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Morocco Business Update: June 2008 June 2008
Morocco Business Update June 2008
Dear Reader,
This is the last edition of the Moroccan newsletters. You can find the latest energy news that are taking place during May in Morocco.
In 2007, the trade balance registered a deficit of MAD 134.6 billion, a rise of 39% compared to the previous year. This was a result of an increase of 22% in imports (MAD 257 billion), against 7.5% in exports (122.4 billion). In 2008, the same trend is being observed, if not worse.
If you would like to know more about these newsletters or to suggest events or articles to us, we would be very pleased to receive it at: projects@meconsult.co.uk
Kind regards,
Laura H. Sandoval MEC International Ltd. Fax: 020 7591 4801 Email: projects@meconsult.co.uk www.meconsult.co.uk
Abu Dhabi okays Morocco refinery The board of Abu-Dhabi government-owned energy investment firm International Petroleum Investment Company (IPIC) has approved a plan for a new refinery in Morocco, UAE state new agency Wam said on Wednesday. 4th june
Morocco, EU to facilitate procedures Morocco and the EU signed Friday an agreement for institutional twinning that aims at the “facilitation of foreign trade procedures”. 1st June 2008
Infrastructure work begins on key GFH projects in Marrakesh and Tangiers Gulf Finance House, a leading Islamic investment bank specialising in conception and execution of economic infrastructures in some of the world’s fastest growing economies, has revealed that infrastructure works have begun on two exceptional projects in Morocco. 4th June 2008
Morocco, Indonesia set to boost trade exchanges The first session of the Moroccan- Indonesian high joint commission wrapped up Sunday in Rabat with the two countries voicing firm to give a new impetus to bilateral cooperation, especially through boosting trade exchanges, state MAP news agency reported. 8th June 2008
Morocco and Indonesia set to bolster trade exchanges The first session of the Moroccan-Indonesian high joint commission wrapped up Sunday in Rabat with the two countries voicing firm to give a new impetus to bilateral cooperation, especially through boosting trade exchanges, state MAP news agency reported. 8th June 2008
ONE opens up on Senegal The Moroccan National Office of Electricity (ONE) has clinched a 25-year concession contract for the electrification of the Saint Louis-Dagana-Podor region in Senegal. 2nd June 2008
Morocco to cooperate with Nato Morocco declared Monday that it will contribute to Nato’s anti-terrorism operation in the Mediterranean Sea. 3th June 2008
Morocco, Netherlands sign joint statement Morocco and the Netherlands signed, on Tuesday in Rabat, a joint statement to reinforce economic cooperation and expand trade between the two countries. 4th June 2008
Morocco, IDB to promote development in Africa Morocco and the Islamic Development Bank (IDB) signed, Tuesday in Jeddah, a Memorandum of Understanding to promote development in sub-Saharan countries. 5th June 2008
Morocco vows to reinforce cooperation Morocco is resolved to reinforce cooperation with African countries in the energy sector. 13th June 2008
Morocco, Indonesia to reinforce cooperation Morocco and Indonesia expressed Sunday their strong will to reinforce bilateral cooperation, with a view of boosting trade between the two countries. 9th June 2008
World Bank grants Morocco USD 150 million The World Bank decided Tuesday to grant Morocco a loan of USD 150 million. 9th June 2008
Morocco ranks first in MENA region Morocco led the list in terms of fund transfers in the Middle East and North Africa (MENA) region in 2007, with USD 6.7 billion, a World Bank report revealed on Tuesday. 9th June 2008
Morocco has yet long path to go Morocco’s trade deficit is widening year after year and imports are growing much faster than exports. Despite the advances realised in terms of opening up, structural reforms, sector-based policies, etc., Morocco is witnessing a serious competitiveness loss in terms of its foreign trade. 19th June 2008
Moroccans consume more electricity Moroccans’ consumption of electricity increased 6.8% in 2007, revealed the National Office of Electricity (ONE) in its 2007 balance sheet. 9th June 2008
Morocco vows to reinforce cooperation Morocco is resolved to reinforce cooperation with African countries in the energy sector. 16th June 2008
TAQA and Theolia announce strategic partnership for Morocco Abu Dhabi National Energy Company (TAQA), a global energy company, and Theolia, a leader in the production of electricity from wind energy, signed on 10 June 2008 a strategic partnership agreement in the renewable energy sector in Morocco. 12th June 2008
Taqa confirms Moroccan energy plans Abu Dhabi National Energy Co. (Taqa) confirmed on Sunday it would bid with French wind-energy firm Theolia for a 300-megawatt wind farm project in Morocco. 15th June 2008
Mission hails Morocco’s economic achievements Significant progress has been made in terms of Morocco’s macroeconomic stability and its economy’s resilience, despite soaring international oil prices, said a press release of the International Monetary Fund’s (IMF) mission on Tuesday. 12th June 2008
TAQA and THEOLIA: Strategic partnership in Morocco The Abu Dhabi National Energy Company PJSC (TAQA), a global energy company, and THEOLIA, a leader in the production of electricity from wind energy, signed on June 10th 2008 a strategic partnership agreement in the renewable energy sector in Morocco. 16th June 2008
Oil, food prices weigh heavy on state budget The expenses of the Equalisation Fund almost doubled during the first four months of the year, rising 190% to reach MAD 9.7 billion, said a report of the Ministry of Finance. 26th June 2008
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