First Independent Mena Newspaper
Morocco’s economy has been hit hard by the coronavirus outbreak but plans have been set up to relaunch the economic activity through promoting state investments and fostering domestic consumption, Finance Minister Mohamed Benchaaboun said. The government is preparing conditions to relaunch the economy after the lockdown affected most sectors notably exporting businesses, Benchaaboun told MPs […]
Fitch Ratings has revised its outlook on Moroccan banks Attijariwafa Bank, Bank of Africa, and Credit Immobilier et Hotelier (CIH) to Negative from Stable, while affirming the three banks’ Long-Term Foreign-and Local-Currency Issuer Default Ratings (IDRs) at ‘BB+’. This comes after Fitch’s revision of the outlook on Morocco’s sovereign rating to Negative from Stable on […]
Since the outbreak of the coronavirus pandemic, Morocco adopted a set of preventive measures to face the looming health crisis. Part of the measures it adopted, Morocco imposed the compulsory wearing of masks and mobilized several industrial units to produce locally protective facemasks, a move that was described by international media a success story as […]
The struggling car industry on which Algeria pinned hopes to jump start its industry has received another bad news with the shutdown of a Kia assembly plant on the footsteps of Volkswagen. Long described as “disguised imports” Algeria’s policy of attracting car assembly plants since 2012 has so far showed disappointing results and came up […]
After losing all its legal battles launched at EU, UN, US Congress, Africa…against Morocco’s territorial integrity, its agricultural, fisheries and phosphate deals including Moroccan Sahara, the Polisario tried once again its disruptive game in New Zealand but to no success. The representative of the Polisario Front in Australia and New Zealand had lodged a complaint […]
Sofitel Royal Bay in the Moroccan southern Atlantic coastal city of Agadir will cease operating on June 30 as the lease contract comes to an end, Aujourd’hui.ma reports. Sofitel Agadir Royal Bay’s owner, ABS Holding, and the facility operator RISMA agreed not to extend the contract, which took effect in 2004, over the obsolescence of […]
The publicly listed company, Suez Canal Bank, says it will withdraw entirely from Middle East Oil Refinery (Midor), Zawya reports. The operation will generate $30.4 million for Suez Canal Bank as 1.27 percent stake (560,000 shares) will be sold to Egyptian General Petroleum Corporation (EGPC) at $54.7 per share. The financial service institution posted a […]
The Moroccan parliament is examining a draft law submitted by the government to protect tourism companies from becoming insolvent. The law 30.20 would enable businesses operating in the tourism sector including hotels, travel agencies and airlines to exchange bookings canceled over the coronavirus outbreak with a similar offer for a similar price. Speaking to MPs, […]
Despite the current global difficult situation triggered by covid-19 pandemic, Morocco’s exports of fruits & vegetables crossed this season the million-ton threshold, increasing by 6 pc to 1,077,000 ton. According to Moroccan ministry of agriculture, this shows the good performance and resilience of the local agribusiness which continues to expand and diversify its high quality […]
Morocco’s GDP will rebound by 4 pc in 2021 after a 2 pc decrease in 2020 due to the impact of the coronavirus pandemic, says the European Bank for Reconstruction and Development (EBRD). In its Regional Economic Prospects report published Wednesday, EBRD explains that the slowdown will be driven by a sharp decline in tourism, […]