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Friday, October 30, 2009

Moroccan economy grew 5.4% in 2009 2Q, HCP

Moroccan economy grew 5.4% in 2009 2Q, HCP
Rabat - The Moroccan economy posted a growth rate of 5.4% in the second quarter of 2009, compared to 6.3% during the same period a year before, the High Planning Commission (HCP) said.

According to figures published by the HCP, the growth is due to the increase of both the agricultural value added volume (+27.8%) and the non-agricultural Gross Domestic Product (+2.1%).

The growth rate of the mining and energy sectors fell short of that registered a year earlier (-9.9% against +3.6%), while processing industries dropped (-0.3% against +4.2%).

Services increased by 3.5% instead of 5.3% in the first quarter of 2008, said the HCP, adding that the GDP rose by 4.9%.

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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.

Arab Advisors Group President talks about Morocco Telecom sector

مدير عام مجموعة المرشدون العرب يتحدّث عن سوق الإتصالات المغربي: الجزء الثاني - 23May09 (2:16)
يقول مدير عام مجموعة المرشدون العرب جواد عبّاسي أنّ السوق المغربي للإتصالات هائل ذو نموّ إقتصادي جيّد، عدد مستخدمين كبير و ذو عوائد جيّدة.
Arab Advisors Group President talks about Morocco Telecom sector: Part II - 23May09 (2:16)
Jawad Abbassi, Arab Advisors Group President says that Morocco Telecom market is huge with a great economic growth, large number of mobile subscribers and excellent revenues.

North Africa Holding, Rocco Forte Collection announce new projects

KUWAIT: North Africa Holding CompanyNorth Africa Holding Company
North Africa Holding Company
Kuwait | Financial Services
News | Profile | Officers
, part of Kuwaiti-based KIPCO Group, hosted a press conference yesterday at Burgan Tower in Kuwait City to introduce their latest project being developed at Marrakech, Morocco. The Marrakech project was part of their three luxurious hotels under construction in collaboration with 'Rocco Forte Collection', a European company dedicated to developing luxurious hotels in the world.

The three projects are due in 2010 and 2011 in Jeddah, Marrakech and Abu Dhabi. The event was attended by Sir Rocco Forte, Chairman and Chief Executive of 'The Rocco Forte Collection' Hotels, and Emad Al-Saleh, CEO of North Africa Holding CompanyNorth Africa Holding Company
North Africa Holding Company
Kuwait | Financial Services
News | Profile | Officers

The two companies have announced their latest project being developed in collaboration, which showcased exclusive development of Assoufid resort in Marrakech. The construction of new five-star 90-all suite room hotels, golf and spa resort started in May 2009 and due to be completed by 2011. The projects also include construction of 80 luxury villas on a spacious one hectare land, now available for purchase. First phase of the project will be ready by the end of 2010.

Al-Saleh said that his company is very proud to be partnering with 'The Rocco Forte Collection'. "The Assoufid development is the result of market demand for discreetly luxurious year-round destination built and managed to the highest standard and we are very pleased to be part of it," he said. Al-Saleh noted that the two companies are able to offer villa owners a high level of luxury, comfort and security just minutes away from one of the world's most exciting and vibrant cities.

North Africa Holding CompanyNorth Africa Holding Company
North Africa Holding Company
Kuwait | Financial Services
News | Profile | Officers
is part of KIPCO Group established in 2006 with the aim of focusing investment in North Africa from Egypt to Morocco. The company was established with a capital base of KD50 million. "We have the current investment in Tunisia, Algeria, Morocco and Egypt. In May 2009, in collaboration with Rocco Forte, we launched the project in Marrakech and we look forward to brighter, productive and fruitful business investment in Morocco," Al-Saleh said.

Speaking on how the Rocco Forte Collection was created, Sir Rocco Forte acknowledged that his company started from a mere dream in 1996. "My company is relatively young. We set this up 12 years ago, and my idea is to create European luxury styles of hotels and spa. There is no company in a luxury hotel that covers major cities around Europe and so we developed 30 hotels. We developed a very strong brand Rocco Forte Collection from then onwards," he said.

Forte lauded his company's relentless expansion especially in the Middle East. He took pride in his company being appointed by an Egyptian General Company for Tourism to restore their historic Shepherd's Hotel in Cairo. He also mentioned that the new and luxurious 281-bedroom hotel due to open in 2010 in the UAE and an impending property opening in 2011 in Jeddah Saudi Arabia. "Middle Eastern people are very important and close to us since many of our customers are coming from this part of the world," he said.

On the idea behind the features and highlight of his hotel collections, Forte noted, "I want to create an atmosphere which is very intimate and welcoming. My idea of a hotel should touch the culture and heritage of the country we are in. I believe that hotel should reflect the nature and culture of the country. Our hotels carry the very strong design themes thanks to my sister. Our hotels carry the most personalized services which is dear to our guests and customers," he said.

The Rocco Forte Collection include Hotel de Russie-Rome, Hotel Savoy in Florence France, The Balmoral, Edinburgh, The Lowry Hotel-Manchester, Hotel Astoria-Saint Petersburg, Hotel Amigo-Brussels, Brown's Hotel in London, Villa Kennedy-Frankfurt, Hotel de Rome-Berlin, Le Richmond-Geneva, The Charles Hotel-Munich, The Augustine-Prague, Vendura Golf & Spa Resort in Sicily.

By Ben Garcia

Morocco, Libya ink new accords

Morocco and Libya signed several co-operation agreements at the conclusion of the 8th session of the Moroccan-Libyan High Joint Commission on Friday (October 23rd) in Rabat MAP reported.

The civil protection, tourism, air transport, customs, education, industrial zones, investment and other accords were concluded by Moroccan Prime Minister Abbas El Fassi and his Libyan counterpart, Al Baghdadi Ali al Mahmoudi.

© 2009

Kuwait Gulf Hldg To Launch Morocco Villa Proj Soon -Report

Kuwait Gulf Hldg To Launch Morocco Villa Proj Soon -Report. Monday, Oct 26, 2009. BEIRUT (Zawya Dow Jones)--Kuwait's Gulf Holding ...