Oil Bonanza Over, Algeria Woos The Investors It Has Long Ignored - Bloomberg Business:
"Technology entrepreneur Karim Brahiti sees opportunities springing from the biggest threat Algeria’s economy has faced in decades.
“The plunge in oil prices is a necessary evil that will force us to get out of our comfort zone and find alternatives,” said the 36-year-old Brahiti, now investing back home after years spent scouring for contracts in sub-Saharan Africa countries. “The misfortune of some makes for the happiness of others.”
For as long as petrostates like Algeria were able to stash away oil and gas revenue with only half an eye on when reserves run dry or prices fall, voices like Brahiti’s hardly registered. Yet as $40 oil brings slumping revenues, austerity, rising discontent and expanding debt, officials are stepping up efforts to diversify the economy."
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