PPPs and concessions in Tunisia: what opportunities for private investors in 2026?

PPPs and concessions in Tunisia: what opportunities for private investors in 2026? 1. Why are PPPs and concessions attracting investor interest in Tunisia? Infrastructure development, the modernisation of public facilities and growing needs in energy, water and logistics are creating opportunities for private investors in Tunisia. Public-private partnerships (PPPs) and concessions make it possible to structure certain projects over the long term, bringing together public actors with companies, investors and financial institutions. In 2026, several strategic projects are being monitored by the Tunisian authorities, notably in rail transport, airport and port infrastructure, and energy facilities. For investors, the challenge is not only to identify announced projects. It is to determine how they will be delivered, their timetable, their financing needs and the legal conditions that allow private participation. 2. PPPs and concessions in Tunisia: what legal framework? Tunisia has two distinct mechanisms that can allow the private sector to intervene in projects of public interest. The public-private partnership (PPP) Law No. 2015-49 of 27 November 2015 on public-private partnership contracts is the reference text, subject to its amendments and applicable implementing texts. Under this framework, a public entity may entrust a private partner with a mission covering, in particular, the financing, design, construction or transformation of a work, as well as its maintenance and, depending on the contract, its operation. The partner's remuneration and the allocation of obligations are defined contractually. The financial structure depends in particular on the project's characteristics, the risks assumed and the parties' commitments. The concession The concessions regime is based in particular on Law No. 2008-23 of 1 April 2008, as amended. A concession may allow a private operator to build or operate an activity or facility under the conditions defined by the contract and the applicable texts. Operating revenues, fees, contract duration, maintenance obligations and the conditions for the return of assets must be examined in light of the project. The essential difference: a PPP and a concession do not necessarily rest on the same remuneration, financing or management model. Legal qualification must therefore take place before the investment is structured. 3. Key investment figures in Tunisia in 2026 Data available for the first quarter of 2026 provide a first indicator of investment momentum. According to FIPA data reported by Tunis Afrique Presse (TAP) on 11 May 2026: - 838.6 million dinars of international investment were recorded at end-March 2026, an 18.6% increase compared with the first quarter of 2025. - International direct investment exceeded 824.4 million dinars, up 17.2% year on year. - Manufacturing industries accounted for 68.5% of recorded international investment, ahead of energy (22.1%), services (8.5%) and agriculture (0.9%). - The announced target for the whole of 2026 was to reach 4 billion dinars of foreign investment, compared with 3.5 billion in 2025. These figures cover international investment as a whole. They do not relate exclusively to PPPs and concessions, and the annual target is not a result already achieved. For an investor, they nevertheless provide a useful economic context for examining industrial, energy, logistics and real-estate projects, without replacing an analysis of each project's individual profitability. Source: TAP — Rise in Tunisia's international investment to 838.6 MD at end-March 2026. 4. Major projects to watch in Tunisia in 2026 4.1. The deep-water port and Enfidha logistics zone The Enfidha deep-water port project is among the strategic files monitored by the Tunisian authorities under the 2026-2030 Development Plan. On 25 February 2026, the Presidency of the Government indicated that procedures relating to this project should be launched immediately, with an approach favouring the progressive delivery of functional components. This type of infrastructure may offer opportunities for different investor and operator profiles: - Terminal operations and port services; - Transport and logistics; - Warehouses and distribution platforms; - Industrial equipment and services; - Project financing and technical services. However, the announcement of a strategic project does not mean that all of its lots are open to private investors. It is necessary to check procedures actually launched, prequalification notices, tender documents and the contractual model retained. 4.2. The extension of Tunis-Carthage International Airport The extension of Tunis-Carthage Airport is also among the projects monitored by the government in 2026. Investment linked to this type of infrastructure may concern equipment, airport services, digital systems, maintenance and associated commercial activities. For private operators, the opportunity will depend in particular on how contracts are allocated among public works, supply contracts, service contracts, possible concessions and other contractual structures. It is therefore necessary to distinguish participation in a public procurement contract from taking on an activity under a concession or a PPP. 4.3. Development of the rail network The rail projects mentioned by the Presidency of the Government include high-speed rail, a high-performance rail corridor linking the north and south of the country, and a link between Tunis-Carthage Airport and the city centre. These programmes are likely to mobilise skills in engineering, construction, railway equipment, maintenance and financing. Investors must nevertheless check, for each component, the project's maturity, available studies, award methods and the role actually planned for private operators. 4.4. Energy infrastructure Energy infrastructure is another category to watch, given investment needs in production, equipment and the modernisation of facilities. In October 2026, the Major Projects Commission notably reviewed progress on the extension of the Borj El Amri power plant. Opportunities may concern engineering companies, equipment suppliers, energy operators, investors and financing institutions. The qualification of the structure — public procurement, private investment, concession or PPP — must nevertheless be verified from the documents specific to each project. 4.5. Port, logistics and water-related concessions The project portfolio published by the General Authority for Public-Private Partnership (IGPPP) lists several projects in the form of concessions, including: - The Gargour logistics zone in Sfax; - A RO-PAX terminal on the south bank of the Port of Bizerte; - A bulk terminal at the Port of Bizerte; - Renovation and extension of the Sidi Bou Saïd marina; - A desalination plant at Ksour Essef; - Wastewater treatment plants in Gabès and Tunis Nord. This portfolio is a concrete starting point for identifying projects that may interest operators specialised in infrastructure, logistics, water and technical services. It does not, however, mean that every project is immediately available: its progress status and published competitive notices must be checked individually. Source: IGPPP — Concession project pipeline. 5. La Perle du Lac: a major real-estate project, but is it a PPP? La Perle du Lac, developed by Al Buhaira Invest, is an interesting example of a large-scale urban project in Tunis. According to the project's official presentation, La Perle du Lac I covers 65 hectares and comprises 120 lots. La Perle du Lac II extends over 57 hectares and comprises 123 lots. Both operations form part of an urban development approach including, in particular, residential space, commercial activities, facilities and economic functions. The real-estate and land dimension of these operations may interest developers, institutional investors, construction companies, commercial operators and financing providers. However, a legal distinction is essential: the presence of a public actor, a developer or a project of urban interest is not enough, on its own, to establish that each operation falls under a PPP contract or a concession within the meaning of Tunisian law. Al Buhaira Invest's official presentation describes the project as a public-private partnership model. That indication does not allow the conclusion that every land acquisition, real-estate lot or development transaction constitutes a distinct PPP. For a particular transaction, the investor will need to examine the ownership structure, development agreements, land titles, planning authorisations, contracts entered into and any applicable restrictions. Sources: - La Perle du Lac I — Official presentation - La Perle du Lac II — Official presentation 6. How can private investors take part in these projects? Participation options vary according to the sector, the size of the operation and the legal structure. Direct investment and operation An investor may participate in a project company, invest in an operating company or take part in a real-estate or industrial development transaction, subject to the applicable rules. Consortium and joint venture Infrastructure projects often require several skills: construction, engineering, operation, financing and maintenance. A consortium or joint venture can bring these skills together and allocate commitments. Project financing Banks, funds and other financial investors may take part in financing a project company, subject to analysis of cash flows, guarantees, contractual risks and repayment terms. Subcontracting and specialised contracts Companies that do not wish to bear investment risk directly may seek works, supply, maintenance or associated service contracts. This participation must be distinguished from obtaining a concession or a PPP contract: it does not necessarily confer on the company the status of concessionaire or private partner of the project. 7. Main legal risks to check before investing An infrastructure or development project can mobilise substantial capital over several years. An upstream legal analysis helps identify risks that may affect its cost, timetable or return. Legal qualification and award procedure It is necessary to determine whether the operation falls under a PPP, a concession, public procurement, a real-estate acquisition or a classic private investment. Competition rules, authorisations, selection criteria and publicity obligations vary according to the structure retained. Land, planning and authorisations For real-estate and infrastructure projects, the analysis must notably cover land titles, easements, planning authorisations, any required environmental studies and the conditions for making land available. Financing and guarantees The documentation must frame equity contributions, loans, security interests, performance guarantees and drawdown conditions. Lenders' rights must be examined consistently with the main contract. Allocation of contractual risks Construction, delay, availability, demand, regulatory change and force majeure risks must be clearly allocated. The question of remuneration, indexation, penalties, revision mechanisms and termination conditions is particularly important for long-term projects. Foreign investors and cross-border operations Structuring a foreign investment may require analysis of sector rules, investment and foreign-exchange formalities, financing flows, taxation and the arrangements for transferring income, depending on the investor's situation. Finally, dispute resolution clauses must be adapted to the contract, the parties and the applicable legal framework. Choosing an arbitration procedure should not be treated as automatic for every project. 8. What strategy for investors in 2026? An effective approach consists in combining three elements: economic need, project maturity, and legal and financial feasibility. Before committing capital, an investor should: 1. Identify projects matching its sector and investment horizon. 2. Check official announcements, competitive calls and prequalification documents. 3. Study the contractual structure, authorisations and conditions of access to the project. 4. Carry out appropriate legal, financial, land and regulatory due diligence. 5. Assess construction, operating, financing and exit risks. 6. Structure contracts, guarantees and dispute resolution mechanisms before signing. The objective is not only to identify a large-scale project, but to verify that the investor can participate in legally secure and economically sustainable conditions. 9. How ANILF supports investors in PPPs and concessions in Tunisia Public-private partnerships, concessions and major real-estate or infrastructure projects mobilise several areas of law: business law, commercial contracts, financing, real-estate law, public procurement and dispute resolution. ANILF assists companies, investors and international partners in the legal analysis and structuring of their operations in Tunisia. Depending on the needs of the matter, support may notably cover: - Analysis of the legal framework applicable to the project and of the contracting method; - Legal, contractual and land due diligence; - Structuring of project companies, joint ventures and partnerships; - Review and negotiation of contracts, guarantees and financing mechanisms; - Identification of authorisations and regulatory obligations; - Support for foreign investors and coordination with their international counsel; - Prevention and management of disputes linked to infrastructure and investment contracts. Are you considering an investment in an infrastructure project, a concession, a PPP or a real-estate transaction in Tunisia? ANILF can assist you in analysing legal risks, reviewing documentation and structuring your transaction, taking into account the investor's objectives and the specific features of Tunisian law. Contact ANILF to discuss your investment project in Tunisia. 10. Official sources and references - General Authority for Public-Private Partnership — Legal framework for PPPs and concessions - IGPPP — Concession project pipeline - IGPPP — PPP project pipeline - Presidency of the Government — Major strategic projects of the 2026-2030 Development Plan, 25 February 2026 - TAP — International investment at end-March 2026 - La Perle du Lac — Project presentation Editorial note: the investment figures cited correspond to data published for the first quarter of 2026. Projects announced, listed in a pipeline or monitored by the authorities should not be presented as awarded contracts or open investment opportunities without verification of the corresponding official documents.