Barlaman Today

Africa needs collective action to transform its economies into interconnected engines of global competitiveness, Morocco’s Minister of Economic Integration, Dr. younes sekkouri, said on Tuesday in Rabat. Speaking at the African Small and Medium-Sized Enterprises (SME) Forum 2024, Sekkouri called for a unified approach to Africa’s industrial growth. “Africa’s development is tied to our ability to collaborate across borders and align our efforts toward a shared vision,” Sekkouri said. He mentioned the need for African businesses to seize the opportunities offered by the African Continental Free Trade Area (AfCFTA) Secretariat) and build a more integrated industrial framework capable of harnessing the continent’s vast resources. #Morocco #Africa #Rabat #Younesssekouri #Economy #AfCFTA #Barlamantoday

Morocco’s phosphate giant, OCP Group, has upped its production to meet the spike in sulfur demands, a key component of the phosphate fertilizer industry. The global sulfur market size was USD 6 billion in 2023 and is projected to grow from USD 6.2 billion in 2024 to USD 7.9 billion by 2032, according to Fortune Business Insights. The group inaugurated a new incinerator in 2024 with an annual capacity of 550,000 tons, adding to an earlier unit launched in the second quarter of the same year, which processes 417,000 tons annually. #Morocco #Ocp #Ocpgroup #Phostphate #Barlamantoday

Morocco’s automotive sector remains the country’s top export earner, with exports rising by 8% to reach MAD 131.4 billion (USD 13.1 billion) as of the end of October 2024, up from MAD 121.6 billion (USD 12.1 billion) during the same period in 2023, according to data from Morocco’s Exchange Office. The increase reflects robust gains across key segments. Vehicle construction exports rose by 6.9% to MAD 58.1 billion (USD 5.8 billion), while wiring and cabling exports climbed 7.9% to MAD 45.4 billion (USD 4.5 billion). Meanwhile, exports of vehicle interiors and seats saw the largest percentage growth, surging 20.9% to MAD 7.7 billion (USD 770 million), driven by higher global demand for Morocco’s specialized automotive components. #Morocco #MoroccoAutomotive #ExportLeader #EconomicGrowth

Morocco’s trade deficit increased by 5.2% to MAD 249.8 billion (USD 24.9 billion) as of the end of October 2024, compared to MAD 237.5 billion (USD 23.7 billion) a year earlier, according to data released by the Office des Changes , the country’s foreign trade watchdog. Over the first 10 months of 2024, imports rose 5.8%, reaching MAD 623.4 billion (USD 62.3 billion). The rise was driven by heightened purchases of finished equipment goods, which grew 11.6%, fueled by strong demand for utility vehicles and electrical components.

The remittances of Moroccan expatriates amounted to nearly 100.29 billion MAD, by the end of October 2024, up from MAD 96.51 billion during the same period last year, according to Morocco’s foreign exchange regulator. The Office’s latest monthly report on foreign trade indicators showed a 3.9% rise in remittances, amounting to an additional MAD 3.78 billion compared to the first ten months of 2023. #MoroccanExpatRemittances #MoroccanEconomy #ForeignExchangeOffice

The Moroccan Office of Industrial and Commercial Property (OMPIC) announced Friday that #businesses created in the first eight months of 2024 totaled 61,178 in #Morocco. Of these, 44,261 are legal entities, and 16,917 are individual entrepreneurs. The #commerce sector led the way, making up 34.64% of the total. Other major sectors included construction and real estate (19.16%), various services (18.77%), transport (7.97%), industry (7.32%), and hotels and restaurants (5.66%). Smaller sectors included ICT (2.78%), finance (2.09%), and #agriculture and fisheries (1.61%).

Google is testing a new artificial intelligence feature called “Store Reviews,” designed to help users evaluate online stores by summarizing reviews from platforms like Trustpilot, #ScamAdvisor, and others. The feature, spotted by a user named Leopeva64 on X (formerly Twitter), was shared in a series of posts highlighting its potential. Store Reviews provides “#AI-generated summaries of reviews from independent review websites such as Trustpilot, ScamAdvisor, Google, and more.” #morocco #google #googlechrome #ai #googleai #artificialintelligence #trustpilot #scamadviser https://lnkd.in/eDMAGwne

AKDITAL, Morocco’s largest private #healthcare operator, reported record-breaking results at the end of the first nine months of 2024, with earnings growing at an annualized rate of 51% to MAD 2 billion (approximately USD 200 million), according to a report from #market research firm BMCE Capital Global Research. The report attributes the rapid #growth in #revenue to the robust growth from established operations and “strategic” expansions. The earnings represent 71% of the company’s annual forecasts, putting the company on the path to exceeding its projected revenue. The group currently operates 26 healthcare facilities in 15 cities. In December 2022, Akdital Group became the first healthcare company listed on the Bourse de Casablanca Stock Exchange.

Morocco is preparing to launch a secondary market for non-performing loans (#NPLs), a move that promises to relieve mounting pressure on the country’s banking system, the Central Bank, Bank Al-Maghrib (BAM) Director General Abderrahim Bouazza announced Thursday at a conference in Casablanca.   The development comes as bad loans continue to grow within the #banking system. In the first nine months of 2024, NPL reached MAD 98 billion (USD 9.8 billion) in September— equivalent to 7% of #Morocco’s GDP. A robust secondary #market could help banks offload bad debts more efficiently, freeing up capital for lending and stabilizing the sector. #Nonperformingloans #bankingsystem

#Morocco's national #football team, the #AtlasLions, dropped to 14th in FIFA's monthly ranking despite winning its last two matches in the Africa Cup of Nations #AFCON 2025 qualifiers against Lesotho and Gabon.