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 […] May 10, 2023
Tourism 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 […] April 18, 2023
Energy 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 […] April 7, 2023
Analysis Economy 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, […] April 6, 2023
Manufacturing 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 […] March 29, 2023
Manufacturing 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 […] March 20, 2023
Agriculture 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 […] March 8, 2023
Energy 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 […] March 3, 2023
Banking & Finance Rising interest rates will help struggling Mena banks Rising interest rates are likely to help major banks in Egypt, Morocco and Jordan to remain profitable in 2023 despite loan defaults increasing and a darkening global economic outlook, S&P Global Ratings forecasts. But banks in the three countries remain vulnerable because of higher funding costs, commodity prices and inflation and lower tourism revenue. The […] February 24, 2023
Banking & Finance Moroccan venture capital fund eyes more tech investments in Israel Morocco’s UM6P Ventures is looking to expand its Israeli portfolio, CEO Yasser Biaz said. UM6P has already made two investments in Israeli startups – out of a total of 18 globally. “We are evaluating another two, looking deeper and further,” Biaz told Reuters during a visit to Israel for the OurCrowd Global Investor Summit in […] February 15, 2023
Exclusive Tourism ‘Constantly evolving’ Mena key to Hyatt growth plan, says new VP Hyatt Hotels, the US-based hospitality giant, is placing emphasis on the Middle East and Africa for its global growth strategy. Stuart Deeson, newly appointed vice president of operations for the region at Hyatt, told AGBI that Saudi Arabia in particular was witnessing a “significant point in history”. He also believes Qatar, Kuwait and Morocco offer […] February 1, 2023
Energy Morocco edges closer to free trade deal with Qatar Morocco looks likely to benefit from Qatar’s booming energy revenues as the two countries move closer to a free trade deal, a Mena economist has said. Government ministers concluded a second round of negotiations in Doha on January 22 to 23, building on the opening discussions that took place in Rabat last November. Qatar recorded […] January 31, 2023
Analysis Tourism Four Seasons reveals new hotel as Morocco’s tourism sector recovers Four Seasons Hotels and Resorts has announced plans to transform a former military hospital in Rabat as Morocco’s tourism revenues continue to recover from the impact of the coronavirus pandemic. The luxury hospitality company is partnering with Atlantic Coast Hospitality, a subsidiary of Abu Dhabi-based real estate development firm Q Holding, to create Four Seasons […] January 18, 2023
Analysis Tourism Gulf in sustainable tourism push as legislation looms When the first tourists arrive to experience the Red Sea Global sustainable tourism destination in Saudi Arabia later this year, they will touch down at an airport run entirely by renewable energy and designed to include shaded areas and natural ventilation that minimises reliance on air conditioning. They will continue their journey to a resort […] January 12, 2023
Analysis Agriculture Export deal with India tipped to boost Morocco’s fertiliser industry Morocco is set to sign a long-term agreement with India to export rock phosphate, a key ingredient in fertiliser. The North African country is already one of the largest producers of phosphates and fertilisers, but the India deal is expected to lead to other agreements with governments around the world, according to an industry analyst. […] January 11, 2023
Transport Morocco looking for private partners to fund $38bn rail plans Morocco’s ambitious plans to connect the country through a high-speed national rail link requires “innovative financing solutions based on public-private partnerships”, says Mohamed Abdeljalil, minister of transport and logistics. The Morocco Rail Plan, led by the National Railways Office (ONCF), is estimated to cost 400 billion dinars ($38.1 billion), according to the Moroccan News Agency. […] January 5, 2023
Manufacturing Japan to invest $187m in Moroccan automotive industry Japanese group Sumitomo is to invest MAD1.965 billion ($187 million) in nine industrial projects across Morocco to boost the North African country’s automotive ecosystem. Regions set to benefit from the investment in the manufacturing of wiring and components include Rabat-Salé-Kenitra, Tangier-Tetouan-Al Hoceima and Casablanca-Settat. Some 16,000 jobs are expected to be created by 2028. Morocco […] December 22, 2022
Tech Abu Dhabi’s Dana turns focus on Moroccan agtech solutions Dana Global, a desert tech venture builder and investment platform based in Abu Dhabi, is partnering with Agadir Horticultural Complex to help transform agriculture in Morocco. The Agadir region forms the heart of Morocco’s agricultural industry and provides 9 percent of national GDP while processing 90 percent of the country’s fresh produce market. The region […] December 21, 2022
Food & Drink $5.5m initiative for food security in Mediterranean countries A new $5.5 million package of technical assistance to improve food security in Tunisia, Egypt, Jordan, Lebanon, Morocco and the West Bank and Gaza has been agreed by the European Bank for Reconstruction and Development and the Food and Agriculture Organisation of the United Nations. The joint initiative, which will be launched in January, is […] December 21, 2022
Opinion Tourism Morocco’s World Cup journey must be capitalised upon National football team's success can inspire wider opportunities December 13, 2022
Energy Morocco mulls hydrogen energy deal with Asia’s richest man Morocco is ramping up plans to become a major producer and exporter of green hydrogen, and the investment deals reportedly on the table include with Indian billionaire Gautam Adani. Named as Asia’s richest person, Adani is the chairman and founder of Adani Group, a multinational conglomerate with interests spanning the port development, industrial, logistics, and […] December 8, 2022
Energy Morocco targets 30% drop in energy costs via renewables boost Morocco’s government has announced plans to reduce energy costs for factories by 20-30 percent through a combined strategy of investing in renewable energy and the decarbonisation of industries. “The government is working on delivering clean electricity to all manufacturers at a lower cost compared to what they are paying now,” Morocco’s minister of industry and […] November 29, 2022
