Tunisian Confederation of Industry: Authorities Should Announce Economic State of Emergency

An elderly man wearing a face mask due to the COVID-19 pandemic at the central market in Tunis. AFP file photo
An elderly man wearing a face mask due to the COVID-19 pandemic at the central market in Tunis. AFP file photo
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Tunisian Confederation of Industry: Authorities Should Announce Economic State of Emergency

An elderly man wearing a face mask due to the COVID-19 pandemic at the central market in Tunis. AFP file photo
An elderly man wearing a face mask due to the COVID-19 pandemic at the central market in Tunis. AFP file photo

The President of the Tunisian Confederation of Industry, Trade and Handicrafts, Samir Majoul, called on the government to activate the state of emergency to salvage the economy.

Earlier, the Central Bank of Tunisia (BCT) predicted a sharp economic contraction during Q2 of 2020, ranging between 10 and 12 percent, with the unemployment rate predicted to increase to 21.6 percent, a rise of no less than 274,500 unemployed citizens.

Majoul called for creating the necessary conditions to revive the economy by expediting major reforms, boost development and support all sectors.

This year, the Tunisian economy recorded its worst result since 1997, and the head of National Institute of Statistics, Adnen Lassoued, revealed that the economy fell over 21 percent.

The contraction hit major sectors, affecting mainly the service industry.

Hotels, restaurants, and cafes contracted 77.5 percent and the transport sector 51.4 percent, in addition to the 15.8 percent contraction of the non-marketed service sector, mainly paid by the administration.

Meanwhile, the added value of industries dropped 27 percent due to the noticeable decline in the production of exported industries, similar to the textile and clothing sector, which suffered the largest loss of 42 percent.

The exports of the mechanical and electrical industries decreased 35.9 percent, and the added value of the building materials saw a significant decline of 38.4 percent, following the sharp drop in construction.

Economic and financial experts believe an economic recovery depends on the ability to control the coronavirus pandemic in Tunisia and its partner European countries.

Tunisian economist Ezzeddine Saidane stressed that overcoming the economic downturn requires large financial resources that the country does not possess over the authorities’ failure to resort to the international financial market as a result of the continuous reduction of the credit rating since 2011.

Saidane noted that relying on local resources requires exceptional solutions, such as adopting a different monetary policy.

The International Monetary Fund (IMF) was not satisfied with this financial policy that directed development and investment funds to bridge the budget deficit over the past years.

He said that this policy puts the Tunisian economy in a vicious circle.



Aramco Inaugurates Regional Center for Sustainable Fishery Development on Abu Ali Island

tthe inauguration of the regional center for sustainable fishery development, Arabian Gulf branch, was made in cooperation with the Ministry of Energy and the Ministry of Environment, Water and Agriculture. Aramco
tthe inauguration of the regional center for sustainable fishery development, Arabian Gulf branch, was made in cooperation with the Ministry of Energy and the Ministry of Environment, Water and Agriculture. Aramco
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Aramco Inaugurates Regional Center for Sustainable Fishery Development on Abu Ali Island

tthe inauguration of the regional center for sustainable fishery development, Arabian Gulf branch, was made in cooperation with the Ministry of Energy and the Ministry of Environment, Water and Agriculture. Aramco
tthe inauguration of the regional center for sustainable fishery development, Arabian Gulf branch, was made in cooperation with the Ministry of Energy and the Ministry of Environment, Water and Agriculture. Aramco

Saudi Aramco announced on Thursday the inauguration of the regional center for sustainable fishery development, Arabian Gulf branch, in cooperation with the Ministry of Energy and the Ministry of Environment, Water and Agriculture.

Through this collaboration, Saudi Aramco aims to highlight its investments in citizenship initiatives and its efforts to drive economic growth, support local fishermen and their livelihoods, build expertise, and adopt the best practices to enhance production and cultivate fish of marketable sizes that can compete globally.

The center is part of the company's broader efforts to protect marine life in the Arabian Gulf. It involves the establishment of a fish hatchery on Abu Ali Island in Jubail, located on the Arabian Gulf coast, designed to produce local fish species that have experienced population declines due to fishing practices and to reintroduce them into Gulf waters.

The center's operations are designed to encompass the complete fish life cycle within designated tanks, from broodstock for egg production to larval rearing using plankton produced on-site and finally to the release of juvenile fish into the Arabian Gulf. The hatchery employs advanced aquaculture technologies to ensure fish health, and it utilizes top-tier water recycling techniques to enhance performance and meet the company's circular economy objectives.

The project aligns with Saudi Aramco's mangrove plantation initiative, under which more than 43 million trees have been planted to date. Mangrove forests provide vital nursery habitats for the juvenile fish released into the Gulf, further supporting the sustainability of marine ecosystems.