Category: Market

The 2nd edition of the International Economic Days of Communes (JEICOM23) kicked off in Yaoundé on Thursday, with Morocco as guest of honor and a country renowned for its long and rich experience in this field.

Morocco was represented at the event, which runs on June 1-3, by Mounir Laymouri, Chairman of the Moroccan Association of Communal Council Presidents (AMPCC) and Mayor of Tangier.

Organized by the United Towns and Cities of Cameroon (CVUC), the second edition of the JEICOM aims to promote the harmonious and inclusive development of local governments and cities, taking advantage of international cooperation and initiating development projects in sectors as varied as agriculture, agro-industry, livestock, fish farming, ecotourism, engineering and wood processing, as well as the implementation of social and solidarity economy projects in all the country’s municipalities..

The event also includes an exhibition and an exchange forum on the theme of “Africa and the imperative of food security”.

The event will see the participation of 374 communes and urban communities from Cameroon’s 10 regions, foreign organizations and communities, national and international companies both interacting with decentralized local authorities and interested in value-added projects, technical and financial partners, government institutions and bodies, as well as players in the social and solidarity economy.

Discussions will focus in particular on decentralized local authorities and the imperative of food security, and the challenges and opportunities of a local strategy for food security.

Source: Agency Morocaine De Presse

The overall turnover of Morocco’s National Railways Office (ONCF) amounted to almost 903 million dirhams in Q1-2023, up 6% on the same period in 2022, confirming the good recovery in passenger activity and the resilience of freight one, which offset the decline in phosphate turnover.

This increase is due to the sustained performance of the passenger business, with 12.4 million passengers carried (+28% vs. Q1 2022) and sales of 514 million dirhams (+21% vs. Q1 2022), as well as a record for AL Boraq traffic, which exceeded 1 million passengers carried for the first time in the first quarter (+49% vs. Q1 2022), ONCF said in a press release.

This performance is also due to the positioning of rail transport as the preferred mode for economic operators, with 2.1 million tons of goods transported (+3% vs. Q1 2022) and sales of 147.9 million dirhams (+12% vs. Q1 2022).

Net income fell by 282 million dirhams, due to the weight of infrastructure capital costs, in line with ONCF’s ambitious investment program, the same source reported.

Source: Agency Morocaine De Presse

Spanish construction and engineering company Obrascon Huarte Lain SA (OHL) has signed new licenses for the use of its technological innovation, the Cubipod, in the Moroccan ports of Casablanca and Dakhla Atlantique.

“The Cubipods, with a maximum capacity of 15 tonnes, are planned for the construction of the port of Dakhla Atlantique, the Kingdom’s new maritime infrastructure with more than 4.5 km of dams,” the Spanish company said in a statement on Thursday.

In the case of the port of Casablanca, Cubipodes with a maximum capacity of 55 tons will be used as part of the expansion of this maritime infrastructure, which includes the extension of the dyke by 400 meters, OHL said.

In this way, the company, through its subsidiary specialized in maritime works, SATO, continues to advance in the commercialization of this innovative and durable element for the construction of embankments,” the same source explained.

Source: Agency Morocaine De Presse

Morocco needs modern, dynamic financing instruments such as private equity, said Economy and Finance Minister Nadia Fettah in Casablanca on Wednesday.

Speaking at the opening of the 10th annual conference of the Association Marocaine des Investisseurs en Capital (AMIC), the Minister highlighted the maturity of Moroccan private equity investors and players, who are now in a position to support the development of the national economy.

Describing the momentum of the conference as “exceptional in more ways than one,” Fettah spoke of the resilience of the Moroccan economy in the face of the “extreme turbulence” that the world has experienced over the past three years, noting that many challenges still lie ahead for the country’s economic fabric, which remains solid.

Even against this backdrop, the country’s economy continues to offer investment opportunities, “as evidenced by the number of operations carried out by management companies over the past two years,” she said.

She added that investment has been made an absolute priority for our country, in line with the high directives of His Majesty King Mohammed VI, with the aim of mobilizing the private sector for cumulative investments of MAD 550 billion by 2026.

To achieve this, the government will continue to work within the framework of the new Investment Charter, which is an “extremely” proactive charter that provides strong incentives based on the expectations of investors and all stakeholders in the ecosystem, Fettah pointed out.

Beyond the financial incentives, this charter is the result of the mobilization of all ministries and investment stakeholders. “Our role is to give this confidence and visibility to investors,” she noted.

In addition to the Charter, there are sectoral strategies to support investment on issues at the heart of our economy’s competitiveness challenges, Fettah noted, citing decarbonization, energy transition and digital transformation as key factors in boosting the economy and creating investment opportunities.

“Free enterprise” is the spirit of the Investment Charter, as well as the Mohammed VI Fund for Investment, the launch of which is of strategic importance for the investment and private equity industry, with the aim of developing management companies and boosting strategic sectors of the national economy, Fettah assured.

Fettah also highlighted the inadequacy of Moroccan capital in raising funds and called on management companies to inform, explain and reassure investors of their independence and to disclose their track record in order to attract more Moroccan capital.

Source: Agency Morocaine De Presse

The Casablanca Stock Exchange started Tuesday in positive territory, with its main index, the MASI, gaining 0.55% to 11,066.15 points.

On Monday, the MASI had closed with a gain of 0.57%.

Source: Agency Morocaine De Presse

HE Secretary of State for the Department for Business and Trade of the United Kingdom Kemi Badenoch described the State of Qatar as being a leading example in directing investments and bringing about effective economic development.

In an interview with Qatar News Agency (QNA) during her recent participation in the Qatar Economic Forum 2023, HE stressed that the participants in this important annual event expressed their great admiration for the infrastructure that Qatar currently possesses thanks to the investments in this aspect.

The British Minister said that her visit to the State of Qatar was to participate in the Economic Forum and contribute to the negotiation process with the countries of the Cooperation Council for the Arab States of the Gulf (GCC) to sign a free trade agreement between the United Kingdom and the Council.

She explained that an agreement between the two side will promote trade and investment in environmentally and climate friendly goods and services, pointing out that the United Kingdom is a world leader on climate action, and they promote the delivery of environmental and climate commitments in multilateral framework.

“Exports of UK wind turbine parts currently face tariffs of up to 15%. An agreement with the GCC would create opportunities for other parts of the UKs green technology industries including solar power, hydrogen power, electric vehicles and smart energy systems,” she said.

HE praised the strong relations based on good business and joint investments between the State of Qatar and the United Kingdom, hailing the contribution of the State of Qatar to the economy of the region, as this was evident when the country hosted the FIFA World Cup Qatar 2022, which reflected what the region can offer to the global economy and growth.

On the 3rd edition of the Qatar Economic Forum 2023, Badenoch explained that the Forum brought together global leaders in the field of business, investment and finance dedicated to discussing challenges, providing new perspectives and celebrating successes, noting that one of the UK’s priorities lies in increasing sustainable energy resources, stressing the continuation of cooperation with the State of Qatar on energy security and renewable energy after the Qatar-UK Energy Dialogue was held in May 2022.

Source: Qatar News Agency