First Independent Mena Newspaper
Morocco’s phosphates and fertilizers giant, OCP Group, said its revenue in 2023 stood at 9 billion dollars, down from $11.4 billion a year earlier. OCP explained the performance by a drop of prices from the exceptional levels of 2022, when the war in Ukraine triggered a surge in commodities prices globally. OCP said a drop […]
The Moroccan economy has been opening up, leading to the development of new sectors such as aerospace and automotive industry, says the 2024 Bertelsmann Transformation Index report (BTI), which analyzes transformation processes towards democracy and a market economy worldwide. Morocco has made good progress in carrying out reforms to improve market competitiveness, adds the report […]
The Atlantic Initiative, launched by King Mohammed VI to facilitate access for Sahel States to the Atlantic Ocean, stands as a distinctive framework aimed at fostering multidimensional African cooperation, ultimately paving the way for the emergence of a new, prosperous, and stable Africa, experts and intellectuals said during a conference held on Tuesday in Rabat. […]
The US Radisson hotel group plans to increase the hotels it operates in Morocco to 25 by 2030 to tap into a growing tourist market. The group plans to reinforce its presence in Casablanca and Marrakech as well as to open new hotels in Rabat, Tangier, Agadir, and Fez, said Africa director at Radisson Erwan […]
Morocco’s Bank of Africa said its 2023 profit increased 16% to 260 million dollars last year, with a net banking income of 1.7 billion dollars, up 9%. African branches contributed by 56% in this performance while Moroccan business accounted for 42% of total earnings, the bank said. Bank of Africa, previously known as […]
Malawi declared drought disaster amid a severe rainfall shortage that compromised the landlocked country’s agriculture-dependent economy. Malawi is the second country in the region after Zambia to declare drought emergency as climate change bites, triggering dry spells such as El Nino, blamed for ravaging crops. This year, rainfall has been erratic and insufficient as drought […]
Morocco’s tourism arrivals will continue to expand in 2024, building on the market’s ability to recover to its pre-pandemic arrival (2019) levels in 2023, says Fitch Solutions in its latest business monitoring report. Over the medium term (2024-2028), a projected annual growth of 4.4% will be supported by the government’s 2023-2026 Tourism Strategic Roadmap, adds […]
Mauritania is expected to report the highest growth rate in Africa by 2025 at 14.5% as the west African country taps into newly found gas, phosphates, and uranium resources, the IMF said. In 2024, the IMF expects the Mauritanian economy to grow by 4.3% with the beginning of production in the Grand Tortue Ahmeyim (GTA) […]
Ways to strengthen the strategic relationship existing between Morocco and the United States were reviewed at a meeting in Rabat this Monday Head of Government, Aziz Akhannouch, and a six-member delegation of US Congressmen representing both the Republican and Democratic parties. During the meeting, the two parties surveyed the various aspects of multi-sector bilateral cooperation, […]
Efret logistics Company has launched lately a road freight service from the UK to Morocco, a politically stable and business-friendly country increasingly looking to new markets to promote growth. The expansion of the Moroccan economy is creating new opportunities for UK firms. Last year, UK’s exports to the North African Kingdom reached £1.4 billion which […]