The Moroccan economy in brief : Friday, September 14, 2018
Energies : The French Valorem is getting stronger in Morocco:
The Valorem Group, a green energy operator, a pioneer in wind power in France and a global player in renewable energies (RE), and DLM EnR, a subsidiary of the Delattre Levivier Group in Morocco, a specialist in clean energy-based self-consumption solutions and complementary electricity supply systems, have agreed to pool their respective know-how. This partnership takes the form of an increase in DLM EnR's capital through the entry of the Valorem Group. The latter is now a 25% shareholder in DLM EnR, and intends to make this strategic alliance a vehicle for growth for the Moroccan and African EnRE sector. Their objective: to enrich the market with reliable, efficient, and innovative solutions to further help manufacturers produce electricity and control their energy bills.
Casablanca: 185 million dirhams to obtain a rainwater collector:
As heavy rains swallowed up several districts of Casablanca on Wednesday, the city is trying to anticipate the damage caused by the overflow of rainwater. A collector to store excess water will be built in "Hay Sadri". The "Hay Sadri" stormwater storage gallery project, which is more than 30 metres deep, nearly 1.4 km long and 4 metres in diameter, will help to prevent flooding at the low point in this district of Mohamed Bouziane Avenue. The rainwater, which overflows into this area in the event of heavy rains, will be stored in this large-scale infrastructure, which will have a capacity of 14,000 m3.
Lesieur Cristal: A turnover of 2.2 billion dirhams in the first half of 2018:
Lesieur Cristal group's net income reached 87 million dirhams (MDH) in the first half of 2018 compared to 101 MDH in the same period a year earlier. Current operating income amounted to 139 MDH, while revenue amounted to more than 2.2 billion dirhams (MMDH), said Lesieur Cristal in a press release on its results for the first half of 2018.
Automotive: The Indian Varroc bets on Morocco:
And another Indian investor who is betting on Morocco. After Rajneesh Mittal, which recently raised $100 million for the construction of a PET plastic plant in Tangier, it is Varroc's turn to try the Moroccan adventure. The automotive supplier recently signed a loan agreement for 16 million euros (nearly 170 MDH) with the European Bank for Reconstruction and Development (EBRD). The amount will be used to finance the installation of a plant in Tangier Automotive City, and the creation of around 100 jobs over the period 2018-2024. The lighting systems unit will supply Renault's assembly lines in Tangier and PSA's in Kenitra.