First Independent Mena Newspaper
Fitch Ratings has lowered Kenya’s credit rating from “B” to “B-”, pointing to increased risks to the nation’s finances after the government retracted planned tax measures due to public protests. The Kenyan government, yielding to demonstrators, scrapped a tax proposal intended to generate an additional $2.7 billion in revenue, a move initially advised by the […]
The demand for reliable electric batteries is surging as technology develops towards more use of lithium iron phosphate cathode (LFP) instead of the rare and more expensive nickel-based cathodes. Morocco has 70% of the world’s proven phosphates reserves and has in recent months attracted investments by major Chinese EV battery producers. While cathodes make up […]
Newsweek has described Morocco’s strategy to enhance its high-speed rail network by 2040, as “ambitious”, noting that this strategy positions the Kingdom to extend its lead as Africa’s leader in rail. Morocco already has Africa’s only operational high-speed rail line and is intent on expanding and modernizing the network, the magazine stated, noting that this […]
A French-Moroccan consortium comprising Aegis (main contractor), Systra, and Novick has secured a contract to provide project management assistance to Morocco’s National Railway Office (ONCF) for the high-speed rail infrastructure between Kenitra and Marrakech. The consortium will support ONCF in constructing 430 kilometers of new high-speed lines, quadruple 130 kilometers of conventional lines around Casablanca, […]
The national authority for the regulation of cannabis-related activities (ANRAC) offered 3000 this year, for the production, processing, and import of cannabis-related products compared to just 609 last year. The number of farmers who received farming permits rose to 2600 in the provinces of Taounate, Chaouen, Al Hoceima, while 200 permits were delivered to activities […]
Morocco’s unemployment rate surged to 13.1% on the back of persisting drought in the first half this year, compared with 12.4% the same period last year. Youth unemployment, in particular, soared to 36%, with 19% reported among degree holders, the high commission for planning HCP said. The total number of the unemployed in Morocco grew […]
The Moroccan government is preparing the 2025 appropriation bill based on a forecast of 4.6% growth rate, from an estimated 3.3% this year, the finance minister said. The government will press ahead with its social project, which includes generalization of safety nets and financial assistance to the needy, in addition to investing in infrastructure and […]
African ministers of trade attending the 21st African Growth and Opportunity Act (AGOA) Forum held in Washington D.C. last week have urged the US government to do away with the AGOA’s annual reviews and expressed the importance of an expeditious renewal of the legislation by the end of 2024. With AGOA expiring in 14 months, […]
Twenty-five years of King Mohammed VI’s rule transformed the country’s economy. The tourism sector, in particular, made major leaps forward turning the country into Africa’s most popular tourist destination and one of the most competitive in the mediterranean region. Building on a centuries-old history, unique architecture, rich traditions, colorful landscapes, world-renowned cuisine, imperial cities, hospitality […]
Morocco’s central bank is expected to take more monetary easing steps in the second half of this year by cutting the benchmark rate to 2.25% from 2.75% currently, Fitch Solutions said. “We forecast that BAM will cut its policy rate in another two steps of 25bps in September and December 2024, to 2.25% by end-year […]