by Matthew Amlôt
Capital Intelligence Ratings (CI Ratings or CI), the international credit rating agency, today announced that it has affirmed the ratings of Attijariwafa Bank (AWB), based in Casablanca, Morocco. AWB’s Financial Strength Rating (FSR) is affirmed at ‘BBB’, supported by the Bank’s overall financial profile, including a solid level of capital, sound provisioning coverage, reasonable profitability, and a high level of liquidity. (more…)
by Mostafa Hashem
Saudi Arabia’s King Salman bin Abdulaziz returned home on Sunday after a month-long holiday in Morocco, and ordered a month’s extra pay for Saudi military and security personnel actively involved in military operations in Yemen, state news agency SPA said.
Crown Prince Mohammed bin Nayef had been left to manage the kingdom’s affairs in the king’s absence. (more…)
The North Africa Post
A South African online newspaper published a detailed report on Morocco’s use of technology for developing its economy through the creation of techno parks offering incentives to start-ups, promoting employment and attracting foreign direct investments.
“Morocco’s hi-tech story is about applying existing technology to create business opportunities and improve governance and service delivery,” said Greg Mills and Dickie Davis in the article published on the Daily Maverick online paper. (more…)
Morocco Ministry of Tourism
Building a strong and attractive Moroccan tourist offer is based largely on the quality of tourism services provided by tourism stakeholders throughout the tourism value chain.
Tourist accommodation, travel agencies, guides, sightseeing carriers, or actors positioned at associated activities and/or animation, such as cultural and leisure activities or restaurants, are the main links of this chain. These actors are shaping the tourist offer and play a leading role in its development and positioning. (more…)
Exclusive by John Mulgrew
Bombardier is moving some of its operations away from Northern Ireland to cheaper countries including Mexico and Morocco, the Belfast Telegraph can reveal.
The plane maker, which employs around 5,000 staff in Belfast, confirmed the transfer of “certain activities” it said it was “unable to undertake competitively in Northern Ireland”.
It added while it had undertaken “major investment in Northern Ireland” over the years and will “continue to focus on high-value, high-complexity production”, it must balance its costs (more…)
by Ali Haidar
Algerian diplomacy is busy with attempts to scuttle the excellent relations existing between Morocco and the United States and does not hesitate to squander huge amounts of petrodollars to pay US lobbying firms helping it carry out its schemes.
As a back up to these manoeuvers, Algerian diplomats positioned in the United States try to lure American leaders by appealing offers on the Algerian market, although these offers have long been ignored by major Western industrial groups for security reasons. The United States (more…)
Some 30 Marrakech municipal councilors from Morocco’s government-majority Party for Justice and Development (PJD) have recently switched to the rival Party for Authenticity and Modernity (PAM).
About 20 of those who changed sides were major figures in the party under Prime Minister Abdelilah Benkirane who are now being called ”traitors seeking government positions”. Ahead of the October 7 parliamentary elections – the second step the country brought in to stem potential uprisings as part of the Arab Spring, after the ratification of the (more…)
by Elizabeth Harrington
(AP Photo/Pavel Golovkin)
‘Inclusive’ contest will award funding for green energy ideas in North Africa.
The State Department is spending almost $400,000 for a climate change competition in Morocco.
The agency said it is “aggressively” fighting climate change and is seeking to influence green energy policy in the North African country. (more…)
Raytheon has won a $129 million contract for procurement of tube launched optically tracked wireless guided (TOW) missiles for the US Marine Corps, US Army, Bahrain and Morocco.
Work will be completed with an estimated completion date of Aug. 4, 2018, The US department of defense said in a statement Tuesday.
The TOW 2A, TOW 2B Aero and TOW Bunker Buster missiles can be fired from all TOW (more…)
by Ben Martin
An Aim-listed oil and gas explorer will today claim that its prospects could be “transformed” after making a “material” discovery with a well in Morocco.
Sound Energy, which is a member of London’s junior market, will confirm that the gas encountered by its TE-6 onshore well in the Tendrara licence in the north east of the country is a “significant” discovery and is flowing at “a highly commercial rate” of 17.5m standard cubic feet per day. (more…)
* Tendrara: gas discovery
* Pleased to confirm a significant gas discovery and a potential single gas column at company’s Tendrara licence, onshore Morocco
* Company, together with Schlumberger, is now preparing for second well at Tendrara Source text for Eikon: Further company coverage:
Sound Energy has confirmed a significant gas discovery and a potential single gas column at the company’s Tendrara license, onshore Morocco. (more…)
By Aziz El Yaakoubi
Morocco is considering widening the official bands for fluctuation of the dirham by around 5 percent in 2017, as a first phase in plans to introduce a flexible exchange rate system, two sources familiar with the process said.
Morocco has been working with a technical mission from the International Monetary Fund (IMF) during the second half of this year as part of introducing the currency move. (more…)
(Photo credit should read SAUL LOEB/AFP/Getty Images)
Morocco has been pursuing an increasingly assertive US policy as it seeks to cement its control over its disputed southern half, with mixed results.
In March, Rabat defied Washington and the rest of the world when it ousted the UN mission tasked with resolving the decades-old conflict over the Western Sahara. Two months later, Moroccan officials upbraided US Ambassador Dwight Bush over an annual State Department report that accused the country of crushing Sahrawi independence activists. (more…)
Fiercely autonomous Algeria is on a mission to cement US ties as regional tensions rise and oil revenues crash.
The North African giant needs Washington’s help to shore up a fledgling political settlement in war-torn Libya while preventing a simmering conflict in the Western Sahara from flaring up. At the same time, the country is working overtime to convince US companies of its potential as a stable, profitable destination for their investments. (more…)
The North Africa Post
Morocco has reinforced security measures on its eastern borders following the US air strikes against ISIS in Libya.
Boosting security measures aims at thwarting any infiltration attempts by ISIS militants who are enduring setbacks due to the advance of forces loyal to the Government of National Accord (GNA) in Sirte, local Moroccan news outlets reported. (more…)