Kuwait's Zain acquires 31% stake in Morocco's Wana

زين الكويتيّة تستحوذ على حصّة 31% من "وَنا" المغربيّة - 15Mar09 (0:43)
كشفَت مجموعة زين عن استحواذها لحصّة 31% من شركة "وَنا" المغربيّة مقابل 324 مليون دولار.
Kuwait's Zain acquires 31% stake in Morocco's Wana - 15Mar09 (0:43)
Zain Group reveals its acquisition to 31% stake in Morocco's Wana for $324 million.

New Moroccan-manufactured car marketed in Egypt as of 2010

Cairo - Morocco's Minister of Foreign Trade, Abdellatif Maazouz, announced, Tuesday in Cairo, that the new Moroccan-Manufactured car "Dacia Sandero" will be exported to Egypt as of 2010.

The export of this car is part of the Agadir Free-Trade Agreement, concluded between Rabat, Cairo, Amman and Tunisia, Maazouz said following the inauguration of a showroom to present Logan cars in Cairo.

He said another model of Logan will be marketed in the Egyptian market to meet need for an estimated 200,000 cars annually, which will reach one million in 2020.

For his part, Advisor to President of "Renault Euromed" and President of the automobile Federation, Larbi Belarbi, said Morocco plans to develop a regional automobile platform by developing the Renault-owned Moroccan car company "SOMACA" as well as the new Tangiers' industrial complex.

He said exports of Logan cars to Egypt increased to 600 up from 200 per month. "There is a constant growing pace, due notably to marketing and advertising strategies as well as the product quality which has been welcomed by the Egyptians, as it met the need of the domestic market."

Belarbi said he "is quite optimistic about the future of exports of Logan in Egypt," adding that the group plans to be among the pioneers of this market.

He also highlighted the importance of the Agadir free-trade agreement for Logan export to Egypt, considered an ever-growing market.

Logan cars were introduced into the Moroccan market in 2006 and have become one of the leading brands in the low-cost car market.

Morocco's phosphate company to form joint venture with US Jacobs Engineering

Morocco's phosphate company to form joint venture with US Jacobs Engineering
Casablanca - Morocco's state-owned phosphate company Office Cherifien Des Phosphates (OCP) and American Construction services company Jacobs Engineering Group Inc, announced on Wednesday in Pasadena (California) that they intend to form an engineering joint venture.

During the initial phase, the joint venture will provide programme, project management, and engineering services for projects based on the OCP's $5 billion investment programme in Morocco, OCP said in a statement.

The same source said the joint venture will advance Jacobs expansion plans in the fertilizer industry and in the region.

The joint venture is also expected to provide services to OCP and other companies in their phosphate engineering business activities worldwide.

The two parties also intend to expand the capabilities of the joint venture to include infrastructure engineering services to keep up with the growing West African infrastructure market.

The new company will employ Jacobs engineering systems and tools and will be staffed by OCP and Jacobs, as well as local hires. It is also expected to operate before the end of 2009 and to employ over 200 people within a 12-month period.

OCP Group CEO, Mostafa Terrab, welcomed this collaboration, saying it represents an important milestone for OCP in implementing its immediate and medium-term investment objectives.

He underlined that the joint venture will promote the expertise of both companies in providing engineering and related services on phosphate projects outside Morocco as well as infrastructure projects in West Africa.

For his part, Jacobs Chairman, Noel Watson, said the joint venture is a unique opportunity to support OCP's business goals and enhance the two companies' expertise in the field of fertilizers.

OCP Group, headquartered in Casablanca, is a worldwide leader in the phosphate rock and derivatives industry, while Jacobs is one of the world's largest and most diverse providers of technical, professional, and construction services.