart Grid » (un réseau de distribution de l’électricité « super intelligent ») pourrait faciliter la production décentralisée d’électricité et son transport à longue distance. À terme, cette grille de distribution d’électricité pourrait permettre le développement d’un système d’énergie renouvelable d’ici 2050. Cette étude s’inscrit dans le cadre de CIRCE, un projet financé à hauteur de 10 millions d’euros au titre du sixième programme-cadre (6e PCRD) de l’UE. Le projet CIRCE devrait s’achever en 2011 ; il a pour objectif le développement d’une évaluation des impacts du changement climatique dans la région méditerranéenne.

La production des énergies renouvelables n’est pas régulière, ce qui pose des problèmes dans le contexte d’un réseau de distribution d’électricité. Par ailleurs, le système de distribution actuel en Europe doit être remodelé car il ne peut pas répondre à la demande croissante d’énergie.

Les chercheurs travaillant dans le cadre de CIRCE proposent de développer un réseau de distribution étendu afin que l’électricité générée à partir de sources renouvelables soit transportée sur de longues distances. D’autre part, décentraliser la production d’électricité renouvelable au niveau d’installations distribuées et de petite envergure serait une option viable pour surmonter les problèmes actuels.

Ainsi, en associant ces deux options, on obtiendrait une grille super intelligente (SSG, de l’anglais SuperSmart Grid). La SSG pourrait transporter l’électricité sur une vaste zone et relier des installations plus petites de génération distribuée. D’après les partenaires de CIRCE, une SSG efficace pourrait également compenser toute fluctuation possible sur une vaste zone.

Pour que l’Europe réalise ses objectifs visant à réduire les émissions de gaz à effet de serre de 60 à 80% (par rapport aux niveaux pré-industriels et d’ici 2050), un système d’électricité renouvelable à 100% est nécessaire, déclarent les chercheurs. Ils font remarquer que ce système doit être conforme à la politique qui restreint la hausse de la température moyenne mondiale à moins de 2 degrés Celsius.

L’énergie renouvelable importée de pays non Européens pourrait contribuer à assurer la réalisation de l’objectif de l’Europe (garantir que 20% de toute l’énergie utilisée proviennent de sources d’énergie renouvelables dans les 12 années à venir). En gardant cet objectif à l’esprit, des installations telles que des centrales héliothermiques dans les déserts d’Afrique du Nord pourraient offrir toute l’énergie renouvelable dont l’Europe a besoin. D’après les experts, les conditions dans ces régions sont beaucoup plus propices à la production d’énergie solaire.

Les chercheurs ajoutent également que les technologies de courant continu à haute tension (HVDC, de l’anglais high-voltage direct-current) permettent de transporter l’électricité sur de longues distances et avec peu de pertes ; les lignes de courant alternatif (AC), quant à elles, nécessitent une isolation accrue et sont plus difficiles à gérer.

L’intégration du marché de l’énergie en Europe pourrait rendre ce système plus fiable et proposer aux consommateurs une électricité moins chère. Selon les chercheurs, l’électricité renouvelable importée d’Afrique du Nord renforcerait la sécurisation de l’approvisionnement en énergie en diversifiant l’ensemble des sources.

Ils ajoutent que le commerce de l’énergie sur le marché mondial garantit un approvisionnement plus stable d’énergie importée.

Parmi les autres avantages qu’assurerait une SSG, citons de grandes économies d’échelle et de faibles coûts de fonctionnement. Cependant, les investissements initiaux pour des installations d’énergie renouvelable seraient importants. Par exemple, la construction d’une centrale héliothermique en Afrique du Nord coûterait trois fois plus qu’une centrale à combustible fossile traditionnelle en Europe, déclarent les chercheurs.

Références :

Pincas Jawetz, "North Africa - Middle East - Europe Renewable Energy Cooperation - an Elixir for the Future". Sustainable Development Media Think Tank. "TREC… is the brainchild of the German Association for the Club of Rome and the Hamburg Climate Protection Foundation… TREC actually was a paper for an Arab Thought Forum held in Amman 2003, in anticipation of the June International Conference on Renewable Energies 2004 in Bonn."

Ashley Seager, "How mirrors can light up the world". The Guardian.

TREC. "Club of Rome: German Politicians claim "Clean Power from the Deserts". Solarserver forum.

Rolf Hug "Solar power from the desert rather than desert in Germany: renewable energy in a trans-European context". Solarserver forum.

Robin McKie "How Africa's desert sun can bring Europe power". The Observer.

"AQUA-CSP: Concentrating Solar Power for Seawater Desalination." DLR ITT, funded by BMU.
Gerhard Knies and Franz Trieb (2006). "Sun cheaper than Oil". franzalt.com Sun Page.

Sigmar Gabriel, BMU minister (19 April 2007). "Innovative Policy and financing instruments for a sustainable energy policy in the European neighbourhood policy" (html). eu2007.de, the website of Germany's January-June 2007 European Presidency.

Deserts Set to Bloom With Solar For Europe, "Desertec Forum".

Desertec (2008-07-16). "Economic and cultural aspects of Desertec Project".

Le Ministère de l’Energie et des Mines Marocain a adopté une stratégie nationale extrêmement volontariste afin de promouvoir les énergies renouvelables au Maroc : l’objectif affiché est de porter de 4 à 10 % la part de ces énergies dans la balance énergétique marocaine à l’horizon 2012.

Le Maroc a tout intérêt à investir dès à présent dans les énergies renouvelables. Selon de nombreux experts, le coût d’un programme d’actions au jour d’aujourd’hui est bien inférieur au coût d’une adaptation plus tardive.

Le Maroc bénéficie en effet de conditions extrêmement favorables à l’implantation de nouvelles énergies renouvelables :

• le taux d’ensoleillement : le soleil illumine le pays 300 jours par an ;

• la vitesse des vents : le territoire marocain, et à plus forte raison les régions du littoral, bénéficie de vents d’une moyenne de 9 mètres par seconde, à 40 m de hauteur. C’est le Nord qui semble être la zone géographique la plus attractive, avec une vitesse des vents supérieure à la moyenne nationale ;

• les ressources hydriques : avec ses 3 500 km de côtes, le territoire marocain bénéficie de ressources hydriques importantes, pour la construction de centrales hydrauliques ou de stations de pompages par exemple ;

• les conditions économiques : le gouvernement marocain a adopté une politique volontariste pour attirer les entreprises du secteur des énergies renouvelables sur son territoire (incitations financières, aménagements tarifaires, efforts de formation, etc.).

Potentiel Des Energies Renouvelables Au Maroc

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AGEFI, Par Soraya Haquani

le 11/06/2009

Le cadre juridique et fiscal s'aménage en France, mais d'autres étapes restent à franchir, comme le droit de la fiducie ou l'arrivée d'une offre en banque de détail conforme à la charia.

Les contours de la finance islamique se dessinent en France. Après l’agrément d’OPCVM islamiques par l’Autorité des marchés financiers ( AMF) en 2007, un pas supplémentaire a été franchi le 25 février dernier avec une instruction de la Direction générale du Trésor précisant le cadre fiscal de deux outils très utilisés en finance islamique : la murabaha et les sukuks (voir le glossaire ci-dessus). L’objectif : supprimer les frottements fiscaux sur les opérations financières utilisant ces deux mécanismes afin de leur permettre de se développer davantage dans l’Hexagone. Fondée sur la loi islamique - la charia -, la finance islamique interdit le recours aux intérêts, assimilés à de l’usure, et les investissements dans les secteurs considérés comme impurs (jeu, alcool, armement, pornographie, tabac...).

A l’heure où les fondamentaux de la finance conventionnelle sont remis en cause par la crise financière, cette forme de finance alternative, qui a connu une croissance très vive depuis le retour des capitaux dans les pays musulmans après les attentats du 11 septembre 2001, suscite encore davantage l’attention, notamment celle de la France. Et si la récente mesure fiscale constitue une avancée, elle devrait s’accompagner d’autres aménagements juridiques à venir. « L’administration fiscale, avec ses deux instructions sur les 'sukuks' et les 'murabahas', s’est adaptée plus rapidement que les outils juridiques n’ont suivi, avertit Laurence Toxé, associée chez Norton Rose. Il reste principalement des difficultés juridiques en France. »

Aujourd’hui, tous les yeux sont tournés sur la fiducie, un outil juridique dont le régime devrait être prochainement modifié pour permettre l’émission de sukuks. « Avec l’aide des pouvoirs publics, le droit de la fiducie pourrait être un instrument permettant de trouver des solutions pour structurer plus facilement des financements islamiques », explique l’avocate. L’attente est forte. « L'aménagement des règles juridiques et fiscales sont un prérequis à l'émergence de transactions financières islamiques en France et à l'établissement d'institutions, déclare Anouar Hassoune, vice-président, senior credit officer chez Moody’s à Paris, qui suit le sujet de près. Cela est nécessaire, mais forcément pas suffisant. »

03.07.2009

Hurriyet Daily News - Emaar Turkey, a local unit of Dubai-based Emaar Properties PJSC, has long-term plans for Turkey, according to Ozan Balaban, CEO of the property firm. Emaar has so far sold 147 of the 174 houses it has built in the Buyukcekmece district of Istanbul and is now planning a new investment in Libadiye.

Emaar Turkey has USD 4 billion worth of plans for Turkey. The company entered the Turkish market in 2006 and has already sold the first phase of Tuscan Valley Houses, its first project in Turkey.

"We have long-term plans for Turkey. We are keeping an open mind with regard to new investment opportunities. We are not fostering a build-and-sell mentality. We are here to stay" said Ozan Balaban. "In the long term, we are planning to turn Emaar into a real estate investment trust and open it to the public" he added.

Avec 340 jours de soleil ; le Sud tunisien est tout indiqué pour être un centre de rayonnement sur la région et sur le pays. L’énergie solaire ; bien que encore coûteuse, figure en bonne place parmi les énergies renouvelables disponibles en Tunisie, pays du soleil par excellence. Pour un pays qui ne dispose pas d’une grande quantité d’énergies fossiles, il est vital de développer et de diversifier les sources. Il est important d’alléger la facture de carburant et de sauvegarder l’environnement. L’idée de "Soleil de Nefta" a germé dans la tête de Hassan Zargouni et ne manquera pas de susciter l’adhésion de plus d’une partie, au niveau national et à l’échelle internationale. L’hebdomadaire "Réalités" en a même fait sa couverture.

Dans son édition du 16 juillet 2009, "Réalités" a placé le projet sous sa loupe et donne le ton : « Le projet a été présenté aux acteurs associatifs tels que le Rotary International et l’association locale de l’environnement de Nefta qui ont d’emblée parrainé le projet. Divers acteurs de la sphère économique locale et internationale ont manifesté l’intérêt de contribuer au projet… »
A l’origine; une initiative de Hassen Zargouni, statisticien et économiste. Originaire de la ville de Nefta, M. Zargouni n’a pas raté l’occasion offerte par l’hebdomadaire pour exposer les lignes forces de ce projet fédérateur.

L’autoproduction d’électricité et des énergies renouvelables vise à doter la ville de Nefta des dernières technologies en la matière. Mais pourquoi Nefta ? Plusieurs éléments justifient ce choix. Avec sa communauté urbaine (25 mille habitants), ses oasis (500 mille palmiers) et ses unités touristiques (une dizaine d’hôtels), la ville séculaire est en droit de prétendre à des besoins énergétiques grandissants.

« L’ambition du projet est de placer la Tunisie au centre de l’effort mondial visant le développement d’une économie planétaire sans gaz à effet de serre. Il s’agit d’un projet créateur d’emplois sur le plan local et régional. Un projet innovant nécessitant une coopération parfaite entre investisseurs internationaux, centres de recherches et développement situés dans le Sud tunisien et l’adhésion-appropriation des populations bénéficiaires. La volonté de changement pour l’innovation est en effet une condition du succès du projet "Soleil de Nefta". Nefta, la ville aux cent coupoles, est attachante ; aujourd’hui son environnement est fragilisé ».

Hassen Zargouni précise que l’oasis de Nefta souffre, de plus en plus, de la rareté de l’eau, à cause d’une faible pluviométrie, et de l’augmentation des charges d’exploitation des parcelles, notamment pour les petits agriculteurs. A la merci des aléas de la conjoncture, ces derniers ont du mal à honorer leurs engagements vis-à-vis de la STEG, unique producteur d’énergie indispensable au pompage de l’eau d’irrigation.

Un autre facteur milite en faveur de l’expansion des énergies renouvelables. C’est la volonté des pouvoirs publics de repenser la politique énergétique du pays. L’énergie solaire photovoltaïque n’est plus une option. C’est une nécessité. Alléger la facture du carburant et autres énergies fossiles, accéder aux zones isolées et protéger l’environnement figurent en effet parmi les priorités du Programme national de maîtrise de l’énergie.

La Tunisie table sur l’installation de 50.000 m² de capteurs solaires en 2009. Ce nombre s’élèvera à 480.000 m² en 2011, selon le programme quadriennal: 390.000 m² pour le secteur résidentiel, 60.000 m² pour le tertiaire et 30.000 m² pour l'industriel. Le programme quadriennal de maîtrise de l’énergie (2008-2011), a pour objectif de réduire de 20% la demande d’énergie primaire à l’horizon de 2011. Le cumul en économie d’énergie devrait être de 20 Mégateps à l’horizon 2020.

M. Zargouni rappelle que la Tunisie, qui a déjà développé un plan ambitieux pour promouvoir l’installation d’un système solaire thermique ; « s’est engagée avec ses partenaires commerciaux (du Nord notamment) dans un plan visant la réduction des effets de serre. Ce plan permettra particulièrement de réduire la demande d’énergie importée sous forme d’hydrocarbures, de maximiser la génération d’énergie propre et de devenir l’une des pays clés dans la prestation des technologies renouvelables et l’établissement d’une politique d’avant-garde de la sécurité énergétique ».

Vu sous cet angle, "Soleil de Nefta", se présente comme un projet phare et de renommée mondiale qui utilisera les dernières technologies solaires. M. Zargouni en énumère quatre : le solaire thermique, le solaire réfrigérant, le solaire à concentration et enfin le solaire photovoltaïque.

Pour une enveloppe de 40 à 50 millions d’euros, ce projet permettra l'exploitation de l'énergie solaire pour l'électrification des foyers isolés, le pompage de l'eau des puits de surface, la fourniture de l’électricité à une dizaine d’unités touristiques et plusieurs unités de stockage frigorifique et de conditionnement de dattes.

Côté financement, M. Zargouni cite plusieurs intervenants intéressés par le projet : la Banque Mondiale, le Rotary international, le Plan solaire méditerranée, la fondation Total, le ministère de l’Industrie, de l’Energie et des PME, l’Association Locale de Protection de l’Environnement de Nefta (ALPEN), l’Ecole Nationale d’Ingénieurs de Tunis (ENIT), l’Agence Nationale de la Maîtrise de l’Energie (ANME) ainsi que d’autres structures publiques.

Ville parfaitement ensoleillée, Nefta connaîtra assurément de beaux jours. En communicateur confirmé, Hassan Zargouni ne manque pas d’arguments pour rallier à sa cause les pouvoirs publics, les investisseurs locaux et internationaux ainsi que la communauté nationale : « Le projet "Soleil de Nefta" ne peut que générer de la valeur ajoutée pour la localité, la région et le pays, sur le plan de l’image innovante High-tech et écologiquement responsable de la Tunisie. Le projet aura un impact positif sur le tourisme vert et saharien que peut offrir la région, sur le transfert de savoir-faire et la maîtrise technologique exportable et enfin sur la création de richesse, de croissance et d’emplois dans les zones ouest, priorité du pays sur les cinq prochaines années ».

Overview

Emaar Properties PJSC SWOT Analysis

Emaar Properties PJSC is a leading Dubai-based real estate developer with a strong presence in the Middle Eastern region and expanding operations in other emerging markets, including North Africa, Asia and interests in multiple segments.

The company is well positioned to take advantage of the real estate boom, catering to European and American expatriates, though, the present crisis in the global financial markets may contribute to a decline in property prices in the Dubai market.

Strengths

Government backing

Business Model

Foreign Expansion & Diversification

Strong Regional Partnerships

Detailed

Government backing

The United Arab Emirates (UAE) Government holds a 32% stake in Emaar, and also extensive access to land required for developing properties, with less than stringent regulations than would otherwise be faced in developed economies. In addition, the UAE Government has showed the willingness and ability to support businesses in the face of economic crises, as is evident currently. The government has provided $ 6800 million to UAE banks to tide over the present liquidity crunch. Such help lines can be tapped upon as and when Emaar is in need of backing. This will help the company to stay adequately capitalized and finance operations and expand markets.

Business Model

Emaar has created a successful business model. The company has expertise in creating master-planned communities to international markets. The company has focused on creating a lifestyle living and not just offering a property. The innovative offering of self-contained communities that integrated schools, parks, landscaped grounds and retail centers into master-planned golf, equestrian and marina themed lifestyles has proved a winning combination. Each project has a mix of apartments, condominiums, and villas. It also offers land plots as an investment option to clients. The innovative concept is backed by timely deliveries of high quality properties. Emaar has delivered more than 22,000 properties till 2008 in the U.A.E. It also has the support of the Dubai government that has a 32% holding in the company. Most of the land bank totaling 22.26 million square meters in Dubai is a result of the strategic joint venture with Bawadi LLC. Emaar also has partnerships with established developers like Arabtec, Nasa Multiplex, Samsung, and Al Futtaim Carillion.

Emaar plans to replicate the same model outside the domestic market through the Vision 2010 document. To fulfill Vision 2010, the company has reorganized its corporate office. It has also attempted to leverage on global management expertise by creating an international talent pool and a data-bank of best practices. Some of the experienced managers from the U.S. have been moved to head other subsidiaries. Richard Rodriguez has become the CEO, Emaar Dubai and Bill Ratazzi CEO, Emaar MGF. The company has also introduced MBO, KPI system and Enterprise Risk Management in 2007. Emaar intends to spin off subsidiaries and associate companies to replicate the Dubai business model with emphasis on local tastes and culture.

Foreign Expansion & Diversification

Emaar International was launched in 2004 in a strategic move to diversify markets and reduce the risk of depending on a single market Dubai. Emaar International has entered into various markets through its subsidiaries to sustain future growth and create alternative revenues streams. Most of the subsidiaries have partnerships with the local government or private players to understand the market better. The company has a land bank of 22.26 million square meters in the U.A.E that increased by 76% to 162 million square feet through partnership with Bawadi LLC. The international land bank includes almost 500 million square meters across India, Saudi Arabia, Morocco, Pakistan, Syria, Turkey, Egypt, Jordan, Libya, Algeria, Tunisia, Canada, USA & Indonesia.

The company has entered into the developed foreign markets through acquisitions. In June 2006 Emaar acquired John Laing Homes, the second largest privately held homebuilder in the US. It helped the company become a significant real estate developer in residential homebuilding. It also acquired Hamptons International, the UK-based Real Estate agents.

The company has also focused on a diversification strategy. It has taken steps to diversify its business lines and develop new competencies in hospitality & leisure, malls, education, healthcare and financial services. Emaar entered into education sector through the acquisition of Raffles Campus, a Singapore based educational establishment. It has entered the hotels and resorts sector through Georgio Armani brand. The company has a agreement with Turner International for project coordination. Turner is responsible for completing the construction of sales centers and ‘Street of Dreams’ model homes for Morocco, Saudi Arabia, Egypt, India and Pakistan. The foreign expansion and diversification strategy has created synergies and helped the company gain execution capabilities and competencies in design through John Laing Homes, project management through Turner International and distribution/sales through Hamptons.

Strong Regional Partnerships

Emaar has a strong reputation and established partnerships with local governments and major local players in every country it has forayed in the real estate development segment. The main area of initial focus was the Middle East, North Africa and Indian subcontinent where the company has entered into partnerships with leading players in these markets. In 2008, Emaar Misr, Emaar’s Egyptian subsidiary signed a memorandum of understanding with Abu Dhabi Municipality to develop the 2.2 million sq m Sheikh Khalifa Bin Zayed Residential City in Cairo. Emaar also entered into a joint venture agreement with Prince Meshal Bin AbdulAziz Al Saud, chairman of Saudi Arabia’s Bayah Council, and owner of Al-Shoala Group of Establishment, to develop a 31 million sq m master-planned community, Rawabi Rumah, located near Riyadh.

Turner International (ME) has also commenced project coordination for the Emaar Group, completing the construction of sales centers and ‘"Street of Dreams’ model homes for Morocco, Saudi Arabia, Egypt, India and Pakistan. Emaar operates in India through Emaar MGF. Emaar MGF Land Private Limited is a joint venture company formed by Emaar Properties PJSC and MGF Developments Limited of India. Emaar expanded into Indonesia through Emaar Indonesia. In March 2008, Emaar signed a joint venture agreement with The Bali Tourism Development Corporation (BTDC) for developing tourist destinations. Emaar, along with a number of regional and Jordanian investors formed The Dead Sea Company to undertake projects in Jordan while in Pakistan Emaar Pakistan has a tie-up with the Haji Rafiq Defense Housing Authority. Emaar Properties has a joint venture with ONA Group to create large scale residential and golfing development projects throughout Morocco. Emaar Morocco has also signed a MoU with King Mohammed VI, King of Morocco, to undertake development projects.

Similarly, Emaar Properties and Invest Group Overseas (IGO), the offshore investment and property development company, has a joint venture in Syria, In Turkey, the Tuscan Valley project is a joint venture between Emaar Properties and Atasay, turkey’s largest gold jewellery exporter.

These partnerships could help the company have an integrated approach to customer service and property development. It also complements the Vision 2010 for Emaar that is a two-pronged strategy of geographical expansion and business segmentation. With the globally integrated company as a model, Emaar also created the Emaar Design Centre, based in Newport Beach, California to aid the company’s core competencies in conceptualization, master-planning, development, landscaping and interior design.

Weaknesses

Overexposure to Dubai

Operations and Funding Strategy

Labor problems and Quality issues

Detailed

Overexposure to Dubai

Emaar has forayed into international markets, to reduce its dependence on Dubai. In terms of value, domestic sales have reduced to AED 13,926,334,000 in 2008 from 14,278,224,000 in 2007. But in terms of percentage, domestic revenues accounted for 79.91% of total revenues in 2007 and increased to 86.96% in 2008. As a result, despite entering into foreign markets, Emaar has not been able to reduce its exposure to the Dubai market. In March 2009, Standard & Poor's (S&P) downgraded Emaar's long-term corporate credit rating to BBB+ from A-. (BBB is a medium credit rating, and the lowest score a company can be given and still deemed to be ‘investment grade'.) The downgrade was done due to the weaknesses in the Dubai real estate market and uncertainty over the depth and duration of the downturn. The agency also pointed out that the rating was higher primarily because of the implicit support of the Dubai government.

Operations and Funding Strategy

The funding strategy of Emaar focuses on limiting the funding by the parent company to financing land acquisitions and initial infrastructure related construction. The parent company funding is restricted to 8 percent of the costs. Additional funds are raised at the project level through pre-sales, project based debt financing and IPO/Strategic sales. Emaar could have difficulty to raise cash as a result of the downgrade. Besides, it will have to pay higher interest rates than previously on new debt. Besides, higher interest rates on debts due to downgrade could make it difficult for the company to manage current projects in turn leading to imbalance of operations. There has been a decline in operating margins, operating costs (% of sales) return on equity, return on capital employed and return on assets. The operating margin has declined from 30.42% in 2004 to 13.61% in 2008 with a compound annual growth rate of -18.21%. The return on equity has steadily declined from 20.99% in 2004 to 8.48% in 2008 with a compound annual growth rate of -20.27%. The return on assets has a CAGR of -20.81% for the period 2004-2008. In addition, the operating costs have increased from 69.57% in 2004 to 86.38% in 2008, a CAGR of 5.56%.

The company has a substantial land bank across the world. With the global downturn the value of most of the assets has come down substantially followed by slow down in construction. The company has begun to focus on completing existing projects and putting on hold the new projects. This could have an impact on returns.

Labor problems and Quality issues

Emaar’ flagship project ‘The Burj Dubai’ is a leading mixed use property constructed in the heart of Dubai. With more than $ four billion spent on the project, the company has attracted a lot of attention on the attendant works and has been plagued by labor issues. The structure has been built predominantly with the help of migrant labor. Many labor groups and non profit organizations have accused the company of paying low wages and harsh treatment, and this has resulted in laborers resorting to industrial action, and also damaging property and disrupting work. These tarnish the image of the company and extended industrial action has the potential to delay the completion of projects.

Residents of one residential project developed by Emaar have accused the company of using inferior parts and equipment breakdowns. Some of these have suggested to have been occurred repeatedly. Instances such as this could lead to question marks over the quality of the company’ projects and make potential customers rethink their purchases with Emaar.

Opportunities

Consolidate Position in Domestic Market

International Expansion and Diversification of Revenue

Detailed

Consolidate Position in Domestic Market

The company has enough scope to increase its presence in Dubai. The company has 16.8 million square meters of land available for planned construction activities ad an additional 6.5 million square meters of land bank in Dubai through the JV with Bawadi. Emaar has already completed the construction of key assets in Dubai, namely, The Dubai Mall and Dubai Marina Mall with a gross leasable area exceeding 3.9 million square feet. In 2007, Emaar Hospitality Group opened three hotels in Downtown Burj Dubai: Al Manzil, Qamardeen and The Palace, The Old Town. Emaar Hospitality Group will open an additional four hotels in Dubai: Burj Lake Hotel, Dubai Mall Hotel, Dubai Marina Hotel and the Armani Hotel in Burj Dubai. Emaar also began operations of the Emaar Raffles International School in Singapore followed by the Raffles International School in Dubai Umm Suqeim in September 2007. The establishment of the University of the Arts is another strategic step taken by Emaar as there is growing demand for local arts education of international standards in the MENA region and Indian Subcontinent.

International Expansion and Diversification of Revenue

Emaar’ mission is to become a one-stop, global solution provider for lifestyle. In keeping with this strategy, Emaar has made investments in to such areas as education, malls, hospitals, mortgage financing and hotels and resorts. To achieve this, the company has made outright acquisitions and partnered with existing companies to enter new markets to expand operations and product and services offerings. This expansion, by moving away from the construction sector, will seek to insulate the company from any sectoral crises. As part of the company’ growth plans, Emaar has expanded in to various emerging international markets that have high growth potential. The focus of these plans are countries whose expected Compounded Average Growth Rate of GDP per capita for the past three years to be 12%. These countries include India, Indonesia, Turkey, Morocco and others. With the emerging middle class, Emaar has a vast market for the company’ varied products and services.

In 2008, the domestic segment accounted for AED 13,926,334,000 (86.96%) and the international segment 2,088,799,000 (13.04%). The company has enough scope to expand outside the domestic market. According to IMF – World Economic Database (October 2007), the GDP/Capita for countries in which Emaar has a presence is CAGR of 12.0% while it is CAGR 7.4% for Western Europe and CAGR 3.8% for U.S. for the period 2005-2008. Emaar estimates that by 2010 60-70% of revenues would come from international operations and it could generate 15% of net profit from Hotels and Malls. The company also plans to expand into Education and Healthcare in the MENA and Indian subcontinent regions. As on 31 December 2008, the principal segments into which the company operates were property investment and development, property management services, education, healthcare, hospitality, retail and investment in providers of financial services. The systematic expansion and diversification of revenues is highlighted by the following.

• Education – Emaar will offer premium quality education and an integrated curriculum throughout the MENA region and India.

• Healthcare – Emaar plans to establish a number of premium-quality hospitals and healthcare centers throughout the Middle East region.

• Hotels – Emaar has signed an exclusive partnership with Giorgio Armani SPA to create an international portfolio of luxury, exquisitely-furnished hotels.

• Retail – Emaar is aggressively expanding into the emerging markets of the Middle East & North Africa and the Indian subcontinent.

• Financial Services – Emaar has a significant holding in Amlak, a major Islamic financing company in Dubai.

Threats

Economic Protectionism

Global Economic Downturn

Detailed

Economic Protectionism

Many countries have regulations regarding foreign investments in certain sectors, infrastructure, being one of them. Domestic lobbies in the United States have succeeded in derailing investments citing real or perceived national security concerns. One such example was the case involving Dubai Ports World in the United States. Such restrictions could altogether delay or deny Emaar the ability to successfully execute growth plans.

Global Economic Downturn

Dubai has been the focus of expatriates from the United States and Western Europe, and they have been the main driving factors behind the rise of Dubai. It is worth mentioning that expatriates comprise of 80% of the population. Widespread job losses and the freeze in the credit markets may not provide the capital required investing in the Dubai property market, and this may adversely impact the company’ sales.

Emaar recorded an inventory write down AED 0.919 billion (US$ 0.250 billion) relating to real estate inventory in J L Homes, US in the fourth quarter of 2008. The lower revenue of AED 3.495 billion (US$ 0.952 billion) and operating profit of AED 0.924 billion (US$ 0.252 billion) for the fourth-quarter (October to December) 2008 (prior to considering the impact of inventory write down) has resulted in lower overall results for the year 2008. Annual net operating profits of AED 5.578 billion (US$ 1.519 billion) that was 15 per cent lower than the net operating profits of AED 6.575 billion (US$ 1.790 billion) in 2007. This is primarily due to slowing down of the real estate market in the U.S. and Dubai resulting from the current state of the global financial climate. Further, higher pre-operating expenses in Hotels/Malls and higher marketing costs will off-set profitability generated by international revenue.

June 30 (Reuters) - Despite Africa's vast wind power potential, only 563 megawatts are generated due to financial, regulatory and political hurdles.

This is a list of ongoing and planned wind projects.

INSTALLED WIND POWER CAPACITY (in MW, end 2008)

Egypt           390.0
Morocco         125.2
South Africa     21.8
Tunisia          20.0
Cape Verde        2.8
Nigeria           2.2
Eritrea           0.8
Namibia           0.5

EGYPT

Egypt plans to have wind power supply some 12 percent of the country's energy mix by 2020, with wind farms supplying some 7,200 MW of electricity. The Ministry of Electricity has allocated 300,000 feddans (126,000 hectares) of land in the Gulf of Suez for wind farms.

ETHIOPIA

Ethiopia signed a $307.8 million deal last year for the construction of a 120 MW wind farm within two and a half years.

KENYA

Kenya's Lake Turkana Wind Power plans to produce 300 MW of electricity from wind in the north of the country by 2012, providing about a quarter of Kenya's power demand of 1,200 MW.

MOROCCO

Morocco plans to have wind contribute 15 percent of its energy supply by 2020 to improve the kingdom's trade balance. Studies have shown that Morocco has the potential to produce 6,000 MW of wind energy, up from the 125 MW installed now.

SOUTH AFRICA

South Africa plans to build a wind farm with an initial capacity of 100 MW by March 2010, to be later expanded to 200 MW, but utility Eskom has delayed awarding the tender. The government said it plans to have independent power producers supply 400 MW of wind power in the next three years.

TANZANIA

The Ministry of Energy and Minerals said the country plans to build a 50 MW wind power project in central Tanzania. It is due to become operational in 2015, but the government is pushing to have it ready by 2010.

TUNISIA

The country has installed a 20 MW plant in its north-east and plans to scale the project up to 55 MW. In the future it plans to add further 100 MW to the grid from wind, with projects to be based on soft terms loans.

Source: Reuters, World Wind Energy Association, Internet

The Abu Dhabi National Energy Company (Taqa) is planning further expansion in North Africa, where it first established a presence in 2007 when it acquired the 1,350-mw Jorf Lasfar coal-fired independent power project (IPP) from CMS Energy of the US. Taqa’s managing director for North Africa and the Middle East, Majid Iraqui, told the UAE-based Khaleej Times, that the company is proposing to expand Jorf Lasfar, as well as bidding, in partnership with Spain’s Iberdrola, for a 300-mw wind farm IPP at Tarfaya, on Morocco’s Atlantic coast. Taqa has also indicated that it has applied to prequalify for the 350-500-mw Bizerte combined cycle power station project in Tunisia, which will be carried out on a build-own-operate (BOO) basis. The deadline for applications was the end of March (BME Mar 1st-15th 2009)

SONIA BESSAMRA

Nov 14, 2009

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Iraq's Oil Ministry will hold a roadshow for its second oil licensing round in Istanbul on 25 August in an attempt to reverse the disappointing results of the first bid round held in June.

Jul 31, 2009

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A propos d'ECP

Jul 27, 2009

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Création de la Facilité d’investissement de soutien économique à la Méditerranée (FISEM) et renforcement des actions de l’AFD

Jul 22, 2009

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