Sama Dubai promises 350,000 new jobs in Tunisia
16/09/2008
The ambitious Mediterranean Gate project planned by Sama Dubai and the Tunisian government will add 350,000 new jobs to the Tunisian economy, officials said Thursday.
By Mona Yahia for Magharebia in Tunis – 16/09/08
 [Mona Yahia] Tunisian officials and Emirati businessmen agreed upon plans for the Mediterranean Gate project, which is expected to create more than 350,000 jobs in Tunisia. |
The Tunisian government announced its approval Thursday (September 11th) of plans for the Mediterranean Gate project, a joint endeavour between Tunisia and Dubai Holding subsidiary Sama Dubai, with a total investment of up to $25 billion.
Sama Dubai Executive Chairman Farhan Faraidooni said preliminary work has begun on infrastructure and 16 buildings on a 470,000 square-metre plot. This stage is expected to be completed within five years.
Mediterranean Gate is scheduled for completion in 14 phases. The landmark development is expected to generate a wide range of employment opportunities, including direct and indirect jobs during the construction phase and over 350,000 when completed.
Tunisian Minister of Development and International Co-operation Mohamed Nouri Jouini said the project embodies Tunisia's ambitious development plans, combining tourism with economic growth. Mediterranean Gate also satisfies Tunisia's goal of doubling per capita income in ten years in order to reach 60% of that found in developed countries.
Jouini said that in order to address the additional problem of unemployment, the government aims to create 1 million new jobs in ten years. Many of these new jobs depend on foreign investment projects such as Mediterranean Gate.
In related news, Abu Dhabi real estate conglomerate Al Maabar announced a plan to build its biggest project on the African continent in the northern outskirts of Tunis, with a total investment of up to $10 billion.
Board Director Youssef Nouis said the first stage of the $10 billion Bled El Ward project will create 6,000 jobs.
Many Tunisian university graduates are awaiting the job opportunities promised by these projects, especially those with scientific, technical or vocational training.
Announcements for jobs related to the Sama Dubai project are already appearing in Tunisian newspapers.
Official statistics show that foreign direct investment in Tunisia exceeded 2 billion Tunisian dinars in 2007, or 5.18% of the total volume of investment in the country. This figure is up 35.7% from 2006 and includes 271 new foreign enterprises and the expansion of 222 others already based in the country. As a result, the total number of enterprises receiving foreign contributions rose to 2,900, providing some 291,000 jobs.
A recent International Monetary Fund (IMF) report notes that development efforts in Tunisia have shown modest but encouraging results. Unemployment eased down from 14.3% in 2006 to 14.1% in 2007, but economic growth over the same period rose from 5.5% to 6.3%, which is the highest rate Tunisia has achieved in a decade.
Gulf investments – particularly from the UAE – represent the largest portion of foreign money in the Tunisian economy.
The 2006 annual report of the Arab Investments Guarantee Organisation on the investment climate of Arab countries ranked Tunisia third among Arab countries hosting investment, and second among countries attracting UAE investment.
In its most recent report on business climates, the World Bank ranked Tunisia best in the Maghreb region, third in Africa and eighth among Arab countries.
In its report, the World Bank focused on the multiple reforms Tunisia carried out last year, particularly the cancellation of the minimum capital requirement for limited liability enterprises and the enactment of a new law related to economic initiative.