Latest news with #AhmedEljechtimi
Zawya
7 days ago
- Business
- Zawya
Morocco's Bank of Africa reports 26% rise in first-quarter profit
Bank of Africa, Morocco's third-largest lender, reported a 26% increase in profit attributable to shareholders to 920 million dirhams ($99.5 million) in the first quarter, driven by a rise in net banking income. Net banking income rose 11% to 5 billion dirhams, the bank said, noting an improvement in interest and fee margins. (Reporting by Ahmed Eljechtimi Editing by Bernadette Baum)
Zawya
19-05-2025
- Business
- Zawya
Taqa Morocco shares suspended pending major announcement
The shares of Taqa Morocco, the country's largest private electricity producer, have been suspended from trading on Monday pending a major announcement, the Casablanca stock exchange said. The decision came at the request of bourse regulator AMMC. Taqa Morocco is the third-largest company by market cap on the stock market. (Reporting by Ahmed Eljechtimi, Editing by Louise Heavens)
Zawya
07-05-2025
- Business
- Zawya
Morocco begins tendering process to expand Casablanca airport
Morocco issued on Wednesday 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. Casablanca airport's expansion is part of a push to double Morocco's overall airport capacity to 78 million to meet increasing traffic in the run-up to the soccer World Cup, which Morocco will co-host with Spain and Portugal. The terminal is expected to be ready in 2029 at a cost of $1.6 billion, airports authority ONDA said in a statement. The new terminal will serve as an international hub and will be served by a high-speed train network connecting the airport to the key cities of Casablanca, Rabat and Marrakech. 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 Editing by Tomasz Janowski)
Zawya
25-04-2025
- Business
- Zawya
Morocco launches $10bln rail expansion plan
RABAT, Morocco - Morocco's King Mohammed VI gave the go-ahead on Thursday for a rail expansion plan worth 96 billion dirhams ($10.3 billion), including the construction of a high-speed line to Marrakesh, the country's main tourist hub, by 2030, state media reported. Morocco's preparations to co-host the World Cup in 2030, together with Spain and Portugal, has spurred the extension of the high-speed, intercity and urban rail networks. The country also hopes the investments will help develop its nascent rail industry. The new high-speed line, worth 53 billion dirhams, will start from Kenitra on the Atlantic coast and run 430 kilometres south to Marrakesh, serving Rabat and Casablanca along the way. Designed for a speed of 350 kilometres per hour, the line will cut the journey between Marrakesh and Tangier by two hours, to 2 hours and 40 minutes, while travel time between Rabat and Casablanca's main airport will be reduced to 35 minutes. Moroccan state-owned rail operator ONCF announced in February that it had signed deals to purchase 168 trains from France, Spain and South Korea for 29 billion dirhams. France's Alstom will supply ONCF with Avelia Horizon double-decker high-speed trains that can carry 640 passengers and cruise at a speed of 320 kilometres per hour. The other trains are mainly intercity and urban trains, with ONCF planning to double the number of cities it serves to 43, covering 87% of the Moroccan population by 2040. The purchase deals also include investments in the country's rail industry. (Reporting by Ahmed Eljechtimi; Editing by Leslie Adler)
Zawya
18-04-2025
- Business
- Zawya
Moroccan bourse to help Mauritania set up first stock market
The Casablanca stock exchange and Mauritania's central bank said on Friday they had signed a deal to set up Mauritania's first stock market in the capital Nouakchott. The agreement "is part of efforts by Mauritania to develop its economy, diversify sources of financing and attract foreign investments", the two institutions said in a joint statement. The Casablanca stock exchange will bring "technical, operational and strategic support for the setting up of Nouakchott's stock exchange," the statement said. The new bourse would help integrate Mauritania into the international financial system, it said. Mauritania, an iron ore, gold, copper and more recently gas producer, is trying to diversify its economy and attract foreign investors. The Casablanca stock exchange is the second largest in Africa with a market capitalisation of 899 billion dirhams ($97 bln) on April 18, 2025. Moroccan banks and firms operating in insurance, fertilisers, mining, telecoms and real-estate are among those rolling out investments across West Africa in recent years. (Reporting by Ahmed Eljechtimi; Editing by Kirsten Donovan)
