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Morocco World
an hour ago
- Business
- Morocco World
Valencia Economic Delegation to Visit Tangier in June
Doha – A high-level economic delegation from Spain's Valencia region will visit Tangier on June 2-3, aiming to strengthen bilateral economic and commercial ties with Morocco. The mission is organized by the Valencia Chamber of Commerce, the Tangier-Tetouan-Al Hoceima Chamber of Commerce, and Morocco's Consulate General in Valencia. Led by Marian Cano, Valencia's regional minister for Innovation and Industry, the delegation will include representatives from key sectors, including agri-food, textiles, tourism infrastructure, sports facilities, construction, transportation, and financial services. CaixaBank will be among the financial institutions represented. In a demonstration of the commitment of Valencia's main economic institutions to structured bilateral cooperation, the heads of the Chambers of Commerce of Valencia, Alicante, Orihuela, and Alcoy will also participate. The delegation's agenda begins with an opening session on Monday, June 2, at 9:30 a.m. at the headquarters of the Tangier-Tetouan-Al Hoceima Chamber of Commerce. This session will feature institutional officials and business leaders from both countries presenting regional development strategies and initiating dialogue between economic operators. Business-to-business meetings will follow, facilitating direct exchanges between Spanish and Moroccan companies to explore partnership opportunities. Read also: Spanish Municipal Delegation Explores Morocco's Dakhla Development Projects A visit to Tangier Med port, one of Africa's and the Mediterranean's largest logistics hubs, is also scheduled. This tour aims to showcase the region's infrastructure capabilities and competitive advantages. This mission comes as economic ties between Rabat and Madrid continue to grow. This week, on May 28, four investment agreements worth MAD 500 million ($50 million) were signed in Rabat between Morocco and Catalan companies. The agreements were concluded during a meeting between Karim Zidane, Morocco's Minister Delegate for Investment, and a delegation of Catalan businesses led by Josep Sánchez Llibre, president of Foment del Treball, the main employers' confederation in Spain's northeastern autonomous region. These Catalan investments will create over 700 direct jobs in Tangier, Tetouan, and Kenitra across several sectors, including automotive, waste management, industrial packaging, and construction materials. Sánchez Llibre announced that Catalan investments will continue flowing to Morocco, with another delegation of about twenty Catalan companies planning to visit within a year. Their three-day business trip follows the 'Morocco Now' roadshows held in Barcelona in January 2024, in Madrid in April 2025, and Foment's first visit to Morocco in June 2024. Tags: Morocco Spain relationsValencia
The Star
16 hours ago
- Health
- The Star
Apnoea – something to lose sleep over
PETALING JAYA: Microsleep refers to brief, involuntary episodes of sleep lasting just a few seconds during a person's waking hours. This naturally makes it frightening if it happens to a driver, as a vehicle can travel quite a distance in just seconds. The danger of microsleep is real. Based on the last statistics provided by the police, 1,305 fatalities were attributed to drivers falling asleep due to fatigue between 2011 and 2021. There are many causes of unsatisfactory or inadequate sleep that contributes to microsleep, and one area that continues to draw research is sleep breathing disorders, including sleep apnoea. 'During sleep, the brain and body goes through various stages of rest and recovery. As sleep deepens, our airway muscles progressively relax and narrow the air passage. Soft tissues of the airway also progressively lose their strength and responsiveness with age, inflammation and disease, thus restricting air flow,' said Assoc Prof Dr Yap Yoke Yeow, an Ear, Nose, and Throat (ENT) specialist with the KPJ Johor Specialist Hospital. Dr Yap Yoke Yeow 'This can happen many times during sleep and even cut off the supply of oxygen to our lungs periodically. To ensure we are able to continue breathing, our brain would then interrupt the sleep cycle and 'wake' us so that airflow is restored. 'As such, our sleep isn't as restful as it should be, and people who suffer from this ailment could wake up feeling tired. 'Apnoea is defined as the absence of airflow through the nose or mouth for more than 10 seconds at a time. When one experiences more than 30 episodes of apnoea in seven hours of sleep, that is classified as severe obstructive sleep apnoea (OSA),' he said. In view of the importance of a good night's rest, Dr Yap added that medical attention should be sought if one suffers from excessive daytime sleepiness or microsleeps. Management of sleep breathing disorders range from lifestyle changes to myofunctional therapy, where a therapist helps the patient retrain orofacial muscles (controlling the tongue, lip and cheek areas) to improve functions like breathing – especially in addressing mouth breathing, swallowing and speech. Other than surgery, interventions for difficult cases of OSA include using Continuous Positive Airway Pressure (through a machine that delivers a constant stream of air through a mask or nasal prongs while the patient sleeps), as well as wearing a mandibular advancement device (MAD) to sleep. MAD is a custom-made device that gently pulls the lower jaw (mandible) forward, which in turn nudges the tongue forward so that the airway can be opened to reducing breathing obstructions. 'Parents should also monitor the jaw and facial development of their young child as it impacts various aspects of a child's life, including the ability to breathe properly, among others. Proper development can prevent issues down the line that includes difficulty breathing, including sleep apnoea,' he said. Experts say people should also look at improving sleep hygiene, which refers to practices that promote quality sleep. These include sleeping and waking according to a consistent schedule, avoiding stimulants like caffeine or nicotine and heavy meals close to bedtime, reduce mobile device screen time at least an hour before sleep, while exercising regularly, and avoiding intense workouts close to bedtime.
Morocco World
a day ago
- Business
- Morocco World
Morocco Announces Special Holiday for Eid Al-Adha on June 9
Doha – The Head of Government's office has announced that government departments and local authorities will observe an exceptional holiday on Monday, June 9, for Eid Al-Adha. The holiday extends the observance of the festival, which falls on Saturday, June 7, corresponding to the 10th of Dhu al-Hijjah 1446H. This decision was made in accordance with Article 3 of Decree No. 2.05.916 issued on July 20, 2005, as amended and supplemented, according to the government statement. The Ministry of Endowments and Islamic Affairs had previously announced on Tuesday, May 27, that the month of Dhu al-Qa'dah had completed thirty days. Consequently, the first day of Dhu al-Hijjah is Thursday, May 29, with Eid Al-Adha falling on Saturday, June 7. The ministry clarified that it had monitored the crescent of Dhu al-Hijjah for the year 1446H after sunset on Tuesday, the 29th of Dhu al-Qa'dah (May 27). Officials contacted all Islamic Affairs delegates across the kingdom and units of the Royal Armed Forces participating in the crescent observation, who unanimously confirmed that the crescent was not visible. This year's Eid Al-Adha comes under exceptional circumstances as Moroccans have been called to abstain from the traditional sacrifice. On February 26, King Mohammed VI urged citizens to refrain from performing the ritual sacrifice this year due to the alarming decline in the national livestock population. The royal appeal was motivated by economic rather than religious considerations. The national livestock, particularly sheep, has decreased by 38% since 2016, with the number of female breeding stock falling to 8.7 million heads in 2024, compared to 11 million in 2016. This decline threatens the sector's sustainability and has caused red meat prices to soar. The COVID-19 pandemic followed by several years of drought severely impacted livestock numbers. In normal years, approximately 5.5 to 6 million animals would be sacrificed during Eid Al-Adha. Continuing this practice this year would further deplete breeding stock and potentially drive meat prices to MAD 200 ($20) per kilogram. While there is no formal ban on sacrifices, authorities are implementing stricter enforcement of regulations regarding informal practices associated with the holiday. The government has launched a MAD 3 billion ($300 billion) program to help rebuild livestock numbers, with an additional MAD 3.2 billion ($320 million) planned for 2026 to support breeders participating in the female breeding stock preservation campaign. Tags: Eid Al AdhaEid Al Adha HolidayMoroccan government
Morocco World
a day ago
- Business
- Morocco World
Moroccan Expatriates and the Floating Dirham: Risks, Confidence, and Currency Reform
As Morocco approaches its planned transition to a floating exchange rate regime in 2026, the financial participation and confidence of Moroccan expatriates will play a critical role in ensuring the reform's success. With more than five million Moroccans living abroad and remittances reaching over MAD 117.7 billion (approximately $11.7 billion) in 2024, this community represents both a stabilising force and a key stakeholder in the country's economic future. In this fourth article of the series, Oualid El Meriague speaks with financial expert Mr Badr Bouarich to explore how the dirham's floating may affect expatriate savings, remittances, and property investments. Bouarich provides critical insights into how Morocco can safeguard these contributions and foster deeper economic links with its diaspora during this pivotal shift. A Strategic Reform with Lessons from Abroad Transitioning from a fixed exchange rate regime to a floating one can be a complex undertaking. While some countries have managed the shift smoothly, others have struggled, if not outright failed. It is therefore essential to understand the chain of events that typically precede the decision to float a currency and to distinguish between voluntary transitions and those driven by crisis. A proper assessment must also consider both microeconomic and macroeconomic indicators. In Morocco's case, stakeholders led by Bank Al-Maghrib have opted for a voluntary, smooth, flexible, and gradual approach to the transition. During the COVID-19 pandemic in 2020, the process was temporarily paused to avoid unnecessary risks amid uncertainty. This decision reflected Morocco's ability to pace the reform with caution and foresight, unlike other nations that have had no such luxury. Some countries simply did not have the time or space to adjust or refine their approach. Egypt, for example, faced severe economic and institutional challenges following the Arab Spring in 2011. Political instability, security threats, especially in the Sinai, and a wave of terrorist incidents crippled tourism, which plummeted from 13 million visitors in 2010 to just 3 million in 2017. As a result, foreign currency inflows dwindled dramatically. The country's foreign currency reserves, which stood at around $36 billion in early 2011, dropped to $18 billion within the same year. By 2016, they remained dangerously low, covering less than three months of imports, well below the safe threshold. This made the float of the Egyptian pound in 2016 less a matter of economic reform and more a response to unsustainable pressure. The decision was not voluntary but rather forced by external constraints and mounting economic distress. Nigeria also went through several episodes of currency floating between 2016 and 2023. Initially, the move aimed to reduce pressure on foreign reserves, counter the black market, and attract foreign investment, particularly after oil revenue declines significantly reduced forex inflows. However, the policy produced mixed results. Inflation was already high, hovering around 16 percent, when the float was implemented. The government simultaneously removed fuel subsidies, which worsened the cost of living. The naira had long been overvalued at the official rate and therefore depreciated sharply once floated. Foreign exchange restrictions remained in place, leading to a semi-managed rather than truly free float. The black market persisted, and investor sentiment remained weak, deterring the very capital inflows the policy had aimed to attract. Following a full liberalisation of the naira in 2023, however, Nigeria has begun to see more promising results. Although inflation remains elevated, the black market is shrinking, exports are gaining competitiveness, and foreign exchange reserves are showing early signs of recovery. Economic growth is also beginning to pick up again. In contrast, Morocco's context is fundamentally different. Inflation remains contained at approximately 1.8 percent as of December 2024. The black market for foreign currency is almost non-existent despite ongoing capital controls, and reserves are stable at around MAD 375.2 billion (approximately $37 billion). Tourism reached record levels in 2024, with 17.5 million visitors and revenues exceeding MAD 105 billion. Institutions are resilient, and security concerns are being addressed swiftly and effectively. All signs suggest that Morocco is approaching this reform from a position of strength rather than necessity. This is an important distinction that should not be underestimated. Inflation and Timing: A Lesson from Egypt Egypt's inflationary troubles were well established even before it floated its currency. Chronic dependence on imports, rising global commodity prices, weak foreign currency inflows, persistent budget deficits, and expansionary monetary policy all contributed to an inflation rate of around 14 percent. In this fragile environment, the floating of the pound acted as an accelerant. Inflation surged to over 20 percent by the end of 2016 and approached 30 percent in 2017. This experience demonstrates that while floating a currency is not inherently inflationary, it can magnify inflationary pressures if underlying economic fundamentals are misaligned. Floating in an environment already burdened by high inflation can lead to severe socio-economic consequences. In Morocco's case, the floating is not driven by crisis. It is a voluntary reform rather than a reaction to external shocks or reserve depletion. As such, Morocco retains the ability to choose the right moment for implementation, an opportunity few other countries have had. In fact, we recall that Bank Al-Maghrib Governor Abdellatif Jouahri postponed the transition in 2020, citing uncertainty linked to the pandemic as justification. This strategic delay underscores Morocco's commitment to responsible economic management. To reduce the risks associated with the float, Morocco must carefully time the move. Ideally, this would occur during a period of low inflation, stable commodity prices, and manageable external conditions. Not all risks are foreseeable, however. Should a geopolitical shock, such as an escalation between Russia and Europe, occur, it could drive global energy and food prices sharply upwards, undermining even the best-laid plans. Global developments must therefore remain closely monitored. As discussed in earlier articles of this series, local mitigation strategies should also be reinforced. Encouraging distributors to hedge against currency volatility, while capping excessive profit margins, can help stabilize prices for essential goods and protect vulnerable consumers from sudden spikes in living costs. Capital Controls, Black Markets, and Currency Confidence According to official statements from Bank Al-Maghrib, Morocco's transition to a floating exchange rate will not entail the full liberalisation of capital flows. That is, limits will still apply to the amount of foreign currency individuals and corporations can legally exchange or transfer abroad. These long-standing restrictions are intended to shield the dirham from speculative attacks and to uphold financial stability during the transition. However, as evidenced by Nigeria's experience, foreign exchange controls can create distortions if not managed carefully. In countries where the official exchange rate is perceived to be misaligned with reality, black markets often emerge as a parallel mechanism to meet unmet demand. Though informal, these markets can serve as useful indicators of the currency's perceived value. In Egypt, prior to the 2016 float, the pound was trading at a 50 percent discount on the black market, precisely the level at which the official rate settled post-float. This demonstrates how informal markets often foreshadow formal adjustments. In Morocco's case, however, such distortions are currently minimal. Thanks to measures like raising the annual foreign exchange allowance for travel to MAD 100,000, the demand for black market transactions has largely disappeared. This suggests that the dirham's current value is broadly in line with market expectations and that public confidence in the currency remains intact. Moroccan Expatriates: A Stabilising Force in Transition Moroccan expatriates are a central pillar of the country's economic resilience. In 2024, remittances from the diaspora reached MAD 117.7 billion (approximately $11.7 billion), representing more than 8 percent of Morocco's GDP, which was estimated at MAD 1.43 trillion (or around $142 billion). These funds support millions of families and serve as a crucial source of foreign currency, helping Morocco maintain external balances and reserve buffers. Beyond the numbers, they also represent trust: trust that the Moroccan economy will remain stable and welcoming to those who live beyond its borders. If the floating of the dirham is not properly timed or communicated, expatriates may become wary of holding dirham-denominated savings. In the worst-case scenario, capital flight or a shift to informal channels could erode trust in the banking system. However, with the right hedging tools, accessible foreign currency products, and a clear reform roadmap, Moroccan financial institutions can ensure that expatriates feel secure and remain active participants in the national economy. Looking Ahead: Regional Influence Through Currency Reform In the next and final part of this series, we will examine how the flotation of the dirham could serve not only as a catalyst for trade and investment but also as a strategic lever for Morocco to strengthen its regional economic leadership. As capital mobility, investor sentiment, and market integration evolve, we will explore how Morocco can position the dirham, and by extension its broader economic model, as a stable and credible reference point in North and West Africa. This final analysis will provide a forward-looking view on how currency flexibility could enhance Morocco's role as a financial, commercial, and policy anchor in a more interconnected and competitive global system.
Morocco World
2 days ago
- Business
- Morocco World
Morocco Signs $50 Million Investment Deal with Catalan Companies
Rabat — The Moroccan government signed four major investment agreements with Catalan companies on Wednesday, securing a total investment of MAD 500 million ($50 million) that will create over 700 direct jobs. The projects will launch in three key Moroccan cities: Tangier, Tetouan, and Kenitra. This deal marks a significant step forward in strengthening economic ties between Morocco and Spain. High-Level signing ceremony Karim Zidane, Morocco's Deputy Minister for Investment, hosted the signing ceremony in Rabat. Josep Sánchez Llibre, president of Foment del Treball, Catalonia's main business organization, led the Catalan delegation. The investments target four strategic sectors, including automotive manufacturing, waste recovery, industrial packaging, and construction materials. These areas reflect Morocco's growing appeal as an investment destination and its ability to turn economic partnerships into job-creating projects. Morocco positions itself as a regional hub Zidane noted that these projects align with King Mohammed VI's vision to establish Morocco as a competitive industrial and economic hub in Africa and the Mediterranean region. 'We have implemented structural reforms that make investing easier,' Zidane explained, noting three key improvements, namely digital procedures, simplified administration, and stronger Regional Investment Centers (CRIs). Catalonia plans bigger future investment Sánchez Llibre commended the warm reception his delegation received and announced ambitious expansion plans. 'These first projects are just the beginning of a larger, long-term presence in Morocco,' he said. 'We will return within a year with a new delegation of about twenty Catalan companies,' Sanchez Llibre added. Spain-Morocco strengthened economic partnership Spanish Ambassador to Rabat Enrique Ojeda Vila attended the ceremony and celebrated the initiative. He reminded attendees that Morocco and Spain are each other's top economic partners, with strong geographic, historical, and strategic connections. Meanwhile, Adil Rais, co-president of the Morocco-Spain Economic Council (CEMAES), said the agreements reflect both countries' commitment to enhancing a solid investment axis, intending to make Spain Morocco's largest foreign investor. Building on previous success This signing ceremony is a continuation of the bilateral economic promotion work under the 'Morocco Now' initiative. Previous efforts include roadshows in Barcelona in January 2024 and Madrid in April 2025, as well as the first Catalan delegation visit in June 2024. The new investments demonstrate Morocco's success in attracting international partners and transforming diplomatic relationships into concrete economic opportunities that benefit both countries' workers and businesses. Tags: economyInvestment dealMorocco spain
