Core Points - The Algerian government is presenting the 2026 Finance Bill amid a gradual economic recovery, attributed to ongoing reforms and efforts across various sectors [1] - The Finance Minister forecasts an economic growth rate of 4.1% for 2026, increasing to 4.4% in 2027 and further to 4.5% in 2028, considering both domestic and international economic conditions [1] Economic Outlook - The 2026 Finance Bill is positioned within the context of Algeria's economic recovery, emphasizing the government's commitment to encouraging investment and economic diversification [1] - The anticipated growth rates reflect expectations for performance in non-hydrocarbon sectors, indicating a shift in focus for the Algerian economy [1]

（原标题：安巴政府将参与建设酿酒企业合资项目） 为推动经济多元化、降低安巴对旅游业的依赖，安巴总理布朗宣布计划新建一 座啤酒厂，并对安提瓜酿酒厂进行扩建。相关项目将依托近期获批的贷款推 进，采用公私合营的经营模式。该举措有利于助力扩大生产基础，提升制造业 等非旅游产业占比，优化国内经济结构。安巴政府未来将继续鼓励在农业、酿 酒和金融服务等领域开展类似合资项目，以强化其在本地经济的参与度。 ...

据Cridem网站消息，2025年11月6日，国际货币基金组织（IMF）完成了对毛里塔尼亚经济与金融 项目（FEC/MEDC）第五次审查及复原与韧性机制（FRD）第四次审查任务。毛里塔尼亚经济与发展部 长西迪亚、中央银行行长达比以及IMF任务团团长费利克斯·费舍尔共同出席记者会，介绍了毛经济形 势和结构性改革进展。 （原标题：国际货币基金组织完成毛里塔尼亚经济项目第五次审查） 费舍尔指出，毛里塔尼亚2024年经济增长表现强劲，达6.3%；但受采掘业收缩及非采掘部门增速 放缓影响，预计2025年经济增速将放缓至4.2%。尽管如此，中期前景总体仍保持积极，前提是政府继 续推进经济多元化和非采掘部门增长相关改革。费舍尔表示，由于审慎的宏观经济政策和毛中央银行持 续吸收市场过剩流动性，预计2025年通胀率将维持在2%以下。他强调，IMF合作项目执行良好，截至 2025年6月底的各项量化目标均已实现；截至9月底，预算赤字低于预期水平，财政收入符合预期，支出 则控制在预算之内。IMF团队同时肯定毛方在结构性改革方面取得的进展，并鼓励政府加快出台国有企 业法和努瓦迪布自由区相关实施细则。 ...

Core Insights - North Africa is emerging as a key engine of economic growth in Africa, driven by strong performances from Egypt and Morocco, while countries like Mauritania remain heavily reliant on resource-based rent economies [1] Economic Growth Projections - The International Monetary Fund forecasts that the overall growth rate for the six North African countries (Mauritania, Morocco, Algeria, Tunisia, Egypt, Libya) will reach 4% in 2025, surpassing the average growth rate of 3.9% for Sub-Saharan Africa and 2% for the Middle East [1] Economic Diversification and Challenges - Morocco and Egypt have made significant progress in economic diversification and attracting foreign investment, while Mauritania faces challenges due to its heavy reliance on mining and marine fishing for revenue, indicating a closed rent-seeking economic model [1] - Tunisia, Algeria, and Libya are also hindered by structural issues that prevent them from fully unleashing their economic potential [1] Future Outlook - The report emphasizes that North Africa's ability to maintain its status as a leading growth region in Africa depends on the implementation of substantial economic structural reforms, deepening regional trade integration, and reducing reliance on natural resources as the primary source of income [1]

Group 1 - Bahrain reported a new batch of four gold projects totaling $4.4 billion in investment, expected to create over 1,100 jobs and contribute to economic diversification and growth across technology, real estate, and green manufacturing sectors [1] - The announcement was made during the Gateway Gulf event, which gathered over 200 distinguished guests, including global investors and business leaders, to explore high-value investment opportunities in the Gulf region [3] - The gold licenses awarded to these projects increase the diversity of the investment portfolio, bringing the total investment value to over $6 billion since the program's launch in April 2023 [3] Group 2 - Oracle partnered with local technology group Binaa Al Bahrain to launch a sovereign cloud data center for clients using Oracle applications, supporting Bahrain's broader ambitions for sustainability and modernization [4] - Arla Foods expanded its product line at its Bahrain facility, becoming the second-largest dairy manufacturer in the region and enhancing food security while increasing export ambitions to new markets including the EU, Africa, China, Japan, and Indonesia [4] - Foulath Holding is expanding its existing facilities to develop solar projects, showcasing the industrial sector's commitment to sustainable practices [4] Group 3 - Bahrain is prioritizing digital transformation and economic growth, with a focus on developing a highly educated bilingual workforce, achieving significant progress in diversification [5] - By 2024, non-oil GDP is expected to account for 85.3% of total GDP, with the financial services sector contributing 17.2% and manufacturing 15.1% [5] - Foreign direct investment stock has increased to $45.5 billion, resulting in a foreign direct investment stock to GDP ratio of 96.5%, significantly higher than the global average of 45.8%, indicating strong international investor confidence [5]

Core Insights - The Middle East is at a critical juncture between old and new growth models, driven by global energy transition, technological revolution, and geopolitical rebalancing, leading to profound structural changes in this traditionally resource-based economy [1][2][5] - Governments in the region are pushing for economic diversification and localization of industries, with long-term development visions such as Saudi Arabia's Vision 2030 and the UAE's Centennial 2071, indicating a clear trajectory towards diversification, digitization, and greening of the economy [1][5][29] Economic Trends - The Middle East is experiencing a mild recovery, with economic growth driven by the expansion of non-oil industries, accelerated infrastructure investment, and the implementation of structural reforms [5][7] - GCC countries maintain moderate to high growth due to fiscal stability and policy continuity, while non-GCC countries face economic disparities influenced by inflation and debt pressures [7][12] Investment Landscape - The region's non-oil industries, particularly tourism, finance, and ICT, are becoming new growth engines, supported by government policies [7][12] - The political landscape is characterized by low-intensity conflicts, affecting investment expectations and energy supply chains, while countries with stable diplomatic relations are emerging as political buffers and strategic intermediaries [13][16] Social Dynamics - The demographic structure shows a significant polarization, with a high proportion of young people providing potential consumer and labor force benefits, contrasted by high unemployment rates in non-GCC countries [16][50] - Digital transformation is a core driver of social restructuring, with GCC countries moving towards digital governance, enhancing market transparency and marketing efficiency [16][60] Trade Relations - In 2024, trade between China and the Middle East is projected to approach $490 billion, reflecting a trend of declining resource trade and increasing high-tech product trade [22][24] - GCC countries are becoming key investment and cooperation hubs for Chinese enterprises, marking a shift towards deeper interconnectivity in economic relations [22][24] Sectoral Opportunities - Advanced manufacturing is viewed as a key engine for economic diversification, with countries attracting global manufacturing enterprises through industrial clusters and free zone policies [60] - AI and digital economy are becoming central to the competitive landscape, with significant investments in data centers, cloud infrastructure, and AI governance frameworks [63][65]

Report Industry Investment Rating - No information provided regarding the report industry investment rating Core View of the Report - The outcome of the Sino-US talks met market expectations, had no significant impact on oil prices, and did not reach a comprehensive trade agreement. It only reached agreements on issues such as fentanyl, tariff extensions, and soybean purchases, without addressing core issues like Russian oil procurement and US crude oil procurement, thus having limited impact on oil prices [2] Summary by Relevant Catalogs Market News and Important Data - The price of light crude oil futures for December delivery on the New York Mercantile Exchange rose 9 cents to $60.57 per barrel, a 0.15% increase; the price of Brent crude oil futures for December delivery rose 8 cents to $65.00 per barrel, a 0.12% increase. The main SC crude oil contract closed down 0.24% at 461 yuan per barrel [1] - Saudi Arabia's fiscal deficit in the third quarter widened to 88.5 billion riyals ($23.6 billion), a 160% increase from the previous quarter. Oil revenue decreased by 0.1% to 150.8 billion riyals due to OPEC's phased removal of production cuts. Total revenue decreased by about 13% year-on-year to 269.9 billion riyals, with 119.1 billion riyals from non-oil industries. Public spending increased by 6% year-on-year to 358.4 billion riyals [1] - Russia's second-largest oil producer, Lukoil, agreed to sell most of its international assets to Swiss commodity trader Gunvor after being sanctioned by the US. The transaction will cover most of Lukoil's overseas operations with about 15,000 employees [1] - Ukrainian security officials said that Ukraine attacked two oil storage facilities in Russian-occupied Crimea [1] - ANZ Bank expects OPEC+ to approve an additional supply increase of 137,000 barrels per day in December due to increased risks to Russian supply. The bank raised its 0 - 3 month crude oil price target to $70 per barrel [1] - India's HMEL company has suspended further purchases of Russian crude oil [1] Investment Logic - The previous day's meeting between the two heads of state basically met market expectations, had no unexpected surprises, did not reach a comprehensive trade agreement, and had limited impact on oil prices [2] Strategy - Oil prices will fluctuate within a short - term range and a medium - term short position should be considered [3]

Core Viewpoint - Liberia is set to revive its offshore oil exploration sector after a decade of stagnation by signing significant contracts with international energy companies TotalEnergies and Oranto Petroleum, marking a crucial milestone for investor confidence and energy reform in the country [1] Group 1: Contracts and Financial Implications - The Liberian government has submitted eight offshore production sharing contracts to the legislature for approval, which are the first major oil contracts in over ten years [1] - TotalEnergies and Oranto Petroleum have been granted four offshore exploration blocks, with the contracts requiring over $17 million in signing bonuses and other upfront payments, providing immediate revenue for the national treasury and supporting local development funds [1] Group 2: Economic and Development Goals - The contracts align with the government's national development agenda aimed at revitalizing the economy and creating jobs [1] - The current legislative review of the contracts is urgent to ensure national interests are safeguarded [1] Group 3: Future Outlook and Considerations - The collaboration is expected to restart exploration activities in Liberia's offshore basins and promote economic diversification [1] - Future success will depend on the transparent execution of contracts, proper management of revenues, and the implementation of environmental safeguards [1]

Core Insights - Saudi Arabia's non-oil exports increased by 5.5% year-on-year in August, reaching 29.28 billion riyals (7.81 billion USD), supported by a significant rise in re-export trade despite a decline in local production shipments [1][2] Non-Oil Export Performance - The main products in non-oil exports were machinery, electrical equipment, and parts, accounting for 25.4% of total exports, with a remarkable growth of 79.8% year-on-year [1] - Chemical products ranked second, comprising 22.7% of non-oil exports, but saw a decline of 7.4% compared to the previous year [1] - Re-export value grew by 32.9%, while non-oil exports excluding re-exports fell by 6.7% [1] Economic Diversification Efforts - Saudi Arabia aims to reduce its reliance on oil revenues and diversify its economy as part of its Vision 2030 agenda [1][2] - The Purchasing Managers' Index (PMI) rose to 57.8 in August, the highest level since March, indicating strong economic activity [1] Trade Partners and Destinations - The UAE was the largest destination for Saudi non-oil exports in August, with an export value of 9.87 billion riyals, followed by India (3.7 billion riyals) and China (1.96 billion riyals) [2] - In terms of total exports, Asia remained the largest market, with an export value of 72.43 billion riyals [4] Import Trends - Saudi Arabia's imports grew by 7.4% year-on-year in August, totaling 74.85 billion riyals, contributing to a trade surplus increase of 4.1% [5] - The leading import products included machinery and electrical equipment (22.3 billion riyals), transport parts (10.59 billion riyals), and chemical products (6.61 billion riyals) [6] Key Ports and Airports - The Jeddah Islamic Port handled the highest non-oil export volume in August, valued at 3.4 billion riyals, followed by King Fahd Industrial Port (3.21 billion riyals) [2] - The King Abdulaziz International Airport processed outbound goods worth 5.19 billion riyals, leading among airports [3]

Core Viewpoint - The relationship between Canada and the United States, historically characterized by close economic ties, is facing significant challenges due to protectionist policies initiated by former President Trump, leading to increased tariffs and a shift in Canada's trade strategy towards diversification and new markets [1][3][9]. Economic Impact - Over 70% of Canada's exports are directed towards the U.S., making the Canadian economy heavily reliant on American markets [1]. - Following the imposition of a 25% tariff on steel and aluminum, Canada's export volume significantly decreased, resulting in factory closures and job losses [1][3]. - By 2025, the export share to the U.S. dropped by 10 percentage points to 68%, while non-U.S. exports began to grow [5]. Political Response - The Canadian government, under Prime Minister Mark Carney, is actively seeking to reduce dependency on the U.S. by doubling exports to non-U.S. markets within ten years, aiming for an additional 300 billion CAD in revenue [4][5]. - Carney's administration is focusing on strengthening ties with countries like China and India, as well as engaging in free trade agreements with Indonesia and the UAE [5][7]. Trade Strategy - Canada is pivoting towards Asia, with a focus on enhancing trade relations with China, despite recent challenges due to tariffs on Canadian agricultural products [7][8]. - The government is also negotiating with Germany for technological cooperation and with the EU for defense collaboration, aiming to create a more diversified economic landscape [5][8]. Future Outlook - Despite the ongoing trade tensions and economic challenges, Canada is projected to maintain a modest economic growth rate of 1.2% in 2025, supported by its diversification strategy [9][11]. - The situation serves as a cautionary tale for smaller nations facing larger powers, emphasizing the importance of finding alternative markets and upgrading industries to mitigate risks associated with over-reliance on a single country [11].