First Independent Mena Newspaper
SKF, the world’s biggest bearings maker, announced on Monday a $4.9 million investment earmarked for building a manufacturing site in Tangier in Morocco. The Swedish company said the plant will enable it to meet growing demand for magnetic bearings used in turbomachinery and other high-speed applications, including hydrogen gas liquification and for oil-free industrial compressors. […]
The African Development Bank Group, AfDB, has greenlighted a partial credit guarantee of $345 million to Egypt for the financing of green and social projects, reports say. Egypt expects to use the credit guarantee to raise the equivalent of $500 million in the Chinese Yuan denominated Panda Bond market, issued by foreign borrowers, Egypt Today […]
As the leaders of the Group of Seven (G7) wealthy democracies converge for a summit in Japan, winds of change are blowing for Africa, which has so far been more of a discussion topic rather than an active participant in international politics, but is now demanding its rightful place in global dialogues and decision-making processes. […]
King Mohammed VI chaired a ministerial council focusing on the farm output and decrees relating to defense as well as the approval of nominations to senior positions in multiple agencies and institutions. During the council, agriculture minister Mohamed Sadki mentioned that the cereals output this year is expected to improve 62% from last year to […]
Morocco is busy working to reduce its dependence on foreign-made weapons by developing its own defense industry, said Defenseweb online publication. To reach its strategic goal, Morocco signed in 2019 with Brazil an agreement to share military technology. The agreement, which includes “investment cooperation and facilitation” in military industry, is the first of its kind […]
The Moroccan government requested the approval of the parliament to increase its budget by an additional $1 billion or 10 billion dirhams to meet rising expenditures, Moroccan economic media reported. The funds are needed to bolster the budget amid an inflationary context marked particularly by drought and reforms. In this respect, 4 billion dirhams of […]
After leaving the grey list of the Financial Action Task Force (FATF) thanks to its financial transparence, Morocco exits the European Commission’s list of high-risk countries presenting strategic deficiencies in their anti-money laundering and countering the financing of terrorism (AML/CFT). The decision, announced this Wednesday by the European Commission, will help Morocco attract more foreign […]
OCP Group, the Moroccan state-owned global phosphate-based plant and animal nutrition solutions provider, and Fertinagro Biotech S.L., a major Spanish fertilizer producer, have finalized the acquisition by OCP of 50% Stake In Globalfeed S.L. In a joint press release issued this Wednesday, May 17, 2023, the OCP Group and Fertinagro Biotech S.L., a major fertilizer […]
Cooperation prospects between Morocco and the Republic of Ireland were at the center of the first meeting of the inter-parliamentary group held Tuesday remotely. The group, which gathers members from Morocco’s Parliament upper House and Irish senators, seeks to promote closer relations and understanding. It also aims to strengthen political, economic, and cultural partnership between […]
Morocco, Africa’s largest industrial powerhouse, is set to further expand the share of the secondary sector in its GDP by focusing on highly technological footprints with a Moroccan capital with encouragement from the country’s monarchy. King Mohammed VI has lifted the curtain on two prototypes made by Moroccans in the field of the automotive sector. […]