The Moroccan Economy in Brief: Friday, March 22, 2019
Morocco-India: A sustainable economic partnership is emerging:
The sixth session of the Morocco-India Joint Commission was held on Wednesday in New Delhi to take stock of the evolution of bilateral relations and examine ways to establish the innovative vision that the two countries wish to give to their cooperation framework. The session was chaired by the Minister of Industry, Investment, Trade and the Digital Economy, Moulay Hafid Elalamy, and the Indian Minister of State for Trade, Industry and Food, Chhotu Ram Chaudhary.
Rabat: One more mall in the capital, and a 1st Super U in Morocco:
Ryad Square, Rabat's brand new shopping centre, will open its doors on April 19, 2019 in the heart of the Souissi district. Spread over 34,000 m2, including 15,000 m2 of sales area, this new Mall offers a multitude of leisure, catering, DIY, fashion, decoration and other brands, including several international brands present for the first time in Rabat and Morocco. The result of an investment of 220 million dirhams and a collaboration between FC2B, a real estate company specialising in retail, a subsidiary of Bricoma Holding, and ArchiPlus (Mounir Hargam), Ryad Square aims to attract more than 3 million visitors per year and provide some 750 direct jobs in addition to the 4,000 indirect jobs.
Mobile telephony: 46 million subscriptions and continental leadership for Morocco:
With 46 million mobile subscriptions and a penetration rate of 130.73%, significantly higher than the average in Africa (80%), Morocco is the "leader" on the African continent, according to a report released on Wednesday in Casablanca. The trend is the same for social networks: Morocco has a penetration rate of 47% with 17 million users, compared to 17% on average on the continent, according to the "Mobile Report 2019".
Management: Declining profits:
Managem ended 2018 with a decline in its net income attributable to the group (RNPG). This reached 370 million dirhams against 879 million dirhams in 2017 (the 2017 results included the capital gain from the sale of Pumpi in the DRC). As a result, profits fell by 58%. Excluding the sale of Pumpi, RNPG only increased by 2%, according to the figures presented by the group.
Attijariwafa bank achieves record profits in 2018:
Attijariwafa bank group recently announced its 2018 achievements. It shows that the bank has recorded record profits over the past twelve months. Indeed, the net result group share amounted to 5.7 billion dirhams, representing a growth of 5.8% compared to 2017. NBI (Net banking income) increased by 3.4% to 22.4 billion dirhams. "These good performances were driven by the good performance of business in Morocco, where the year was characterized by a very good performance in terms of credit distribution to finance the Moroccan economy. Similarly, the performance of a number of our subsidiaries in the rest of Africa, particularly in Senegal, Ivory Coast and Tunisia, explains this very good momentum," notes Mohamed El Kettani, CEO of the Attijariwafa bank group.