Daily Press Review - Tuesday, March 19, 2024

Artificial Intelligence: A New Threat to Moroccan Banks

The Moroccan banking sector, amidst digital expansion, faces a new challenge: cyber threats related to artificial intelligence (AI).

In recent years, security services have dismantled criminal networks specialized in hacking bank data. Criminals now employ AI techniques to pose as customer representatives and extract sensitive information from clients.

Cybersecurity has become an absolute priority for Moroccan banks, investing heavily to protect their information systems. The British Chamber of Commerce for Morocco recently organized a webinar on this subject, emphasizing the importance of reconciling cybersecurity and service digitization.

Source: Aujourd'hui le Maroc

Air Traffic: Over 4.5 Million Passengers by End of February 2024, a 17% Growth

Morocco's air traffic continues to grow, with over 4.5 million passengers recorded at the country's airports by the end of February 2024, marking a 17% increase compared to the same period last year.

International traffic primarily drives this growth, experiencing a 20% increase from February 2023. This performance stems from the rise in the number of flights and destinations served by Moroccan and foreign airlines.

Domestic traffic is also rebounding, showing a 3% growth compared to February 2019. This growth is attributed to the economic activity resurgence and the lifting of travel restrictions related to the Covid-19 pandemic.

Source: Aujourd'hui le Maroc

Beni Mellal-Fes/Meknes Highway: Launch of Studies for a Structuring Project

A tender for the realization of studies for the highway project linking Beni Mellal to Fes and Meknes has been launched. This project aims to accelerate the socio-economic and tourist development of central-eastern Morocco.

The Beni Mellal-Fes/Meknes highway is a large-scale project that will connect the region to major urban centers of the country, contributing to decongestion and reduced travel time.

Source: Aujourd'hui le Maroc

Global Money Week: Bank Al-Maghrib Commits to Educate Youth

Bank Al-Maghrib (BAM) participates in the 12th edition of Global Money Week (GMW), running until March 31, 2024.

The initiative aims to raise children and youth's awareness of basic financial concepts and provide them with tools to manage their money responsibly.

During this week, BAM branches nationwide will host groups of children and youth from schools and vocational training institutions. Training and awareness sessions will also be organized in these institutions.

Pedagogical visuals related to the popularization of basic financial concepts will be disseminated on BAM's social networks throughout the event. This year's theme is "Protect your money, secure your future."

Source: Al Bayane

Ramadan 1445 Operation: Over 14,000 Households in Tiznit Benefit from Food Aid

More than 14,000 households in the Tiznit province will benefit from the "Ramadan 1445" food support operation initiated by the Mohammed V Foundation for Solidarity.

This initiative, part of HM King Mohammed VI's High Instructions, aims to provide aid and comfort to the most vulnerable social categories during the holy month of Ramadan.

The operation targets 1,500 beneficiaries in urban areas and 12,860 others in rural areas, aiming to improve their living conditions and alleviate the burdens of impoverished families.

Launched by HM King Mohammed VI in Rabat, the "Ramadan 1445" operation aims to support one million households nationwide, benefiting nearly five million people.

Source: Al Bayane

Furniture Market: 2023, a Eventful Year for Brands

The year 2023 was particularly eventful for furniture brands, with varied fortunes for key market players.

Maisons du Monde experienced a steep decline in market share, dropping by 46.6% in February and 86% in May. This decline is attributed to inflation, leading consumers to reduce spending and focus on essential products.

On the other hand, Ikea managed to preserve its customer portfolio and maintain its market position. The Swedish brand capitalized on its image of quality and affordable prices to withstand the crisis.

Source: Les Inspirations Eco

Export Morocco Now Women: A Program to Support Female Entrepreneurs in Export

The Moroccan Agency for Investment and Export Development (AMDIE), in partnership with several stakeholders, launches the "Export Morocco Now Women" program. The aim is to support female entrepreneurs or those organized in cooperatives to enter the international market.

The program's pilot phase targets around fifty companies from the Marrakech-Safi, Souss Massa, and Casablanca-Settat regions, with export revenues below 5 million dirhams in 2022.

Source: Les Inspirations Eco

Fes-Meknes: Launch of a Study for Water and Soil Conservation

The Regional Directorate of Agriculture (DRA) of Fes-Meknes has launched a project for a comprehensive study aiming to develop a regional master plan for water and soil conservation, as well as rainwater harvesting.

This project aligns with the national strategy "Generation Green," promoting sustainable agriculture and ensuring the country's food security. It aims to preserve soils, sustain water resources, and mobilize rainwater for agricultural development.

The study will delineate priority areas for protection, particularly those threatened by water erosion, a major threat to Moroccan agricultural lands, causing significant damage to soils, hydraulic infrastructure, and irrigated areas.

Source: LIBERATION

Agadir: Record Seizure of 10.5 Tons of Cannabis and Arrest of 13 Suspects

Moroccan law enforcement successfully thwarted an international drug trafficking attempt by seizing a record quantity of 10.542 tons of cannabis and arresting 13 suspects.

The operation was conducted by the police in Agadir, in cooperation with the Royal Navy and the Royal Gendarmerie, based on precise intelligence provided by the General Directorate of Territorial Surveillance (DGST).

Research and investigations led to intercepting the fishing boat intended for the international drug trafficking operation.

Source: LIBERATION

Morocco-EU Free Trade Agreement: The Challenges of an Impending Renegotiation

The free trade agreement between Morocco and the European Union (EU) could be renegotiated amid growing tensions in Europe surrounding free trade agreements and the Common Agricultural Policy (CAP).

For several months, European farmers, particularly in Spain, have been protesting against the EU's stringent rules and free trade agreements, accusing them of creating unfair competition. The agreement with Mercosur, signed in 2019, is particularly targeted.

The European Union now aims to adopt a new approach to its trade agreements, with stricter environmental and social clauses. This approach, known as "new generation" agreements, aims to include more stringent environmental and social clauses.

Source: L'OPINION