First Independent Mena Newspaper
Marrakech closed 2017 with a record number of 2 million tourists and 7 million nights. Figures released by the regional tourism center show that tourists visiting the Red city increased 20% in 2017 while registered nights grew 18% compared to last year. German tourists visiting Morocco’s first tourist hub rose by 56% followed by the […]
Local farmers in the Souss region are financially contributing to the building of the world’s biggest water desalination plant whose water will help irrigate the plains of Chtouka. The farmers are contributing €1000 (10,000 dh) per each hectare in an unprecedented success story of the public-private partnership in Morocco, local media reported. The contributions will […]
Abu Dhabi’s National Oil Company (ADNOC) and Morocco’s state-owned phosphates company (OCP) signed a sulphur supply agreement covering 25 years. Under the agreement, ADNOC will increase the volume of sulphur exports to the OCP up from 2 million tons in 2016. ADNOC, one of the world’s largest sulphur producers, sees promising prospects for raising sulphur […]
Aeronautics is a key component of Morocco’s Industrial Acceleration Plan. The sector aims to generate a turnover of 2.8 billion dollars and create 23,000 jobs by 2020. The figures were announced by Industry Minister Moulay Hafid El Alamy in a statement to local media saying that the goals set for the aeronautics sector include reaching […]
Morocco’s flag carrier, Royal Air Maroc (RAM), will add four Boeing 787-9 Dreamliners to its fleet for a total cost of $1.1 bln. RAM already operates five 787-8 Dreamliners. The new Boeing planes will help the airline expand in South America, North America, the Middle East and Europe. “Our vision is to be the leading […]
France granted a 128 million euro loan to fund the locomotives that Morocco’s national railway operator (ONCF) plans to purchase as part of its development program. The loan will boost the ONCF shift to electric railway in line with Morocco’s environmental commitment. ONCF posted a net profit of 223 million Dirhams in 2016, up 31% […]
The World Bank and Morocco signed a loan agreement worth $200 million in support of the second pillar of the Green Morocco Plan, particularly in the areas of promoting citrus and olive oil industries. The loan, signed by the World Bank and the Ministry of Economy and Finance, targets small and medium sized producers of […]
The Moroccan Phosphates company (OCP) and the Indian Krishak Bharati Limited (Kribhco) will jointly build a fertilizer production unit in Andhra Pradesh state, in southern India. The $230 million worth project, co-financed by the two part-ners, will have an annual production capacity of 1.2 million tons of NPK fertilizer (nitrogen, phosphorus, potassium). The fertilizer production […]
Morocco’s Central Bank, Bank Al Maghrib, kept its benchmark interest rate unchanged at 2.25% following its board meeting on Tuesday, December 19. The Bank said inflation was expected to reach 0.7 % on average at year end, down from 1.6 percent in 2016. The bank also revised down economic growth to 4.1% this year from […]
Morocco remains the first market for US armament industry in North Africa, with sales amounting to $244 million in 2016. Moroccan media reports said that US weapons represent 96% of Moroccan weapon acquisitions in 2016 compared to 100% ($274 million) in 2015. Morocco, which earmarks 3% of its GDP to military expenditures, has an army […]