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Overview

Political institutions working to adapt to a new context
OBG
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Algeria occupies a unique place in North Africa and in the last 15 years has exhibited remarkable continuity in an ever-changing and sometimes volatile region. Over the past four years, the Maghreb region – which encompasses Mauritania, Morocco and Western Sahara, Algeria, Tunisia and Libya – has undergone significant changes, ranging from modest constitutional amendments in Morocco to revolution…

Overview

Oil prices offer new impetus to develop the non-hydrocarbons economy
OBG
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In many senses, Algeria finds itself in a strong economic position, particularly when compared with its regional neighbours. It holds the fourth-largest oil reserves and the second-largest natural gas reserves in Africa. After years of sustained high oil prices and a comparatively prudent fiscal policy – albeit balanced on a high breakeven price – it has built up considerable financial buffers,…

Overview

Return of consumer credit and reinsurance reforms promise growth
OBG
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The Algerian insurance market is underdeveloped by regional standards, with penetration particularly low in the life segment; however, the sector has witnessed strong expansion in recent years. Life insurers have posted especially robust growth since early 2013, and companies are seeking to develop new niches, such as health insurance, targeted at individuals. State-owned firms still dominate the…

Overview

The bourse seeks to expand operations while new listings are expected
OBG
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Having been launched a decade and a half ago, Algeria’s stock market remains modest in size, with a market capitalisation equivalent to around just 0.1% of GDP – a result in part of the country’s surplus liquidity and accessible bank lending. However, recent years have seen the first equity listings by private sector companies on the exchange, and plans by the government to float stakes in eight…

Overview

Retail chains are chipping away at the dominance of informal markets
OBG
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Consumption patterns in Algeria are beginning to shift towards modern retail, supported by rising income levels and greater exposure to formal shopping outlets and international brands. Small neighbourhood stores and the informal sector still account for the majority of retail turnover, but in recent years several domestic chains have expanded their footprint. Authorities hope that the rise of modern…

Overview

The sector’s characteristic steadiness is set to be shored up by a new regulatory framework
OBG
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The banking industry in Algeria is characterised by a high level of stability and ample liquidity, which owe much to the country’s robust hydrocarbons revenues. Lending to the economy has been growing strongly, albeit from a low base, and while intermediation rates are low, plans to relax a government ban on consumer credit and launch a new credit registry in 2015 should help facilitate more lending…

Overview

The country seeks to return to its industrial past
OBG
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In the last 10 years, Algeria has focused on developing local manufacturing industries in order to reduce its heavy import spending, boost employment, increase value addition and export revenues, and diversify the economy. Today the oil and gas industry contributes 97% of export receipts and roughly one-third of GDP, yet it employs only a fraction of the workforce. Over-reliance on the energy sector…

Overview

Despite regulatory challenges, public investment in infrastructure development continues to attract foreign bidders
OBG
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Benefitting from the government’s push for transport infrastructure and public housing, and guided by a new capital-intensive five-year plan, the construction sector has been seeing constant activity. This is not only positively impacting local building and contracting firms but also attracting a host of contractors from abroad which are looking to tap into the country’s public tenders – a clear…

Overview

New measures aim to accelerate development of housing options, as other segments of the market show renewed dynamism
OBG
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As the government channels state funds into its public housing programme, growing private interest is stoking growth in the higher-end residential segment of Algeria’s real estate market along with office and commercial real estate. In terms of volume of units, the market is largely driven by the governmental efforts to reduce Algeria’s housing deficit, particularly in the lower three quintiles…

Overview

Fresh government investment allocated to enhance transport links
OBG
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As a result of high oil revenues over the past decade, Algeria’s transport infrastructure has been significantly overhauled, benefitting from generous public sector spending. Tens of billions of euros have been channelled into roads, rails, ports and airports over the past five years alone, with an equivalent amount due to be disbursed through 2019. Allocation During the 2010-14 period, the government…