First Independent Mena Newspaper
Japanese Sumitomo Electric Industries has decided to move its production of automotive wire harnesses to Morocco and Romania due to the Russian-Ukraine war and heightened risks in this European zone. The decision was reported Monday by Japanese financial newspaper Nikkei, saying the move will enable the manufacturer of electric wire and optical fiber cables to […]
Fitch Ratings has downgraded Tunisia’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘CCC’ from ‘B-‘, reported Tunisian News Agency TAP. The agency said that the downgrade to ‘CCC’ reflects heightened fiscal and external liquidity risks in the context of further delays in agreeing on a new program with the IMF after the political changes of […]
Soaring prices of fertilizers due to Russia-Ukraine war has pushed a bipartisan group of sixty members of the US Congress and farmers to reach out to the US International Trade Commission (ITC) to address the strain on the fertilizer supply by eliminating duties on phosphate fertilizer products imported from Morocco. US Representatives Cindy Axne, Tracey […]
Ryanair will raise the number of air routes to Morocco to 37 by the next summer adding 2.073 million seat capacity, up 54% compared to pre-pandemic levels of 2019. The news was announced following an agreement between the low-cost airline and Morocco’s tourism promotion office, much to the delight of tourism businesses that are slowly […]
Morocco’s phosphates producer OCP plans to increase its fertilizers output to 11.9 million tons this year, compared with 10.8 million tons last year, as it sees a growing demand from India, the Americas and Africa at a context of market turbulences and higher crop nutrient prices. Russia said it would not export its fertilizers and […]
Morocco will put restrictions on the export of its tomatoes whose prices surged ahead of Ramadan, where demand on the vegetable increases as a main ingredient of the Moroccan cuisine, Moroccan media reported. The war in Ukraine has raised fears over global food protectionism as Russia halted wheat exports, Argentina banned export registrations for soybean […]
The U.S. Congress has included again the Sahara into its aid program to Morocco in a move that translates the US administration’s recognition of the North African country’s sovereignty over the whole of its territory. The report accompanying the U.S. spending bill, signed into law Tuesday by President Joe Biden, after it was passed last […]
Hexcel Corporation is expanding its manufacturing site in the Midparc Free Trade Zone in Casablanca to meet increased demand from aerospace customers for lightweight advanced composites. A ground-breaking ceremony for the extension was held Tuesday in presence of minister of Industry & Trade Ryad Mezzour, Hexcel top managers and customers. The expansion is expected to […]
Sound Energy, the Moroccan focused upstream gas company and holder of the Tendrara gas concession, announced this Tuesday that it has concluded an agreement with l’Office National des Hydrocarbures et des Mines (ONHYM) to connect to the Maghreb-Europe gas pipeline (GME). This agreement marks another important step towards the effective entry into force of the […]
The General Confederation of Moroccan Employers (CGEM) and the Israeli Employers and Business Organizations (IEBO) signed, Tuesday in Tel Aviv, a strategic partnership agreement, on the sidelines of the Israel-Morocco Economic Forum. This agreement was concluded by CGEM President Chakib Alj, IEBO President Ron Tomer, and the President of the Federation of Israeli Chambers of […]