SAN FRANCISCO, -AMPA, the Association of Moroccan Professionals will be organizing the 7th Edition of Moroccan American Bridges (MAB2013). The event will be held in Casablanca, Morocco on June 21, 2013. This year’s edition will focus on “Entrepreneurship: Morocco’s Engine for Growth”. MAB 2013 will bring together entrepreneurs, investors and executives from the US and Morocco.
The program includes sessions on building and financing start-ups, identifying cross-Atlantic business opportunities and achieving career growth in Morocco. In addition, the speakers will address new business models and industry trends that can be imported and tailored to the Moroccan market. Finally, the event will also feature a startup competition and a career fair for companies looking to hire U.S-based or US-trained Moroccan professionals.
The conference will feature speakers with line-up to be announced soon. In past editions, MAB hosted foremost speakers like Mohamed Elmandjra, ex-CEO at Meditelecom in Casablanca and ex-President at Massimo corp. in Los Angeles and Othman Laraki, VP of Growth & International at Twitter in San Francisco. (more…)
The Moroccan government is expecting an annual loan package of $1 billion USD from the African Development Bank (AfDB) for major infrastructure projects over the next four years, according to Moroccan Finance Minister Nizar Baraka.
The funds will go toward drinking water, sanitation, irrigation, energy and food security projects.
Morocco has previously signed an agreement with the AFDB to receive annual loans of $650 million USD between 2012 and 2016.
Last year, the North African country received a total of $1.2 billion USD worth of loans from the bank for solar and wind power, agriculture and other electricity projects. (more…)
Vivendi (Paris:VIV) is carrying out a capital increase reserved for employees of the Group.
Vivendi intends to more closely associate its employees to the Group’s development and results.
The subscription period will take place from June 13 to June 28, 2013 inclusive. In Morocco it will take place on the same dates subject to the authorization of the CDVM.
The settlement-delivery of the shares is expected to occur on July 25, 2013. The principal terms and conditions of this offering are described below.
It estimates the gross mean prospective resource at 142mln barrels of oil, and it says there is follow on potential of a further 126mln barrels.
Cairn has a 50% stake and it is the operator of the venture, AIM quoted San Leon and Serica Energy are also partners owning 14.1667% and 8.333% respectively, while Toronto listed Longreach (CVE:LOI) has a 2.5% interest. Moroccan state oil firm ONHYM retains a 25% interest in the project as well.
Meanwhile Cairn also said plans are underway for the Juby Maritime venture, a 50:50 partnership with Genel Energy (LON:GENL), targeting the first well in late 2013 or early 2014.
The update on Moroccan projects came as part of a broader operations update, in which it also highlighted its other frontier exploration opportunities in Senegal and offshore Ireland.
Cairn says across its whole project portfolio it has 61 prospects and 124 leads.
With recovery prospects flagging in many countries, central banks are flooding the global economy with cheap money in an effort to revive growth. The first two weeks of May saw a wave of interest-rate cuts, betraying policymakers’ concerns about the growth environment. The extent to which monetary easing remains effective given the current climate is debatable, but the global economy is slowly repairing itself following the crises of the past few years. The Economist Intelligence Unit envisages at least some pick-up in momentum in major economies later in 2013, which will set the stage for a better 2014.
Our latest monthly forecast maintains the qualified narrative of recovery that we have set out in recent months, with slight revisions to specific projections. Most notably, we have adjusted our forecasts for growth in the US, Japan and China. Overall, we still expect world GDP at market exchange rates to grow by 2.1% in real terms in 2013, the same as in 2012. (On a purchasing-power parity or PPP basis, the picture is slightly brighter, as this measure gives a higher weighting to faster-growing emerging markets.)
Conditions in many economies are weaker than they were at the beginning of this year. China’s GDP growth eased to 7.7% year on year in the first quarter of 2013, from 7.9% in October-December. First–quarter growth in Russia was just 1.1%, the slowest pace since 2009. Above all, the euro zone’s economic woes still loom large. While the risk of a catastrophic break-up of the European single currency has subsided in the short term, debt and austerity are severely impeding growth. Unemployment is at record levels, and even previously resilient “core” economies such as France are showing more signs of stress. The uncomfortable truth is that the global economy cannot do well if its largest single economic bloc—the euro zone—is in recession. (more…)
A series of high-level seminars will be held during the AfDB Annual Meetings in Marrakech, Morocco from 27-31 May 2013, to explore new ideas and set out concrete actions that will help transform Africa’s economic boom into sustainable and inclusive growth.
The panels will focus on the key issues facing the continent and explore how Africa can reap the benefits of its economic growth through investments in skills training, infrastructure, agriculture and education; and a broader engagement with the private sector. Participants to the meetings will include academics, government officials, researchers, development practitioners, as well as AfDB experts. (more…)
Most people have heard of the health benefits of using olive oil instead of butter or other saturated animal fats. The monounsaturated fats in olive oil have been shown to reduce levels of harmful cholesterol, and as a result nutrition experts have touted it and other aspects of the Mediterranean Diet as heart healthy.
But olive oil isn’t the only celebrated oil from that region of the world. In Morocco, argan oil has been consumed by the Berber people for centuries. Berbers add the deep yellow, toasty-flavored oil to couscous, serve it alongside bread, or eat it on its own. (more…)
Faure is an experienced professional in the oil sector and recently retired from Royal Dutch Shell where he worked for over three decades, including as country chairman and chief executive of Shell affiliates including Tunisia, Morocco and most recently Saudi Arabia.
Andrew West, Gulfsands chairman, said: “The breadth of his experience acquired in heading Shell’s operations in a number of countries across the MENA region and Africa, including Morocco and Tunisia where we are operators of oil and gas exploration and production joint ventures, should be of great benefit to the company and our shareholders.
“My colleagues and I are very much looking forward to our working together.”
The jury may still be out on whether the “Arab Spring” has actually delivered better living conditions to the bulk of the Middle East and North African region’s formerly disenfranchised masses, but not many would argue that the resulting instability has been good for business. Which makes the recent announcement by Turkish supermarket group BIM that it plans to start operating in Egypt, opening as many as 30 new stores this year, all the more remarkable.
Despite continuing instability, BIM duly opened its first store in the Egyptian capital Cairo in early April, promising 13 more by the end of the month, having identified what it believes is a lack of sufficiently organised food retail. (more…)
The project is scheduled to open later this year. Traffic in 2012 was in excess of two million passengers and is expected to grow rapidly, Flemingo said.
Flemingo CEO Atul Ahuja told The Moodie Report: “It’s a unique project – it was tendered by Tanger (Tangier) Med Port [a cargo and passenger port located about 40 km east of Tangier, Morocco, one of the largest ports on the Mediterranean and in Africa –Ed] to build, operate and transfer two terminal buildings on the seaport. It currently handles two million passengers but is projected to grow to five million within three years.
“They wanted a concessionaire to build and operate the terminal. It’s got duty free, convenience retail, souvenirs, a travel goods store, foreign exchange, and food & beverage including a bar and a fast food café.”
Morocco added 500,00 mobile lines in the first quarter, increasing the installed base by 1.28 percent to 39.52 million, according to telecom regulator ANRT. Mobile customers grew by 9 percent from 36.24 million at the end of March 2012. The mobile penetration rate reached 121.51 percent in March, compared to 119.97 percent in December 2012 and 112.59 percent in March 2012. There was little movement in market share on the end of 2012. Maroc Telecom’s share dropped to 45.22 percent from 45.77 percent, Meditel slipped to 29.09 percent from 29.53 percent, and Wana’s rose to 25.69 percent from 24.7 percent. (more…)
The airline, which was bailed out by authorities to the tune of $193m, has faced increased competition from other operators in the North African country following the introduction of Morocco’s open-skies policy in 2007. The government also handed Air Maroc $900m with which to upgrade itself by 2016.
Asked if the government could align with a Gulf-based carrier such as Dubai’s Emirates Airline or Abu Dhabi’s Etihad Airways, Haddah Lahcen responded: “We wouldn’t rule that out. Those are very respectable, very big, well-managed companies with a very good business model.”
“There will be privatisation, but I think there will probably be some kind of strategic alliance with a good carrier,” Lahcen told Arabian Business in an interview in Dubai. “There will be complementary routes for Air Maroc, which has a very strong presence in West Africa and Western Europe.” (more…)
Entitled Morocco Looks To Covered Bonds To Support Housing Finance, the report points out that under the proposed covered bond legislation, universal banks will be allowed to issue on-balance-sheet mortgage covered bonds called Obligations Sécurisées Hypothécaires (OSHs) and public sector covered bonds referred to as Obligations Sécurisées Territoriales (OSTs).
S&P says the proposed framework foresees a cover pool that’s monitored by an independent trustee and covered bonds that are clearly defined as a dual-recourse instrument. Bondholders have the first recourse to the issuing bank that’s tasked with ensuring a performing cover pool of eligible assets and maintenance of all stipulated requirements as long as the issuer is not in default. Bondholders also receive a priority claim on the assets in the cover pool in case of a default of the issuer. (more…)
The Climate Investment Fund (CIF) Trust Fund Committee has approved the revised plan for support Concentrated Solar Power in the MENA region included in the Clean Technology Fund backed by African Development Bank (AfDB) and World Bank (WB) among other international development funds.
The document, submitted by Algeria, Egypt, Jordan, Morocco, and Tunisia in collaboration with AfDB and WB, includes reallocation of funding among the participants.
Algeria has confirmed that it will not request CTF funding while the rest remains as follows: (more…)
The economies of the southern and eastern Mediterranean region (SEMED) are still slowing down, although a modest pickup is expected next year, according to the latest Regional Economic Prospects report issued by the European Bank for Reconstruction and Development (EBRD). Economic growth has slowed down across the four SEMED countries, including Jordan, Egypt, Tunisia and Morocco, the report said, noting that unemployment, especially among the youth, remains a chronic problem in all four countries and remained persistently high in 2012.
The report indicated that Jordan and Morocco have faced weak external conditions and high commodity prices while in Egypt and Tunisia, volatile political and security conditions have weighed on the economy, adversely affecting investor confidence. (more…)