Latest news with #AhmedEljechtimi
The Independent
4 days ago
- Business
- The Independent
Morocco to spend billions on airports ahead of World Cup
Morocco is set to invest 38 billion dirhams ($4.2 billion) over the next five years to overhaul its main airports, preparing for the World Cup it will co-host with Portugal and Spain. The Moroccan government announced on Thursday that an agreement has been signed with the national airports authority, ONDA, to facilitate this extensive project. Under the deal, 25 billion dirhams will be allocated for airport expansion, with 13 billion dirhams designated for maintenance and land acquisition. The government plans to expand its airport capacity to 80 million passengers by 2030 from 38 million currently. In May, Morocco issued two expressions of interest to identify bidders for its plan to build a new terminal that will increase capacity at its largest airport in Casablanca by 20 million passengers. Morocco reported a record 17.4 million visitors last year, up 20% from 2023, and it expects to attract 26 million tourists in 2030. (Reporting by Ahmed Eljechtimi) British tourists are increasingly choosing north Africa as a holiday destination, with travel firms reporting a shift away from traditional European hotspots. The rise in popularity is due to the availability of high-quality hotels in countries such as Egypt, Morocco, and Tunisia, which are significantly cheaper than similar options in Spain, France, and Italy, experts say. Aviation analysts Cirium have reported a significant increase in flights from UK airports to north Africa, with 19,847 flights projected for this year. Tui has increased its flights from the UK to north Africa this summer to meet growing demand, with new routes from Stansted to Enfidha in Tunisia and from Newcastle to Agadir, Morocco. Online accommodation marketplace said it recorded a 68 per cent increase in the number of searches for summer breaks in Tunisia during the first five months of this year, compared with the same period in 2024. Egypt and Morocco saw rises of 64 per cent and 39 per cent respectively.
The Star
6 days ago
- Business
- The Star
Morocco to spend $4.2 billion to expand airports ahead of World Cup
RABAT (Reuters) -Morocco said on Thursday it will spend 38 billion dirhams ($4.2 billion) over the next five years to overhaul its main airports, ahead of the World Cup it will cohost with Portugal and Spain. An agreement was signed to that end between the Moroccan government and the airports authority ONDA, the government said in a statement. Under the deal, 25 billion dirhams will be allocated to airport expansion and 13 billion dirhams will go to maintenance and land acquisition. The government plans to expand its airport capacity to 80 million passengers by 2030 from 38 million currently. In May, Morocco issued two expressions of interest to identify bidders for its plan to build a new terminal that will increase capacity at its largest airport in Casablanca by 20 million passengers. Morocco reported a record 17.4 million visitors last year, up 20% from 2023, and it expects to attract 26 million tourists in 2030. (Reporting by Ahmed Eljechtimi)
Zawya
15-07-2025
- Business
- Zawya
Moroccan healthcare company Vicenne's IPO oversubscribed 64 times
The initial public offering (IPO) of Moroccan healthcare company Vicenne was oversubscribed 64 times, the Casablanca stock exchange said on Tuesday. The offering, the first IPO this year, attracted more than 32 billion dirhams ($3.5 bln) in demand for 500 million dirhams in shares. The IPO drew 37,674 investors, including more than 36,000 individual investors from 49 different nationalities. (Reporting by Ahmed Eljechtimi, Editing by Louise Heavens)
Zawya
15-07-2025
- Business
- Zawya
Morocco's economic growth to slow to 4% in 2026, statistics agency says
Morocco's economic growth is likely to slow down to 4% next year from 4.4% expected this year, the official statistics agency HCP said on Tuesday, citing global trade uncertainties. The forecast was based on assumptions of an average wheat harvest and a drop in foreign demand for Moroccan goods, the statistics agency said in a report. "The fragmentation of international trade and persistent uncertainties are expected to weigh on the growth of trade in goods and services, thereby limiting the recovery of foreign demand directed at Morocco," it said. Domestic demand continues to drive imports, contributing to the widening of the current account deficit seen at 1.9% of gross domestic product in 2026, up from 1.8% in 2025, the statistics agency said. The fiscal deficit would narrow to 3.4% of GDP in 2026, from 3.6% this year, as higher tax revenue offset increased government spending, it said. (Reporting by Ahmed Eljechtimi Editing by Tomasz Janowski)
Zawya
03-07-2025
- Business
- Zawya
Morocco to supply 1.1mln tonnes of fertilizers to Bangladesh in 2025-2026
RABAT: Moroccan fertiliser producer OCP Nutricrops said on Wednesday it will supply 1.1 million tonnes of fertilizers to Bangladesh over the period 2025–2026. OCP Nutricorps signed the supply deal with Bangladesh Agricultural Development Corporation, whose officials are visiting Morocco to explore cooperation areas, the company said in a statement. (Reporting by Ahmed Eljechtimi; Editing by Chris Reese)
