Massad Boulos, a key advisor close to President Donald Trump, delivered a carefully calibrated message during a recent Sky News Arabia interview that appeared to present Algeria with a stark choice regarding the Western Sahara conflict.
The seventeen-minute interview deliberately paired two subjects: Morocco’s Sahara territory and Sudan’s ongoing crisis. While Boulos maintained diplomatic language, praising Morocco’s “constructive role” and calling for “lasting peace,” his omission of any mention of the Polisario Front spoke volumes to regional observers.
Behind the measured rhetoric, analysts detected a dual-scenario framework. The first path offers peace through Morocco’s autonomy plan, which Washington has supported since Trump’s 2020 recognition of Moroccan sovereignty over the territory. This solution would involve disarming the Polisario and transforming it into a civilian political movement, while integrating Sahrawi populations into a Moroccan region with substantial administrative powers.
The alternative scenario, subtly evoked through references to Sudan’s civil war and territorial fragmentation, suggests potential consequences if Algeria continues backing armed separatist movements. The comparison is particularly pointed given that Algeria’s southern Sahara region comprises 80% of its territory but only 10% of its population, with existing tensions over economic inequality and cross-border trafficking.
The interview signals that Washington’s recognition of Moroccan sovereignty remains firm, with no policy reversal anticipated. Boulos’s appearance on an Emirati Arabic-language channel suggests the message targets not just Algiers, but Arab world opinion-makers and regional elites.
By invoking Sudan without explicitly threatening partition, Boulos employed classic diplomatic metaphor: the warning is clear to those meant to understand it, while maintaining plausible deniability for public consumption.
Source: https://fr.le360.ma/medias/sahara-le-message-subliminal-de-massad-boulos-a-ladresse-dalger_5FTKTYYIYRHAPK53UFS5YK6CJA/
Morocco Projects 18 Million Tourist Arrivals by Year-End 2025
Morocco’s tourism sector is on track to welcome 18 million visitors by the end of 2025, generating an estimated 124 billion dirhams in revenue, according to the Finance Ministry’s report accompanying the 2026 budget bill.
The projected increases in arrivals, overnight stays, and foreign currency earnings reflect successful efforts to expand air connectivity and promotional campaigns under the 2023-2026 tourism roadmap. The Moroccan National Tourism Office has allocated 2.5 billion dirhams for investments in 2026, building on the 500 million dirhams invested through June 2025.
Through the first half of 2025, the tourism office achieved a 60% realization rate on its projected 2 billion dirham investment target. Officials plan to maintain this momentum through 2027-2028 with ambitious programs focused on creating new airline routes and strengthening partnerships with tour operators, online travel agencies, and niche market specialists.
The current strategy, branded “Light in Action,” aligns with the tourism sector’s 2023-2026 roadmap priorities. Built around three strategic pillars—marketing, air transport, and distribution networks—the program aims to position Morocco among the world’s top 15 tourism destinations.
The substantial investment in air connectivity represents a cornerstone of the strategy, as improved access from key international markets remains essential for sustained growth. The roadmap also emphasizes digital marketing integration and collaboration with specialized tour operators to capture diverse traveler segments.
Morocco’s tourism rebound comes as the sector recovers from pandemic-era disruptions and seeks to capitalize on the country’s geographic diversity, from Mediterranean and Atlantic coastlines to imperial cities and Saharan landscapes. The government views tourism as a critical economic driver for job creation and foreign exchange earnings.
Source: https://h24info.ma/economie/maroc-18-millions-de-touristes-attendus-dici-fin-2025/
Proposed Tax Reform Threatens Morocco’s Private Equity Sector Balance
Morocco’s 2026 Finance Bill introduces controversial changes to taxation of private equity funds that industry leaders warn could undermine the sector’s fundamental operating principles.
The proposed reform aims to tax distributions from collective investment vehicles (OPCC) based on the nature of income—dividends, interest, or capital gains—rather than maintaining current transparency provisions. Proponents argue the change promotes tax equity, but critics contend it misunderstands how these investment vehicles actually function.
Private equity funds aren’t autonomous taxpayers. They invest in companies already subject to corporate tax, then redistribute proceeds to investors who pay taxes according to their individual status. The existing framework taxes economic flows once, where value is actually created—a principle of fiscal coherence rather than preferential treatment.
Under the new proposal, dividends distributed by these funds, currently exempt for corporate investors when passing through transparent vehicles, could be reclassified and taxed as financial capital gains at higher rates. The reform ignores that funds bear significant costs—management fees, audits, non-recoverable VAT—years before any distributions occur, substantially reducing the actual taxable base.
Industry representatives point to real estate investment funds (OPCI) as a cautionary precedent. Shortly after that asset class attracted meaningful capital, tax changes disrupted momentum, reducing net returns and competitiveness against unregulated structures.
Private equity funds already contribute substantially to national tax revenues through taxes paid by portfolio companies, VAT on management services, and final taxation of investors. A June 2025 study by Morocco’s asset management association demonstrated these funds broaden the tax base by promoting formalization and growth among financed businesses.
Adding new constraints at the fund level would penalize regulated vehicles while favoring unregulated structures, potentially damaging an ecosystem that supports economic growth and job creation. Industry leaders argue fiscal coherence isn’t privilege—it’s essential for stability and investor confidence.
Source : https://www.challenge.ma/plf-2026-la-reforme-qui-menace-lequilibre-du-capital-investissement-312466/
