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Morocco economy

Morocco’s economy forecast to grow 3%

Morocco’s economy is forecast to grow by 3.1 percent this year, boosted by an improved harvest and increased tourist numbers, according to the European Bank for Reconstruction and Development. However, the estimate does not take into account the earthquake that struck at the start of this month in the High Atlas Mountains near Marrakech, which […]

The new EBRD HQ in Canary Wharf, London. EBRD funding of $37m for Morocco will be distributed in two tranches

Moroccan pharma company gets $37m European funding

The European Bank for Reconstruction and Development (EBRD) is to provide MAD380 million ($37.1 million) in funding to support Morocco’s pharmaceutical private sector. The loan will be given to Dislog Group, a distributor of consumer goods covering more than 70,000 retailers across the country, which is owned by Moroccan conglomerate H&S Holding. Founded in 2005, […]

LG's plant aims to produce 50,000 metric tonnes of lithium-phosphate-iron cathode materials annually, enough to be installed in 500,000 entry-class EVs

LG lithium plant in Morocco to start production in 2026

South Korea’s LG Chem Ltd has entered into partnership with China’s Huayou Group’s subsidiary Youshan to build a joint electric vehicle (EV) battery material plant in Morocco in an effort to diversify its portfolio. The plant, set to start production in 2026, aims to produce 50,000 metric tonnes of lithium-phosphate-iron (LFP) cathode materials annually, enough […]

“Climate change is already dramatically affecting us,” says IMF head Kristalina Georgieva

IMF lends Morocco $1.3bn to fight climate change

The International Monetary Fund is to lend Morocco $1.3 billion to help the country guard against climate-related risks. The staff-level agreement was confirmed by Kristalina Georgieva, managing director of the IMF, who said the funding would be used to build resilience against future climate disasters. “Climate change is already dramatically affecting us,” Georgieva said in […]

Children displaced by the earthquake look on as workers build a playground for them at the Regraga camp

Morocco’s GDP forecast downgraded after quake

Analysts have downgraded growth forecasts for Morocco in the wake of the deadly earthquake on September 8. More than 3,000 people were killed and many more are still missing. Homes and infrastructure in the Al Haouz province, southwest of the High Atlas mountains, were severely damaged. The disaster has prompted analysts at BMI, formerly Fitch […]

Morocco survivors seek aid as earthquake toll passes 2,100

Survivors of Morocco’s deadliest earthquake in more than six decades struggled to find food, water and shelter on Sunday as the search for the missing continued in remote villages and the death toll of more than 2,100 seemed likely to rise further. Many people were spending a third night in the open after the 6.8 […]

Morocco earthquake kills more than 2,000

Moroccan earthquake survivors huddled for a night in the open on the High Atlas Mountains on Saturday, a day after the country’s deadliest quake in more than six decades killed more than 2,000 people and laid waste to villages. Neighbours were still searching for survivors buried on the slopes, where houses of mud brick, stone […]

Morocco economic outlook

Morocco’s economic outlook improving, say experts

Morocco’s economic outlook is set to brighten and it could take on more foreign debt as long as it accelerates reforms and reins in existing subsidies, according to industry experts. Moroccan GDP contracted sharply in the Covid pandemic, while the subsequent war in Ukraine and a severe drought – its worst in 40 years – […]

Machine, Motor, Engine

Morocco invests $5.6bn in clean energy projects

Morocco’s investment in cost-effective clean energy to meet local electricity demand has reached $5.6 billion, according to its energy transition and sustainable development minister Leila Benali. Projects with a combined capacity of 4.6 gigawatts (GW) are currently under construction, Morocco World News daily reported citing the minister. Nearly 203 megawatts (MWs) of additional capacity from renewable sources […]

Moroccan economic growth slows to 1.3% in 2022

The Moroccan economy registered growth of 1.3 percent in 2022, slowing down from the eight percent growth registered in 2021, the central bank said late on Saturday. Abdellatif Jouahri, governor of Bank Al Maghrib presented the figures to King Mohammed VI during a reception at the Royal Palace of Tetouan, according to a bank press […]

An olive harvester at work in Gafsa, Tunisia. Exports to the EU are expected to increase this year

North Africa to the rescue as Europe’s olive oil dries up

A caesar salad may be the ideal light meal on a summer’s day, but you might have noticed it is weighing heavier on your wallet. That is because the price of olive oil is at an all-time high. Prices have jumped by nearly 80 percent in just one year, according to data from YCharts.  European […]

Person, Worker, Adult

UK-Morocco renewables project ‘on track for 2030’

The $20 billion Xlinks Morocco-UK renewables project is “on track for completion in 2030”, the company’s CEO Simon Morrish has told AGBI, with approval now granted to build the facility that will manufacture the subsea cables critical to its development. The cable operations will be overseen by XLCC which was set up by Xlinks in […]

Morocco vegetable exports

Morocco reveals $990m plan to support farmers

Morocco’s government has launched a 10 billion dirham ($990 million) plan to support the country’s farmers, designed to combat the impact of drought and global economic challenges. A report from the Higher Commission for Planning said 229,000 jobs had been lost in rural parts of the country, where agriculture employs over 30 percent of the […]

229,000 jobs were lost in the past year in rural parts of Morocco, where climate change and water misuse are blamed for the drought

280,000 jobs lost due to Moroccan drought

Morocco’s economy lost 280,000 jobs in the past 12 months, as the farming industry continues to battle against the worst drought the North African country has seen in decades. A report from the Higher Commission for Planning (HCP) said 229,000 jobs were lost in rural parts of the country, where agriculture employs over 30 percent […]

UAE finance minister Abdullah bin Touq Al Marri held talks with Moroccan officials including investment minister Mohcine Jazouli

UAE and Morocco form taskforce to double trade by 2030

The UAE and Morocco are aiming to double bilateral trade and investment volumes over the next seven years. The two countries are forming a taskforce to build on their AED3.6 billion ($991 million) non-oil foreign trade last year, which was up 16 percent from 2021 and more than two-thirds higher than 2020. The UAE is […]

The View Hotel in Moroccan capital Rabat will be among the first establishments to benefit from the SHG-AHG collaboration

Dubai’s Sunset Hospitality Group rises in Morocco

Sunset Hospitality Group has announced a partnership to enter Morocco as part of its ongoing global expansion plans. Sunset, which operates over 25 hospitality brands around the world, ranging from resorts and beach clubs to restaurants and nightlife venues, has teamed up with African Hospitality Group (AHG) to develop new lifestyle experiences in Morocco. Having recently […]

man cleaning solar panels

Xlinks in talks to boost UK-Morocco project funding

British renewable power firm Xlinks is in talks to raise new funding for its proposed plan to build vast solar panel and wind farms in the Moroccan desert that could power more than seven million British homes by 2030. Founder and CEO Simon Morrish said the talks represented “a significant step up in the level […]

man, woman, sunglasses

The rise and fall of millionaires in Morocco and Egypt

The number of millionaires living in Morocco has increased by 28 percent over the last 10 years, but fallen by 25 percent in Egypt. While Morocco was awarded a $5 billion credit line from the International Monetary Fund (IMF) this week to shield it from the impact of the pandemic, droughts and the Ukraine war, […]

Dacia Jogger Hybrid

Renault’s hybrid move will power up Morocco’s EV ambitions

Morocco’s status as a regional electric vehicle manufacturing hub has been boosted by French carmaker Renault Group’s announcement that it will move production of its hybrid model from Romania to Tangier in the second quarter of 2024. The new production line for the Dacia Jogger model is expected to produce up to 120,000 vehicles per […]

Renault’s Morocco plant set to produce hybrid cars in 2024

French carmaker Renault Group will start production of its first hybrid model, “Dacia Jogger”, at its Tangier plant in northern Morocco in the second quarter of 2024. The new production line is expected to produce up to 120,000 vehicles, Morocco World News reported. Morocco’s Trade and Industry Minister, Ryad Mezzour, said the production “opens the […]

Morocco vegetable exports

Morocco can weather storm of fruit and vegetable shortage

Recent adverse growing conditions in Morocco have caused shortages of some fruit and vegetable produce in European supermarkets, particularly in the UK, but the impact will not dent economic growth in the North African country this year, the World Bank said. British supermarkets last month introduced rationing of some popular produce as a result of […]

Xlinks intends to generate power for 7 million UK homes from its $18bn solar and wind farm in Morocco

Xlinks looks to Europe as UK-Morocco deal stalls

Xlinks is in talks with another European country to develop a second renewables project, as it awaits final sign off from the British government on its planned first venture to supply seven million British homes with Moroccan solar and wind power. “There will be an announcement very shortly, but we’ve already set up another company […]