Complex Made Simple

Daily brief: Morocco to build tech hub, KSA pushes Saudisation

Chinese group Haite will finance a $10 billion project to build a new industrial and technology hub in Morocco. Here are the top seven business stories you need to know today.


Gulf set to consolidate; labour policy may weigh on Saudi

Most stock markets in the Gulf look set to consolidate on Tuesday in the absence of major international or domestic news, though Saudi Arabian stocks could react to news of a tighter policy on foreign workers.


Aldar Properties to invest 1.9bn dirhams in recurring revenue assets

Aldar Properties announced it is set to invest 1.9 billion dirhams in recurring revenue assets on YAS and Reem Islands in Abu Dhabi.


US to ban some airline passengers from carrying larger electronics

Passengers travelling on certain U.S.-bound foreign airline flights will have to check electronic devices larger than a cell phone once U.S. authorities formalise a new ban in response to an unspecified terrorism threat, US officials told Reuters on Monday.


Morocco signs preliminary financing agreement for $10bn tech city

Morocco said on Monday that a $10 billion project to build a new industrial and technology hub near the northern city of Tangiers will be financed by Chinese group Haite, BMCE’s Bank of Africa, and the Moroccan government.

(Drones and robotics: UAE and Morocco lead ‘Smart’ MENA activities)


World bank disburses another $1 billion loan to Egypt

The World Bank has disbursed another $1 billion in financial assistance to Egypt out of its $3 billion loan programme with the country, the bank said in a statement on Monday.


Saudis to tighten curbs on foreign workers in local jobs push, sources say

Saudi Arabia plans to tighten restrictions on foreign workers to pressure companies into hiring more Saudi citizens and reduce unemployment among Saudis, government sources said on Monday.


(China, Saudi Arabia eye $65bn in deals during king visit)


Algerian state energy firm Sonatrach replaces CEO

Algerian state energy firm Sonatrach has replaced Chief Executive Amine Mazouzi after less than two years in the job with Abdelmoumen Ould Kadour, the energy ministry said on Monday.


(Algeria says fund to cover budget deficits declining)