by Aziz El Yaakoubi
Morocco’s BMCE Bank reported on Monday an 18 percent rise in first-half net profit to 1.25 billion dirhams ($129 million) on higher margins in its domestic market.
Consolidated net banking income rose 13 percent to 6.7 billion dirhams, thanks to interest rate cuts that improved margins in the bond market and financial intermediation activity, BMCE said in a statement. (more…)
Campaigning began in Morocco on Saturday for parliamentary polls that pits a modernist opposition against hardliners rocked by scandals after five years in government.
Almost 7,000 candidates from around 30 parties will contest parliament’s 395 seats in a poll that King Mohammed VI has promised will be “honest and transparent.”
Polls in 2002 marked a new era of relative democracy in Morocco, three years after Mohammed took over following the death of his father, King Hassan II. (more…)
The New Arab & agencies
Mezouar expects countries producing 55 percent of greenhouse gas emissions to join the treaty.
Diplomats head to Marrakech to hammer out details of the Paris Agreement ahead of the 22nd UN Climate Conference.
With the Paris Agreement on climate change poised to take effect, diplomats now head to Morocco to hammer out the difficult details of how to make it work and raise the $100 billion needed each year to meet its ambitious goals. (more…)
by Elias Meseret
Morocco has officially submitted a request to join the African Union again after more than four decades, the continental body said Friday. Morocco is the only country on the continent that is not a member.
Morocco quit the AU in 1975 after disagreements over mineral-rich Western Sahara, which the AU recognizes as an independent state but Morocco considers as its “southern provinces.” (more…)
By Aziz El Yaakoubi
The world’s largest phosphate exporter, Morocco’s Office Cherifien de Phosphate (OCP), reported a 23.2 percent fall in first-half net profit on Friday to 3.07 billion dirhams ($317 million) due to low prices.
OCP said the price of phosphate fertilizers had fallen after strong Chinese exports last year left importers with enough stocks at the start of 2016. (more…)
by Aziz El Yaakoubi
Morocco has applied to rejoin the African Union 32 years after it left, the bloc said on Friday, as the North African kingdom seeks support for its plan to end a decades-old row over Western Sahara.
Morocco, which claims the sparsely populated stretch of desert, left the African Union in 1984 when the bloc recognised a republic covering part of the territory declared by Polisario Front independence fighters. (more…)
By Aleksandra Eriksson
EU-Morocco relations risk hitting another rough patch after a senior lawyer said that their trade treaties do not apply to Western Sahara, a disputed territory.
Advocate-General Melchior Wathelet set out his opinion to EU judges in Luxembourg on Tuesday (13 September).
He said that “neither the EU-Morocco association agreement nor the EU-Morocco agreement on the liberalisation of trade in agricultural and fishery (more…)
By Kelvin Ross
The International Energy Agency has praised Morocco for its “leadership and commitment to a sustainable energy policy”.
And IEA executive director Dr Fatih Birol (pictured) added that the country “can be a model for other countries in North Africa, sub-Saharan Africa and beyond”.
Birol was speaking in Paris where he met with Morocco’s energy minister Dr Abdelkader Amara. (more…)