While several players abandoned assets in 2020, Chariot Oil & Gas has improved its positions, mainly in Morocco. It has just acquired a new exploration area called Rissana Offshore, the contract for which will be finalized in 2021.
Remittances from Moroccans living abroad (MRE) will rebound, says Bank Al-Maghrib (BAM). They will increase from 65.8 billion dirhams (MMDH) in 2020 to 70 billion dirhams (MMDH) in 2021, and to 71.4 MMDH in 2022.
The Directorate of Ports and the Maritime Public Domain of the Moroccan Ministry of Equipment has just launched the call for tenders, with pre-selection, for the construction work of the strategic Atlantique Dakhla port. The opening of the bids is scheduled for January 21, 2021 at 10 a.m. in Rabat.
The American startup Soluna Technologies and AM WIND plan to build a 900 MW wind farm in Dakhla, on an area of 11,313 hectares, to power servers dedicated to blockchain technologies. An initial investment of 15 billion dirhams will be dedicated to the project.
The Turkish food distribution company BIM is considering opening 35% of its Moroccan subsidiary, BIM Stores Maroc, to the firm Blue Investment Holdings. Discussions are advanced between the two parties.
Moroccans take care of 30% of the cost of education, twice the OECD average, said the Minister of National Education, Saaid Amzazi , on Saturday, December 5. To help households and the state facing several budgetary challenges, the minister has suggested innovative financing solutions.
As of December 4, 2020, nearly 50 billion dirhams have been mobilized under the guaranteed loan scheme, as part of the national economic recovery plan. This was stated last Friday in Rabat by the Minister of Economy, Finance and Administrative Reform, Mohamed Benchaâboun.
Over the first ten months of 2020, the net flow of Foreign Direct Investments (FDI) in Morocco has further deteriorated to reach 11.69 billion dirhams, a drop of 31.2% compared to the end of October 2019. This is the result published by the Foreign Exchange Office in its bulletin on foreign trade indicators for October 2020.
The Sino-Moroccan alliance does not seem to please the Algerian neighbor. The local press is firing on all cylinders at the regime, blaming it for its inaction in a "hyper-strategic" file for the country’s future.
The head of the Spanish Executive is expected in Morocco on December 17th. This upcoming visit by Pedro Sanchez could give a good boost to Moroccan-Spanish relations.
Morocco is currently a credible alternative for European countries. Speaking to the press on Tuesday in Rabat, the Minister of Industry, Trade, Green Economy and Digital, Moulay Hafid Elalamy presented all the advantages that Morocco offers for European industry and how reliable it is to invest there.
The Minister of Economy, Finance and Administration Reform, Mohamed Benchaâboun , met on Tuesday with the European Commissioner for Neighborhood and Enlargement, Oliver Varhelyi. A meeting during which the national finance minister requested the participation of the European Union (EU) in the Mohammed VI Fund for Investment.