Daily Press Review - Monday, May 13, 2024

Bayt Mal Al-Qods Acharif Agency and Moroccan Association for the Reconstruction Support in Palestine Partner to Rehabilitate Al-Qods

Today, a new partnership agreement was signed between the Bayt Mal Al-Qods Acharif Agency and the Moroccan Association for the Reconstruction Support in Palestine. This collaboration aims to initiate a series of reconstruction and rehabilitation projects in the holy city of Al-Qods.

Endowed with a budget of one million US dollars, funded by Morocco, these projects will target 100 properties in the historic city of Al-Qods. The works will involve the restoration of roofs, green spaces, doors, supporting walls, moisture treatment, as well as the maintenance and rehabilitation of five buildings in various neighborhoods. Additionally, a community social action center will be constructed within the Al Maqasid charitable hospital.

These projects align with the goal of preserving the historical and architectural heritage of Al-Qods while enhancing the living conditions of Palestinians in the holy city. They are in line with the vision of His Majesty King Mohammed VI, President of the Al-Qods Committee, which aims to support the Palestinian people and ensure their right to self-determination.

The signing of this agreement demonstrates Morocco's continued commitment to the Palestinian cause. The Kingdom has always supported efforts to preserve the status of Al-Qods as a holy city and ensure the dignity of its inhabitants.

Source: Le Matin du Sahara

Morocco: Fitch Solutions Forecasts a 15.3% Increase in Tourist Arrivals in 2024

According to a recent study by BMI-Fitch Solutions, the Moroccan tourism sector is expected to experience rapid growth in 2024, with a 15.3% increase in tourist arrivals, reaching a record number of 16.8 million visitors. This upward trend is projected to continue until 2028, with an average annual growth of 6.2%, bringing the total number of arrivals to nearly 20 million.

This growth is primarily driven by traditional European markets, with France leading as the top tourist-sending country to Morocco in 2024, with an estimated 4.5 million arrivals (26.9% of the total). Spain follows with 2.4 million arrivals (14.3% of the total), and Belgium with 931,290 visitors (5.6% of the total). Italy and Germany complete the top 5 tourist-sending markets, with respective shares of 5.5% and 4.4% of the total number of arrivals. This distribution reflects that of 2023 and follows the trend observed before the pandemic in 2019.

Source: Aujourd'hui Le Maroc

Aïd Al-Adha: Online Sheep Purchasing Struggles to Attract Moroccans

As the Aïd Al-Adha holiday approaches, the purchase of sheep becomes an unavoidable topic in Morocco. While e-commerce platforms are experiencing significant growth in the country, the online sale of sheep struggles to gain traction. Indeed, consumers remain deeply attached to tradition and prefer to buy their sheep in physical markets and souks.

For many Moroccans, buying a sheep for Aïd goes beyond a simple commercial transaction. It is a deeply rooted social and cultural experience in the country's customs. Visiting bustling souks and markets before the holiday is an opportunity to share moments with family, interact with vendors, compare animals, and choose the perfect sheep.

Mistrust towards online transactions, especially regarding the purchase of sheep, is a major barrier to adopting this mode of purchase. Consumers fear scams, misleading photos, and the difficulty of assessing the health and quality of the animal from a distance.

Source: Aujourd'hui Le Maroc

Natural Gas: Morocco Launches an Offensive to Attract Investors and Reduce Industry Carbon Footprint

The Ministry of Energy Transition and Sustainable Development of Morocco is stepping up its efforts to materialize the first gas infrastructure projects in the country. The objective is clear: to reduce the carbon footprint of production activities, especially those intended for export.

Leila Benali, Minister of Energy Transition and Sustainable Development, announced the imminent launch of a call for expressions of interest (EOI) to attract investments in this field. This call will target both national and international actors.

Within the next two to three weeks, a proposal will be unveiled for financing the new roadmap concerning gas infrastructure. This roadmap emphasizes the sustainability of infrastructure, similar to what is planned for green hydrogen.

The offer entails the construction of three gas stations in three Moroccan ports: Nador West Med, Jorf Lasfar, and Laâyoune. The first station is expected to be established on the Mediterranean coast, at the Nador West Med port, due to the proximity of the Tendrara gas field in the Oriental region.

The other two stations will be located on the Atlantic and southern coasts of Morocco, respectively at the Jorf Lasfar and Laâyoune ports. These stations will facilitate the transformation of natural gas into various forms of energy, such as electricity and green hydrogen.

Source: Les Inspirations Eco

World Bank: Moroccan Economy Expected to Remain Resilient Amid Regional Geopolitical Tensions

Despite the geopolitical tensions in the Middle East and North Africa (MENA) region, the Moroccan economy is expected to fare relatively well in 2024 and 2025, according to the World Bank. This resilience is attributed to Morocco's limited economic ties with conflict-affected countries.

The World Bank forecasts a growth rate of 2.4% for the Moroccan economy in 2024, down from 2.8% in 2023. This slowdown is primarily due to an anticipated decline in agricultural performance, impacted by unfavorable climatic conditions.

In 2025, growth is expected to rebound to 3.7%, supported by an anticipated recovery in agricultural activity and the continuation of momentum in non-agricultural sectors.

Despite the positive outlook for Morocco, the World Bank highlights that the MENA region as a whole is expected to experience slower growth compared to the rest of the world. Importing countries of oil, in particular, are projected to have weaker growth compared to exporting countries.

The Gulf Cooperation Council (GCC) countries, with their significant oil reserves, are expected to achieve a growth rate of 2.8% in 2024 and 4.7% in 2025. In contrast, developing oil-importing countries are expected to exhibit more modest growth, at 2.5% in 2024.

The World Bank draws attention to the issue of debt in the MENA region. While oil-importing countries have experienced larger increases in nominal debt than exporting countries, Morocco, the West Bank, and Gaza are exceptions to this trend.

Morocco-Spain Trade: Slight Imbalance in Favor of Spain

While commercial relations between Morocco and Spain remain robust, 2023 saw a slight shift in favor of Spain. This change is primarily attributed to the increase in Moroccan imports of red meat from Spain.

Despite this slight setback, Morocco maintains its position as the leading exporter of tomatoes to Europe, with sales to Spain valued at 83.6 million euros in 2023. The country also excels in exporting other agricultural and agri-food products, such as fresh or refrigerated fruits and vegetables, and fish products, notably mollusks (683.6 million euros in 2023).

Spanish agri-food exports to Morocco experienced a greater growth than Moroccan imports to Spain in 2023. This imbalance is notably explained by the increase in Moroccan imports of red meat from Spain, following drought affecting the local livestock and nearing the Aid Al-Adha festival. Soybean oil, live cattle, and goats are also among the main products exported from Spain to Morocco.

The Moroccan government has authorized the importation of 600,000 sheep in 2024, a figure that could reach one million approaching the Aid Al-Adha festival. This situation is expected to continue favoring Spanish exports of red meat to Morocco.

CAC Organizes Individual Automobile Exhibition Until June 15

In the absence of an official Automobile Salon organized by AIVAM, automotive distributors are taking the lead by offering individual exhibitions to showcase their new releases and promotional offers. Centrale Automobile Chérifienne (CAC) is no exception, inviting its customers to discover a fascinating world of Audi, Cupra, Volkswagen, Seat, and Skoda vehicles across Morocco until June 15.

CAC impresses with discounts of up to 75,000 DH on its entire range of vehicles, covering all segments and budgets. Whether you're looking for an economical city car, a family sedan, or a high-performance SUV, you'll surely find the perfect match at CAC.

In addition to enticing promotional offers, CAC also offers test drives to allow you to experience firsthand the performance and comfort of your future vehicle. Exciting activities and surprises are also in store to make your visit to CAC even more enjoyable.

Source: Al Bayane