Economy Morocco gets $200m loan from EU for quake recovery By Pramod Kumar November 26, 2024, 11:12 AM SOPA Images Limited/Alamy Live via Reuters A mother and daughter leave their destroyed house in Amizmiz, Morocco. The EU is to increase its total earthquake aid to €1bn The European Union (EU) will provide a €190 million ($200 million) loan for reconstructing and rehabilitating earthquake-hit areas in Morocco. The funding will prioritise rebuilding homes, restoring essential public services such as healthcare and education, and reviving local economies, Morocco World News reported. The earthquake, which struck in September 2023, was the strongest in Morocco’s history, registering a magnitude of 6.8. It caused nearly 3,000 fatalities and left over 6,000 people injured. The EU will increase its total earthquake reconstruction aid to Morocco to €1 billion, EU commissioner for neighbourhood and enlargement Oliver Varhelyi told a press conference. Morocco’s Tanger Med port in $400m new funding Macron’s Morocco trip the catalyst for $11bn in deals Morocco plans to increase its military spending in budget This month, the European Bank for Reconstruction and Development approved a €200 million loan to Morocco’s phosphate-based fertiliser producer OCP Group to enhance water security by developing new desalination facilities. In September, the country’s central bank said that Morocco’s economic growth is projected to slow to 2.8 percent in 2024 due to a 7 percent contraction in the agricultural sector.
Real Estate Trump Towers proposed for Saudi and UAE capitals The Trump Organization intends to build Trump Towers in Riyadh and Abu Dhabi, marking its expansion across the Gulf region. The projects will be developed in partnership with Dar Global, the global development arm of Saudi-listed Dar Al Arkan, Eric Trump, the US president-elect’s son, told Reuters. The Abu Dhabi project is scheduled for launch next year, he said. Ziad El […] 4 hours ago
Aviation PIF acquires 15% stake in London’s Heathrow airport Saudi Arabia’s Public Investment Fund (PIF) has acquired a 15 percent stake in FGP TopCo, the holding company of Heathrow Airport Holdings. The stake was purchased from Spanish infrastructure giant Ferrovial and other FGP TopCo shareholders. Simultaneously, Ardian, a Paris-headquartered private equity fund, has acquired 22.6 percent of FGP TopCo from the same shareholders through a […] 4 hours ago
Sustainability UAE to get first lithium battery recycling plant The UAE’s first lithium battery recycling plant will become fully operational by Q2 2027. The facility, a collaboration with state-backed Kezad Group and Witthal Gulf Industries, a unit of Singapore-based Witthal Group of Companies, will have the capacity to recycle 5,000 tonnes of battery waste annually by 2027. The plant is expected to save an […] 3 hours ago
Leisure & Hospitality Hilton set to triple Egypt presence with new brands Hilton is set to triple its presence in Egypt, increasing the number of hotels to 25 and expanding its footprint to more than 40 properties over the coming years. The expansion includes the opening of its lifestyle brand, Tapestry Collection, on the African continent, as well as Egypt’s first Curio Collection and a resort under […] 1 hour ago
