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Mauritius and Qatar sign labour agreement; strengthen tourism links

The island nation is going all out to court the prosperous Middle-East economy through a labour agreement signed yesterday to regulate Mauritian workforce in the country road as well as a roadshow held in Qatar recently to promote the island’s tourism industry. The labour agreement was signed in Doha yesterday by Qatar’s labour minister Dr. Abdullah bin Saleh Al Khulaifi and his counterpart in Mauritius, Shakeel Ahmed Yousuf Abdul Razack

Big projects lined up for Mauritius realty sector in 2014

After a slow year in 2013, the real estate sector in Mauritius is set to stage a recovery in 2014 as five big projects involving construction of high-end IRS (Integrated Resort Scheme) villas, bungalows and hotels have been launched since the start of this year. The Parc de Mont Choisy project, the Choisy Les Bains Limited project, the expansion of the Azuri Village, the Coral Beach residential project in Balaclava

Mauritius finance ministry says no “blank cheque” for Central Bank

In another twist to the excess liquidity tale, the finance ministry has openly differed with the central bank Governor’s stance on increasing the repo rate. While the Monetary Policy Committee held the repo rate steady at 4.65% on Monday, Governor Rundheersing Bheenick had advocated an interest rate rise in a statement on Tuesday. He noted that a higher repo rate would boost domestic savings and also stop investors pulling out

Mauritius stock exchange starts with bang; to close with whimper?

While the Stock Exchange of Mauritius (SEM) had started 2014 with a bang, it seems to be losing steam with a dip of 1.4% in just one week starting from 2124.05 on January 22 to close at 2086.62 on January 30. For the full month, the SEMDEX which stood at 2,095.69 points on 31 December, dipped to 2,086.62 points at close of trade on 30 January, representing a decline of

AfDB approves Mauritius’ Country Strategy Paper for 2014-2018

In line with its objective to support regional development, the African Development Bank Group (AfDB) approved Mauritius’ Country Strategy Paper (CSP) for 2014-2018. The board of directors met in Tunis on Wednesday to finalise the bank’s strategic business plan in Mauritius for the five-year period. Taking into account the strategic importance of Mauritius to the region and the bank, the paper recognises the country’s outstanding performance and strong economic fundamentals. It

Mauritius CWA to spend Rs 1 billion to plug water leakage

The Central Water Authority (CWA) of Mauritius is undertaking a mammoth Rs 1 billion project to reduce water leakage on the island. Under the project, the CWA, with the assistance of a team from Singapore, is using modern equipment to detect underground leaks and repair them as well as track down illegal connections in the water supply network. The non-revenue water (NRW) project is funded by a loan from the government to CWA

IMF: Mauritius economy to grow 3.7% in 2014

Following its review of the island economy, the International Monetary Fund (IMF) has estimated that its GDP will grow by 3.7% in 2014. However, Mauritius can realise its economic potential only if an upward growth trajectory is maintained in seafood, Information and Communication Technology (ICT) as well as financial services sectors. Martin Petri, who headed an IMF mission to the island from 22 January to 5 February, said on Wednesday

[In-depth interview] Jean-Claude Béga: Dynamism and Responsiveness are GML’s success mantra

AfricaMoney spoke to Jean-Claude Béga, the Chief Financial Officer (CFO) of Mauritius’ largest conglomerate, GML, on how astute financial management is key to the group’s success. (Edited excerpts from an interview) What are the biggest challenges you face as the CFO of a highly diversified conglomerate like GML which cuts across sectors such as hospitality, banking, fisheries, real estate and sugar, besides operating across multiple geographies? GML is a highly diversified

Mauritius: Governor disagrees with committee, says repo rate must rise

Governor Rundheersing Bheenick said on Tuesday that the key repo rate should be raised to prevent outflow of capital, taking a stance contrary to the monetary policy committee (MPC) which decided to hold the rate steady at its Monday meeting. The central bank head said that raising the rate would protect the Indian Ocean Island from the turbulence that has hit other emerging markets and would address the issue of

Over 4000 Mauritians get jobs under Youth Employment Program

More than 4,000 unemployed youths have been provided with training or placement in various sectors of the economy through the Youth Employment Programme (YEP) since it started in January 2013. Mauritius Finance Minister Xavier-Luc Duval made this announcement at the launch of the YEP Report in Port-Louis. The YEP was launched last year with a provision of Rs 330 million and this year, Rs 300 million have been allocated to

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